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U.S. Economy Adds 253,000 Payroll Jobs in April

• The unemployment rate again falls to the lowest in 54 years.
• Closely watched manufacturing indicator improves but still suggests a slowing sector.
• Refrigerated spot rates see strongest gain of the year in the latest week.
• Intermodal sets another volume high for 2023.
  
  

Housing starts and home sales soften after strong February.

• Seasonally adjusted continued claims for unemployment benefits were highest since November 2021.
• Streak of diesel price decreases ends at 10 weeks as the Midwest fuels higher national average.
• Dry van and refrigerated spot rates fall by the most in a week since January.
• Rail volumes recover in the latest week after an Easter-induced decline.
  
  

Manufacturing output and retail sales fall while inflation cools.

• The economy posts solid job growth in March as trucking employment looks   stronger.
• EPA proposal would require major shift to zero-emission vehicles by model year 2032.
• Truck spot market metrics soften in line with seasonal expectations.
• Mexico factors into recent weakness in intermodal and rail carload volumes.
  
  

Job openings dip below 10 million for the first time since May 2021.

• The ISM manufacturing index weakens to lowest level since May 2020.
• Trucking company new entry and carrier failures were basically in balance in March.
• Spot rates in dry van and refrigerated decline in line with seasonal expectations.
• Intermodal and rail carload volumes were generally stable in the latest week.
  
  

Annual data revision shows modestly weaker industrial production.

• Real consumer spending eased slightly in February.
• The automotive industry drove retail inventory growth in the latest month.
• EPA grants waivers to California for heavy-duty vehicle and engine emissions standards.
• Intermodal volume continues to be weak, but rail carload recovered to the prior trend.
  
  

Sales of existing homes surge in February after a year of decline. 

• Durable manufactured goods orders hold steady excluding transportation equipment.
• Knight-Swift to buy U.S. Xpress, establishing a truckload fleet of about 25,000 tractors.
• The spot market for truck freight sees a largely status quo week.
• Intermodal volumes remain weak as saber-rattling begins at west coast ports.

Manufacturing output and retail sales were lackluster in February. 

• Retail inventories were leaner in January, reducing prospects for a stronger correction.
• Housing starts and permits see solid increases in February.
• Van segments’ spot rates reverse their gains from the prior week.
• STB approves Canadian Pacific-Kansas City Southern merger.
  
  

U.S. economy adds 311,000 payroll jobs in February. 

• Job openings decline in January from an upward revision of prior data. 
• Trucking loses the most payroll jobs in a month since April 2020. 
• Van segments posted their strongest spot rate gains of the year. 
• Intermodal volumes are still sluggish, but coal spurs volume gains in rail carload.

New orders for core capital goods rise in January, but real orders were flat. 

•  Retail inventory gain in January lags sales for the month. 
•  Mortgage rates rise, diesel prices fall in the latest week. 
•  Spot rates in trucking move slightly higher. 
•  Carload volumes are stagnant overall; intermodal takes a step down due to Lunar New Year. 

Real consumer spending posts largest increase since March 2021. 

• Sales of existing homes fall for the 12th straight month, but sales of new homes rise sharply. 
•  Trucking and parcel post record revenues in 2022, but trucking sees sharp drop in Q4. 
•  Dry van and refrigerated spot rates cool further in the latest week. 
•  The latest railroad employment figures are a cause for concern.