No one can deny the macro-economic picture regarding job losses, and the slow job recovery, but UNP (Union Pacific railroad) posted some impressive numbers.
Summary of Second Quarter Freight Revenues:
Automotive up 105 percent.
Intermodal up 35 percent.
Industrial Products up 30 percent.
Chemicals up 19 percent.
Energy up 17 percent.
Agricultural up 13 percent.
UPS also had an impressive showing.
The data supports things are moving, at least for the 90% of the employed out there. Hopefully the Green jobs and enterprise spending kicks in soon too support job growth and increased confidence.
(Washington will need to provide a policy catalyst to unleash more of the $1T sitting on company balance sheets. Not all companies are like IBM, and maximize their cash positions.)