The Recession Is Here

The evidence is mounting that March marked the start of a deep global recession.

The breadth of the collapse is beginning to appear in the initial trickle of economic data across the world, revealing a cratering of trade, reined-in business investment, cowering consumers and surging unemployment that’s sparing few industries.

The hit to demand is visible on the world’s oceans, where a measure of U.S. export volumes in the first two full weeks of March showed shipments abroad at less than half the year-earlier level, IHS Markit data compiled by Bloomberg showed. The damage is acute for autos: The number of anchored ships used to transport vehicles has jumped to 19% of the fleet, up from 11% a year ago, according to Bloomberg data.

https://www.bloomberg.com/news/articles/2020-04-08/a-brutal-march-for-trade-portends-depth-of-economic-pain-ahead

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