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More from inside the US freight market where inventories are extreme and volumes falling fast. If this continues then it flows straight back up the supply chain to China and Europe where domestic demand is already collapsed by war, energy shock, property bust and OMICRON.
Today:
The trucking market has been slowing since the beginning of the year. Since the Russian invasion, volumes have dropped 10%. Thread 1/n pic.twitter.com/R8XhKMt5FM
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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.