The national economy received mixed news last month as unemployment dropped, but stocks were also down.
“Major U.S. stock indexes ended lower on Friday as a surprisingly strong report on job gains failed to impress investors,” reported the LA Times. “Stocks rose in the early going after the government reported that U.S. employers hired at the fastest pace in two years last month. The Standard and Poor’s 500 index briefly rose above its record closing high.”
The volatility in the economy shows that despite some signs of strength, America is still trying to recover from the 2008 recession. This can also mean that long-term jobs are hard to find, but the commercial truck industry is one place where jobseekers are finding good work, especially those with professional CDL training.
the LA Times reports that “the market started to slump in late morning trading on news of downed helicopters and killed fighters in eastern Ukraine. Early Friday Ukrainian government forces attacked pro-Russian insurgents in the region.”
Other mixed economic news form the Times included:
- Among the biggest losers was LinkedIn. The online professional networking service fell 8 percent after reporting its largest quarterly loss since going public. Expedia, the online travel site, fell nearly 4 percent, and Pfizer fell 1.3 percent after the drug company’s latest offer to buy AstraZeneca was rejected by its board.
- In the jobs report, the government said employers added 288,000 jobs in April, 70,000 more than expected. Hiring was stronger in the prior two months than initially estimated, too. The unemployment rate for April plunged to 6.3 percent, the lowest since September 2008.
- A few details of the report were less encouraging. The drop in the unemployment rate likely reflected long-term jobless who had been out of work for six months or more before finally giving up looking for work. People aren’t counted as unemployed unless they’re looking for a job. “Long-term unemployment is higher than expected, but overall (the report) is positive,” said Brad Sorensen, director of market and sector research at Charles Schwab. He added, “There isn’t a ton of enthusiasm in the market.”
- Among the stocks taking big hits Friday was Madison Square Garden, which fell $3.62, or 6.6 percent, to $51.47. The owner of sports teams and entertainment venues like Radio City Music Hall said its earnings fell by half in its fiscal third quarter, partly due to a management change and a costly delay for a Rockettes production.
- Among the gainers was Wynn Resorts, which rose $15.05, or 7 percent, to $221.68 after reporting that its first-quarter net income grew 12 percent. The company cited strong gambling revenues from its growing operations in Macau.
- More than halfway through the first-quarter reporting season, earnings for all companies in the S&P 500 are forecast to have grown 1.7 percent, according to S&P Capital IQ, a data provider. That compares with nearly 8 percent last quarter. “We’ve got decent earnings growth, but it’s not great,” said Dan Morris, global investment strategist at TIAA-CREF. “We want the market to always hit new highs, but it has to be driven by earnings growth.”
- On Friday, the S&P 500 fell 2.54 points, or 0.1 percent, to 1,881.14. The Dow Jones industrial average lost 45.98 points, or 0.3 percent, to 16,512.89. The Nasdaq composite dropped 3.55 points, or 0.1 percent, to 4,123.90.
Long-term stability can be found in the trucking industry because the demand for truck services is only getting bigger. Some driver with CDL training may also enjoy higher than average starting pay than the national average (according to the United States Bureau of Labor Statistics) and many drivers enjoy the unique working setting and schedule. Becoming a professional truck driver cannot only be a great job but also a great long-lasting career.
One of the reasons for the trucking sector’s growth is the increase in manufacturing.
Commercial trucks move the majority of goods made in the United States, which means as manufacturing grows, so does the trucking industry. The trucking sector has already shown steady growth in recent years, but as manufacturing activity increases even more growth is headed to the trucking industry.
Commercial trucks ship the majority of cars, furniture, appliances and clothing that is made in the United States. As manufacturing output continues to trend higher, the demand for more trucks – and more drivers – will continue to rise. Carriers are looking for CDL-trained truck drivers to help meet growing demand for trucking services.