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Manufacturing PMI Hits Four-Year High, but Freight Reality Tells Different Story

The ISM Manufacturing PMI reached 52.7 in March 2026, marking a multi-year expansion peak. The White House reports over 100 companies have committed to reshoring or expanding domestic production. However, underlying data reveals a more complex picture for carriers. Manufacturing construction spending excluding semiconductors grew approximately 2% in real terms between February 2025 and March 2026 after accounting for inflation. Manufacturing employment has declined 1% since tariffs took effect. The Kearney Reshoring Index shows the U.S. remains below levels indicating structural reshoring. An Institute for Supply Management survey found that 64% of companies have no reshoring plans. For carriers seeking actionable opportunities, freight growth concentrates in specific sectors: pharmaceuticals, food and beverage, construction materials suited to flatbed operations, and regional automotive supply chains. These segments offer positioning opportunities not yet locked into established routing guides.