Weekly Transportation Update: Automotive output, Hurricane Beryl hit industrial activity in July

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.