Looks Like a deep Biden Recession is at the doorstep

dailybuck777

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Jan 2, 2018
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From the WSJ -- "
Trans-Pacific shipping rates have plummeted roughly 75% from year-ago levels. The transportation industry is grappling with weaker demand as big retailers cancel orders with vendors and step up efforts to cut inventories. FedEx Corp. recently said it would cancel flights and park cargo planes because of a sharp drop in shipping volumes. On Thursday, Nike Inc. said it was sitting on 65% more inventory in North America than a year earlier and would resort to markdowns.

The erosion in global economic conditions, from the war in Ukraine to factory shutdowns in China, have dealt heavy blows to trade activity.... Daily freight rates now average $3,900 to move a single container across the Pacific, compared with $14,500 at the start of the year and more than $19,000 in 2021, according to the Freightos Baltic Index" https://www.wsj.com/articles/cargo-...from-backlogs-to-empty-containers-11664681947

Looks like the bottom is falling out of the economy and this is the canary in the coal mine.
 
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