Weekly Transportation Update: Real consumer spending on goods falls in April

Consumer spending in April experienced a decline, primarily driven by reduced expenditures on goods. This coincided with a slight downward revision in Q1 GDP growth. Despite the dip in consumer spending, retail inventories saw an increase in April. Meanwhile, mortgage rates have edged back above 7%, and diesel prices have dropped to their lowest levels since July 2023. Additionally, the population of for-hire carriers saw a minor decrease in May.

• Revised data shows slightly weaker GDP growth in Q1 than did the advance estimate.
• Diesel prices fall to their lowest level since January 2022.
• Spot rates add to their gains during International Roadcheck week.
• Rail carload volume shows broader weakness, but intermodal traffic is still strong.