Americas Transportation: The Monthly Mosaic

The April 2026 data indicates a synchronized global manufacturing expansion and a significant inflection in trucking spot rates, which are up 22% YoY. Goldman Sachs maintains a positive outlook on trucking stocks, believing the sector cycle is bottoming.

Key Takeaways

• 1.Global manufacturing activity was mostly expansionary in April, with the US ISM Manufacturing Index holding at 52.7 and China's PMI showing slight acceleration.
• 2.The trucking market shows signs of tightening as spot rates (ex-fuel) surged +22% YoY in April due to limited driver capacity and increased load availability.
• 3.Ocean freight rates inflected into positive YoY growth territory for the first time recently, hitting +9% YoY in April versus -11% in March.

Table of Contents

• Macro
• Rail: Volume & Price
• Rail: Service Metrics
• Airfreight & Logistics
• Truck: Volume & Price
• Truck: Capacity
• Disclosure Appendix

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