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Weekly Transportation Update: U.S. adds 272,000 payroll jobs in May; unemployment ticks up

In May, the U.S. economy showed mixed signals. It added 272,000 payroll jobs, but job openings hit their lowest since February 2021. Manufacturing weakened, as seen in the ISM index. On the positive side, real international trade in goods rose in April, and mortgage rates dipped below 7%. Diesel prices fell for the eighth week, while for-hire trucking lost 5,400 jobs despite increased CDL hiring. Truck spot rates stayed stable, and the rail sector saw growth in most carload commodities and year-over-year intermodal growth..

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Weekly Transportation Update: Real consumer spending on goods falls in April

Consumer spending in April experienced a decline, primarily driven by reduced expenditures on goods. This coincided with a slight downward revision in Q1 GDP growth. Despite the dip in consumer spending, retail inventories saw an increase in April. Meanwhile, mortgage rates have edged back above 7%, and diesel prices have dropped to their lowest levels since July 2023. Additionally, the population of for-hire carriers saw a minor decrease in May.

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