link: even-more-evidence-china-hard-landing
The latest container shipments into the port of Los Angeles and Long Beach confirm that China (and Asia) is no longer nearly as much in the game. Inbound is down 10% from last year and 20% from the same month in 2007. I do think a little marginal production has shifted to the US, but it isn’t really showing up in the data, as rail car traffic in the US is now down 1% YoY. Fed Ex says it will “reduce flight hours, and “park some planes” according to headlines on Bloomberg. It also sees weakness in tech, mobile phones, finance, insurance, and real estate, and it also anticipates below-trend growth.
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