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In July, the U.S. housing market showed mixed signals with new home sales rising sharply, while existing home sales saw a slight increase. Mortgage rates dipped to their lowest level since April 2023, providing some relief to buyers. Despite these gains, U.S. business applications declined, although the transportation sector saw an uptick. Initial jobless claims rose slightly, while diesel prices fell for the sixth consecutive week. Truck spot rates declined across all equipment types, yet both trucking and parcel revenues showed year-over-year growth in Q2. CDL hiring activity rebounded, and Canadian railroads were ordered to end a lockout. Meanwhile, a court rejected the STB's final offer rate review rule, and rail traffic experienced one of its strongest weeks of the year.

In recent economic developments, manufacturing output has been weighed down by the automotive sector, despite a rebound in vehicle sales boosting the retail sector. June saw minimal changes in inventories relative to sales, while housing starts dropped to their lowest rate since May 2020, coinciding with a slight uptick in mortgage rates. Consumer prices and producer pricing gains remained soft in July, particularly in services. Meanwhile, initial jobless claims reached their lowest level in five weeks, diesel prices declined for the fifth consecutive week, and truck spot rates generally decreased. However, rail traffic showed year-over-year improvement, though Canada remains on the brink of a rail work stoppage.

In recent economic developments, initial jobless claims saw a sharp decline, while wholesale inventories were skewed by fluctuations in petroleum products. June witnessed real U.S. goods exports surpassing imports, indicating a positive trade balance. Mortgage rates dropped to their lowest since May 2023, and diesel prices continued their downward trend for the fourth consecutive week. Van spot rates experienced an uptick, although they remain below 2023 levels. Carriers reduced CDL hiring activity in June, and rail carload traffic recovered after a challenging July. Additionally, the CIRB has permitted a potential rail strike in Canada, signaling possible disruptions ahead.