Weekly Transportation Update: Imports, consumer spending fuel a strong freight economy in Q3

In Q3, the freight economy showed robust growth, though broader economic indicators were mixed. The U.S. added only 12,000 payroll jobs in October, and job openings dipped below pre-pandemic levels. Manufacturing activity slowed slightly, but consumer spending continued to rise in September, with retail inventories remaining stable against sales. Mortgage rates climbed for the fifth consecutive week, and diesel prices increased following a previous decline. In the freight sector, for-hire trucking payrolls and the carrier population held steady, while truck spot rates showed minimal change. Rail traffic, however, strengthened in the latest week, signaling resilience in freight demand.