July 29, 2018
The NYT had an interesting piece on how the tight labor market is forcing trucking companies to reach out to women and minorities to hire as truckers. Trucking is an industry that had historically been dominated by white men, but with fewer white men willing to work as truckers, the article argues that the industry has no choice but to look to other demographic groups.
This is a great example of how a tight labor market disproportionately benefits the more disadvantaged segments of the population. This is why people who want to combat racial and gender inequality should be especially attentive to the policies of the Federal Reserve Board. If it needlessly raises interest rates to slow the economy, reduce job creation, and weaken the labor market, disadvantaged groups will be the main victims.
It is also worth noting that trucking companies don’t seem to be working as hard to increase pay to attract drivers as this piece implies. According to the Bureau of Labor Statistics, the average hourly wage for truckers has risen by just 2.3 percent over the last year, less than the rate of inflation.
Comments