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In November, the U.S. economy added 227,000 payroll jobs, though the unemployment rate edged up to 4.2%. Job openings rose significantly in October, while the ISM manufacturing index showed modest improvement. However, durable goods orders were sluggish, and real consumer spending remained nearly flat. The retail inventory situation remained stable, but new home sales plunged in October. Mortgage rates declined for the second consecutive week, offering some relief to homebuyers. In transportation, trucking added the most jobs in over a year, with a minimal net decrease in the trucking population, though refrigerated spot rates retreated from recent highs. Diesel prices firmed slightly, while rail traffic figures were skewed by the holiday season. Additionally, potential disruptions from a port strike and tariffs could impact intermodal activity.

Manufacturing output declined due to durable goods, while retail sales rose primarily from vehicle purchases. Inventories showed minimal change relative to sales, and consumer and producer price increases remained mild. Truck transportation PPI fell in October, and mortgage rates showed little movement in the latest week. Diesel prices reached their lowest levels in over three years, and van spot rates showed mixed performance. Meanwhile, drug-related CDL downgrades began Monday, and Canadian port work stoppages were ordered to end. However, both carload and intermodal traffic experienced continued weakness.

The Trump presidency is expected to disrupt freight. The Federal Reserve cut interest rates by 0.25%, while goods imports surged to a record high in September. Nonresidential construction remained flat month-over-month, and mortgage rates continued to rise for the sixth consecutive week. Diesel prices dropped, truck spot rates were mostly unchanged, and rail carloads and intermodal had a strong week. The BC port strike extended into its fifth day.

In Q3, the freight economy showed robust growth, though broader economic indicators were mixed. The U.S. added only 12,000 payroll jobs in October, and job openings dipped below pre-pandemic levels. Manufacturing activity slowed slightly, but consumer spending continued to rise in September, with retail inventories remaining stable against sales. Mortgage rates climbed for the fifth consecutive week, and diesel prices increased following a previous decline. In the freight sector, for-hire trucking payrolls and the carrier population held steady, while truck spot rates showed minimal change. Rail traffic, however, strengthened in the latest week, signaling resilience in freight demand.

Sales of existing homes have dropped to their lowest level in nearly 14 years, while new home sales reached their highest point since May 2023. Mortgage rates have increased again, adding pressure to the housing market. In manufacturing, the aircraft sector caused a dip in durable goods orders. On the employment front, continued jobless claims have reached their highest level since late 2021. Meanwhile, diesel prices have fallen after four consecutive increases, and truck spot rates have risen across the board. However, rail traffic showed weakness in the latest week.

In September, consumer inflation remained cool while producer-level pricing was unchanged month-over-month. Real goods exports surged sharply in August, but wholesale inventories stayed steady compared to sales. Transportation business applications saw a decline in September, and mortgage rates jumped significantly during the latest week. Diesel prices rose again alongside volatile crude prices. Truck spot rates spiked following Hurricane Helene, and CDL hiring activity showed a slight increase after a strong gain in July. Meanwhile, rail traffic was impacted by a port strike and disruptions caused by Hurricane Helene.

In the latest U.S. economic update, payroll employment rose by 254,000 jobs, while the unemployment rate eased slightly to 4.1%. August saw a notable increase in job openings, though construction spending remained sluggish. Mortgage rates edged higher despite the Federal Reserve’s recent rate cut. Diesel prices rose marginally, while crude oil experienced a significant single-day gain on Thursday. Trucking jobs showed little movement in September, and Q3 saw fewer for-hire carriers exiting the market. Spot rates remained weak, and total rail traffic was essentially flat year-over-year. Meanwhile, work at East and Gulf Coast container ports resumed operations.

In August, consumer spending increased slightly by 0.1%, while the U.S. saving rate rose due to data revisions. The PCE price index continued to cool, and retail inventories remained relatively stable compared to sales. Manufacturing orders showed no significant change, and new home sales declined after a strong increase in July. Mortgage rates hit their lowest point in two years, whereas diesel prices rose for the first time in 11 weeks. Dry van spot rates dropped to their lowest since June 2020, though general freight contributed to higher trucking revenues. Meanwhile, a port strike looms unresolved, and intermodal traffic growth hit its lowest point in two months.