STIMULUS SPENDING WILL INCREASE DEMAND FOR DRIVERS

The U.S. economy is getting close to firing on all cylinders again. With a combination of stimulus payments and robust economic indicators in the works, economists predict that Americans are going to rev up their spending. Of course, those purchases need to get moved on a truck. Carriers, start your engines.

Vaccine rollout, a healthy savings rate, and easy money from the Federal Reserve all play a role in getting the economy buzzing again. Durable goods orders jumped 3.4% in January, after gaining a paltry 1.2% in December. Retail sales did even better, jumping 5.3% in January, well above an expected 1.2%. Interest rates are low and expected to stay low. The housing market continues to overheat.

Now, throw the recently passed $1.9 trillion American Rescue Plan Act into the mix, and we’ve got the makings of a gangbusters economy this year.

While 2020 was filled with unemployment, shuttering businesses, and fear, 2021 should be healthy. The National Retail Foundation revised its annual retail sales forecast up from 6.5% to 8.2%. Goldman Sachs predicts the economy will grow 7% this year, after shrinking by 3.5% during Covid-tide.

As those of us in trucking know, this means even more demand for our services. And that translates into needing a robust supply of drivers. Knowing how to best market yourself is essential if you want to avoid losing employees to other carriers, or even other industries.