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Economic growth in Q4 does little to bolster freight demand.

• Sluggish orders for durable manufactured goods were skewed upward by aircraft orders.
• Real consumer spending falls for the second straight month as the savings rate rebounds.
• Dry van and refrigerated spot rates have given back their holiday-period surge.
• Rail carriers’ earnings reports share cautious outlooks.

Industrial and consumer indicators were quite weak in December. 

•  Manufacturing output drops by the most in nearly two years. 
•  Retail sales decline sharply in December after a  downward revision to November estimate. 
•  Van segment rates again fall sharply in a typical cool-down from the holiday surge. 
•  Intermodal and rail carload volumes rise week over week, but intermodal gains were weaker.

Consumer inflation continues cooling trend in December.

• New orders for manufactured goods fell in November.
• Wholesale inventories relative to sales return to pre-pandemic levels.
• Truck spot rates see typical post-holiday moderation.
• Intermodal is weak to start 2023; coal and grain bolster rail carload.