Weekly Transportation Update: The U.S. economy adds just 114,000 payroll jobs in July

In July, the U.S. added 114,000 payroll jobs, though the unemployment rate reached its highest level since late 2021. Job openings remained steady while the number of quits continued to fall. The ISM manufacturing index also saw a decline this month. Construction spending saw little change in June, and mortgage rates barely moved in the latest week. Diesel prices decreased for the third consecutive week. In the trucking industry, payroll jobs declined, and the for-hire carrier base saw a modest decrease. Despite a decline in van equipment rates, they remained higher year-over-year. Rail traffic had a positive week compared to the same period last year, although there is a potential for a Canadian rail strike this month.