Employment in the U.S. logistics industry expanded for a 55th straight month in May with a 3% increase. That belies a slowdown in most sub-sectors though with airfreight/passenger payrolls falling to the slowest rate of growth since March 2015 despite expanding volumes. Employment in the railway sector meanwhile fell by 2%, the 11th straight decline. The biggest threat in the near term is the kickoff of section 232 and related retaliatory tariffs which may cut shipping volumes. They will likely exacerbate the 1% drop in maritime-sector employment seen in May.