Weekly Transportation Update: U.S. economy adds 175,000 payroll jobs in April

In April, the US added 175,000 payroll jobs, indicating modest employment growth despite a slight uptick in the unemployment rate. The ISM's manufacturing index contracted, while mortgage rates continued to rise, posing challenges for homebuyers. Diesel prices fell slightly, providing relief for transportation industries. Trucking jobs remained stable, but for-hire carrier numbers declined. Truck spot rates showed mixed trends, and Teamsters Canada authorized a rail strike, potentially impacting regional logistics. These events depict a complex economic landscape with both positive and challenging aspects across sectors.

• The unemployment rate ticks up to 3.9%; labor participation holds steady.
• Trucking payroll employment barely changes in April as the carrier base declines.
• Van spot rates are mixed in the latest week as flatbed rates fall.
• Teamsters Canada authorizes a rail strike; STB finalizes a reciprocal switching rule.