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The U.S economy grows in Q2, but the freight economy sinks.

• Vehicle sales drive increase in real consumer spending in June.
• Diesel prices rise by the most since October during the latest week.
• Spot rates fall again for all truck equipment types.
• Rail carload and intermodal volumes hold steady in the latest week.

Automotive output falls but remains very strong historically.

• Retail and food service sales change little overall, but individual sectors were mixed.
• Housing starts fall in June from May’s downwardly revised gain.
• All truck equipment types see a decrease in spot rates from the prior week.
• Canadian port labor uncertainty is a headwind for intermodal volume.

Core consumer inflation in June was tamest since August 2021.

• Pricing for freight transportation services fell in June, led by truckload.
• Diesel prices rise as crude oil hits its highest price since April.
• Van segment spot rates retreat as expected during the July 4 holiday week.
• Intermodal and rail carload volumes are hit by the holiday and Canadian port strike.
  
  

Employment growth cools a bit as the U.S. adds 209,000 payroll jobs in June.

• The ISM manufacturing index retreats further in June.
• CARB and truck manufacturers strike deal on California emissions regulations.
• Van segments see seasonal rate strength, but flatbed rates fall.
• Intermodal volume struggles due to Canadian situation; energy is a drag on rail carload traffic.
  
  

Housing starts surge in May, but sales of existing homes were weak.

• New claims for unemployment benefits are holding at the highest level since October 2021.
• Truck spot rates decline during the week before the traditional seasonal run-up
• Rail carload volumes look to hold nearly steady into the fall.
• Intermodal volumes bounce back as port disruptions ease.
  
  

Auto sector continues to fuel higher U.S. imports from Mexico and Canada.

• Auto and light truck sales declined in May but were still well above the 2022 average.
• Wholesale inventories are still highly elevated relative to sales..
• Spot volume falls during Memorial Day holiday week, but rates change little..
• Intermodal and carload volumes fall as expected during the holiday week..
  
  

U.S. adds 339,000 payroll jobs in May as unemployment also rises sharply.

• Job openings increase modestly in April.
• The ISM manufacturing index eases as the new orders component falls sharply.
• Spot rate changes are mixed during the week following International Roadcheck.
• Intermodal volumes continue a strong Q2.
  
  

Consumer spending on goods outpaced services in April.

• New orders for core capital goods rose in April.
• Sales of new single-family homes rose after downward revision of March estimate.
• Van spot rates surged during International Roadcheck week.
• Rail and intermodal volume largely is stuck in a status quo.
  
  

Automotive production sets seasonally adjusted record in April.

• Real retail sales basically hold steady after annual data revision.
• Wholesale inventories are very high relative to sales.
• Spot rates softened heading into this week’s almost certain increase.
• Rail employment trends show a flattening out at most carriers.
  
  

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.