The Continuing U.S. Shipping Collapse

by: Paul Kedrosky

The decline in inbound and outbound container traffic continued in December at the two major Los Angeles area ports. The export figure, in particular, caught my eye, with the tailspin in containers showing how weak global demand has become -- unless, of course, all those shipping containers are full of Californium-252 (at $350-billion per pound, or so).

PortTraffficDec2008

As I keep saying, we're on the path to the new normal, and it won't be like the old normal.