U.S. employment growth was disappointing in April, with non-farm payroll expansion of 164k (below estimates of 200k) including logistics sector growth of just 0.4k, the slowest rate of expansion since January 2017. The long-term trend of weaker “old economy” employment continued with rail jobs down 3% on a year earlier while marine-related positions unchanged. The latter came as seaborne import activity growth slowed to just 2%. E-commerce related jobs surged ahead, including courier employment that climbed at the fastest rate since December 2014.