In a post at OilPrice.com, "Shipping Indices Highlight a Potential Commodities Sell Off," Dave Forest points us to an interesting development.
It appears that the bulk of a recent decline in the China Containerized Freight Index, which tracks shipping prices for goods sailing from China to 11 different regions around the world, stems from a drop in just two CCFI sub-indexes: Eastern and Western U.S.
According to Forest, rates for shipments from China to Eastern U.S. fell 13%, while rates for the Western U.S. plunged 12.3%. Up until this point, the U.S. routes had been major contributors to rising Chinese shipping rates.
Another sign that the much vaunted U.S. recovery is already running out of steam?
Comments