BUT WE’RE NOT IN A RECESSION! EVERYTHING IS GOING SWIMMINGLY! International Freight Volume Plunging. “Last night Danish shipping giant Maersk announced a steep dive in profits for their third quarter compared to last year’s numbers. The heady days of astronomical pandemic shipping quotes seem to be at an end, with plenty of container space available now for transporting cargo. But there’s no freight orders to fill up the boats – volume isn’t stabilizing. It’s declining.”

UPDATE: A reader emails:

I have two customers who own major trucking companies–one on the east coast and one on the west coast. I’m sure you’d recognize their names.

They both told me last week they can’t fill their trucks with freight and they are not even making enough money to pay for the fuel. They say freight volume is down over 50%.

Consumer spending has fallen off a cliff. We are headed for some trouble.

That’s what I think. I have a friend with a specialty trucking business (boats and cars) whose volume is way down.