Trucker pay is historically strong despite sluggish momentum
The upward momentum for truck driver pay has been slowing in recent years, but it is still historically strong due to several factors. With the trucking industry still facing a shortage of qualified drivers, there has been massive upward pressure on driver pay. However, as the labor market conditions improve and more drivers enter the industry, the upward momentum for pay may continue to slow down. The trucking industry is also notably sensitive to economic conditions, and during times of economic growth, demand for trucking services tends to increase, which can lead to higher driver pay. Due to lingering worries of economic contraction or recession, demand for trucking services may decline, which can put additional downward pressure on driver pay.
Overall, the upward momentum for truck driver pay has been slowing in recent years, but it is still historically strong due to the ongoing driver shortage and industry dynamics. However, there are several factors that could limit the ability of carriers to continue raising driver pay, including labor market conditions, economic conditions, industry competition, and cost pressures.
The Owner-Operator Independent Drivers Association (OOIDA) has voiced concerns that California's Assembly Bill 5 (AB5), intended to address the misclassification of truck drivers, has actually burdened legitimate independent contractors.