California Mega-Port volumes are negative thus far this year, the longest stretch since the Industrial and Great Recessions; echoing the weakness, Cass Freight Shipment Volumes are down 4.5% versus last year.
While the Bloomberg consensus calls for a modest export expansion in the third and fourth quarters of this year, freight volumes suggest otherwise; in August, ISM and IHS Markit export indices fell to levels not seen since 2009, corroborating the freight data.
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