The massive market transformation this month that some on Wall Street called a "once in a decade opportunity" might have just been a one-off technical move because of taxes.Marketsread more
The Pentagon will deploy U.S. forces to the Middle East on the heels of the attack on Saudi Arabian oil facilities, United States Secretary of Defense Mark Esper announced...Defenseread more
CNBC did a deep dive through the most recent Wall Street research to find stocks that analysts say are underappreciated.Marketsread more
Shares of MasterCard are up 46% this year, and 1120% since 2011, getting a boost from the strong U.S. consumer.Investingread more
CNBC sat in on an "empathy training" at Amazon PillPack's Somerville offices, which is part of new hire orientation.Technologyread more
Trade with China is the 'big unknown' for the Federal Reserve as it decides how best to support the U.S. economy, says Council on Foreign Relations Director of International...Futures Nowread more
Lobbying experts said the visit is likely an attempt to be in lawmakers' ears as they consider legislation that would impact Facebook.Technologyread more
Yardeni Research's Edward Yardeni believes the U.S. economy is picking up steam.Trading Nationread more
Iran's audacious drone and cruise missile attack on Saudi Arabia's oil producing facilities has provided a critical test yet for the Trump administration's foreign policy. A...Politicsread more
Chinese trade negotiators suddenly canceled a visit to meet U.S. farmers after they wrapped up trade talks in Washington this week.Marketsread more
Retailers are facing a shipping squeeze, and the trucking industry just can't keep up.
According to the American Trucking Associations, there's a shortage of roughly 50,000 truck drivers across the country. And it's hitting both businesses and consumers in the wallet.
Companies are complaining about how the driver shortage is impacting their business. Meanwhile, the cost of convenient shipping is starting to catch up with consumers.
Amazon recently hiked its Prime membership to $119 a year from $99 a year. The retail giant said one of the reasons for the price jump was increased shipping costs.
But the driver shortage isn't just because of demand created by online shopping. There's a lot going on behind the scenes, according to Bob Costello, chief economist at American Trucking Associations.
"We have a demographics problem, demand is strong, trucks haul over 70 percent of the freight tonnage, our average age is very high, [and] we don't have enough females," said Costello.
"So much of it revolves around demographics."
To be fair, the trucking lifestyle isn't exactly an easy sell. Truck drivers work long hours, they're away from home for weeks on end, and oftentimes sleep inside the trucks themselves.
Now, there's a new technology limiting the hours a truck driver can work in a given day – electronic logging devices (ELDs).
Goldman Sachs estimates that self-driving cars could cost American drivers up to 25,000 jobs a month. But the trucking industry isn't quite ready to go autonomous yet.
"Driverless trucks are decades away," Costello said. "That is not the solution."
The ATA says we'll need 898,000 more drivers over the next decade to keep up with growth and demand. It's not exactly clear how the trucking industry is going to shake out.
But until the shortage issue is resolved, companies and consumers alike will likely be stuck with the trickle-down effects of this driver shortage.