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HSBC global economist James Pomeroy says we won’t be buying all the one-off big-ticket items we did during the pandemic’s first year.

New truck orders in May have doubled YOY; Navistar takes $50M in profits in Q2; the Permian Basin is out of workers; coal export volumes by rail are better than expected; air freight rates up 22% YOY; housing prices expected to outstrip inflation and wage growth.