More Bad News in the Shipping Data

Various measurements of goods shipped around the world are flashing warning signals about the outlook for global growth, I argued last week. But it turns out the data are even richer than I realized. Some readers have pointed out, for example, that slumping volume is a more reliable indicator than falling prices, because prices are unduly influenced by supply dynamics (more ships). But the deeper I dig, alas, the more worried I get about growth.

Let's start with goods carried by train in the U.S. Since the middle of last March, carloads of agricultural products, chemicals, coal, metals, autos and other goods have declined every week: