Freight Pulse 82 Shipper Survey: A Positive (If Not Entirely Convincing) Picture

Research evidence excerpt

Freight Pulse 82 Shipper Survey: A Positive (If Not Entirely Convincing) Picture

July 6, 2026 05:00 AM GMT

July 6, 2026

North America Freight Transportation

Freight Pulse 82 Shipper Survey: A Positive (If Not Entirely Convincing) Picture M O R G A N S T A N L E Y R E S E A R C H

Our latest Shipper Survey showed Shipper sentiment improving but also some signs that they may still be holding back on Morgan Stanley & Co. LLC

putting pedal to metal. This is understandable given ongoing macro uncertainty, but the market will be hoping for more decisive

action as the coast keeps clearing. N O R T H A M E R I C A

Freight/Macro Highlights: (1) Shippers’ View Of The Economy Moves to the Highest Level Since Early 2022 and Above LT

Avg.; (2) Net Ordering Moves Into Positive Territory for the First Time in Six Updates; (3) "Maintain Inventory Levels" Sees Ravi Shanker

Healthy Step Up; (4) Majority of Respondents Expect Inventories to Normalize in 2026; (5) Mode Capacity Saw Tightening Ravi.Shanker@morganstanley.com +1 212 761-6350

Across as All Modes Except Barge; (6) Service Levels Remain Mixed, Improving Seq. only in Airfreight and Rail

Nancy Hipp

Rail Highlights: (1) Rail Volume Expectations Remained in Positive Territory; (2) Rail Rate Expectations Saw Seq. Step Down; Nancy.Hipp@morganstanley.com

(3) Difficulty Of Rate Negotiations Were Down Seq. And No Shippers Indicate Planning To Decrease Spend; (4) Intermodal +1 212 761-1311

Discount To TL (Ex. Fuel) Increased Seq. But Remains Below LT Avg.; (5) Service Reliability Saw a Seq. Increase While Value Madison Pasterchick For Dollar Decreased Seq.; (6) Shippers See a Step Up in Aggressive Competition from Other Rails Madison.Pasterchick@morganstanley.com

+1 212 761-5618