Photo: Reuters / Lucy Nicholson

Goldman Sachs analysts say that optimistic “soft data” reports are supported by high frequency freight data, and that “hard data” are lagging economic strength. Surveys showed volumes of freight activity saw increases in the the second half of 2016 and in some instances through January and mid-February of this year. Price-based measures indicate the uptick in volumes is sustainable, and Goldman Sachs analysts expect positive signs from transportation numbers will likely resolve some of the discrepancy between “hard” and “soft” US data.

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