Nomura’s own air cargo volume index has been a rather good leading indicator of global industrial production growth (correlation at 0.85).
Currently, their own index shows that air cargo volume declined by 7.8% yoy for April.
That points to sharp decline of global industrial production in the near future.
This article originally appeared here: Chart: air cargo volume points to sharp decline in global industrial production
Also sprach Analyst – World & China Economy, Global Finance, Real Estate
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