Economy
Freight Volumes
Rail
Economy
Freight Volumes
Rail
Weekly Transportation Update: U.S. adds 142,000 payroll jobs in August; the unemployment rate edges lower.
The FTR Experts
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Weekly Transportation Update: U.S. adds 142,000 payroll jobs in August; the unemployment rate edges lower.
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In August, the U.S. added 142,000 payroll jobs, and the unemployment rate eased to 4.2%. Despite this, job openings hit their lowest level since January 2021, and the ISM manufacturing index remained in contraction. Auto and light truck sales declined, while mortgage rates held steady. Diesel prices fell for the eighth consecutive week, although trucking employment continued to decline slightly. Conversely, van spot rates increased heading into Labor Day. Rail carloads rose year-over-year for the first time since June, and East/Gulf Coast ports moved closer to a strike.
- Job openings fall in July following sharp downward revision of the June estimate.
- Trucking employment continues to ease but has not changed overall since Yellow failed.
- Spot rates for refrigerated and dry van equipment rise sharply as expected.
- The U.S. East Coast and Gulf Coast ports appear to be headed toward a work stoppage.
