Weekly Transportation Update: U.S. adds 272,000 payroll jobs in May; unemployment ticks up

In May, the U.S. economy showed mixed signals. It added 272,000 payroll jobs, but job openings hit their lowest since February 2021. Manufacturing weakened, as seen in the ISM index. On the positive side, real international trade in goods rose in April, and mortgage rates dipped below 7%. Diesel prices fell for the eighth week, while for-hire trucking lost 5,400 jobs despite increased CDL hiring. Truck spot rates stayed stable, and the rail sector saw growth in most carload commodities and year-over-year intermodal growth..

• Job openings continue to move back toward the pre-pandemic norm.
• The ISM manufacturing index declines again in May.
•  Spot rates barely move in total with bigger changes by equipment type.
•  Rail carload volume is less negative y/y as the hit from coal moderates.