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Weekly Transportation Update: The freight transportation economy posts strong gain in Q2

 

In Q2, GDP grew by 2.8% annualized, with the freight economy rising 5.3%. Real consumer spending increased by 0.2% in June. Retail inventories remained lean relative to sales.

The aircraft sector significantly impacted durable goods orders. Existing home sales fell sharply in June, while new home sales slightly declined. Mortgage rates remained stable.

Diesel prices declined for the second consecutive week, easing transportation costs. Spot rates for flatbed and van increased year-over-year. Rail traffic showed mixed results: carload traffic was down, but intermodal traffic was up. A new rail safety bill was introduced in the U.S. House.


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Weekly Transportation Update: Manufacturing output strengthens as automotive nearly matches its record

 

In June, manufacturing output surged to a 20-month high, with automotive production nearly tying its record peak. Real retail trade sales also saw an increase. Although inventories remained relatively stable compared to sales in May, housing starts rose in June but were still down year-over-year, while homes under construction continued to decline. Mortgage rates decreased again in the latest week, and diesel prices fell after four consecutive increases. Van spot rates continued to run higher year-over-year, and rail traffic showed some recovery from the holiday lull. Additionally, the Surface Transportation Board (STB) has scheduled a hearing to discuss rail growth strategies.


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Weekly Transportation Update: Consumer inflation falls m/m for the first time in just over four years

 

In June, inflation was mild at both the consumer and producer levels, with consumer prices declining month-over-month for the first time since May 2020. This was mainly due to falling gasoline and diesel prices. Truck insurance premiums also decreased after more than a year of gains. Additionally, new applications for transportation and warehousing businesses saw their largest increase since August 2022, alongside recent gains in new trucking authorities. This suggests the truck freight market has bottomed out.


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Weekly Transportation Update: U.S. adds 206,000 payroll jobs as the unemployment rate rises to 4.1%

 

In June, employment showed stability with slower growth and slight revisions from previous months. Job openings remained high, surpassing pre-pandemic levels by about 1 million. Trucking industry employment held steady overall, despite declines in sectors like truckload and local specialized trucking. Economic indicators across sectors varied, highlighting ongoing challenges and adjustments post-pandemic.


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Weekly Transportation Update: Real consumer spending rises in May after downward revisions.

Economic indicators were mixed this week with an increase in real consumer spending, no change in non-automotive retail inventories, lackluster new orders for durable manufactured goods, and a sharp drop in sales of new homes.

The week also brought some notable developments at the two major parcel carriers and a safety oversight report on last year’s train derailment in East Palestine, Ohio.

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