Cass just released their monthly transportation indexes and it's always an interesting read so I'll let them speak this update with a link to their report for May, 2021.
Even with considerable supply constraints, the freight cycle is in high-growth mode. While y/y comparisons will naturally slow going forward, the freight markets continue to benefit from a very strong retail economy, very tight inventories, and a backlog of containerships still anchored in the San Pedro Bay.
In addition, while the industrial sector continues to struggle on a relative basis, U.S. capital goods orders have recently broken through a generational ceiling. We believe this portends an unprecedented U.S. capex boom.
So, even as federal stimulus effects fade and consumer spending gradually reverts back to services from goods, the extraordinarily strong U.S. freight recovery across the network in 2021 also has longer-term growth drivers.