by Wolf Richter
Wolf Street
Amid constraints, shortages, and spiking diesel prices, freight volume slows, capacity opens up, freight rates may have peaked.
The crazy stimulus-fueled binge on goods in the US has been fading, as consumers are switching back to spending more money on discretionary services, where spending had collapsed during the pandemic, ranging from air fares to healthcare services. And there are still shortages of all kinds, preventing consumers and businesses from buying what they want, delaying construction projects, and forcing production cutbacks at manufacturing plants.