The Baltic Dry Index and JOLT
The Baltic Dry Index and Job Openings Levels: Total Nonfarm (JOLT) are not looking good for economic growth.
The Baltic Dry Index is the main measure of ocean commercial transportation. To quote Peter Garny, the head of Equity Strategy at Saxo Bank, writing for Zerohedge,
“When we look at industries we observe that marine shipping and transit services (basically passenger transport by rail) are hit the hardest.
So the global supply chain has seen a materially decline in activity also supported by the 83% drop in the Baltic Dry Index since August 2019.”[1]
The decline in the Baltic Dry Index is matched only by the late 2015- early 2016 plunge. Anyone paying attention back then remembers August as being interesting.
US job openings as measured by the Bureau of Labor Statistics (BLS) have declined.
Via Zerohedge,
“Needless to say, a nearly 1 million drop in job openings in two months is not something one would see if the economy was firing on all cylinders as the stock market represents every single day.”[2]
At least the Coronavirus is contained…
[1] https://www.zerohedge.com/geopolitical/saxo-watch-global-logistics-shares-virus-supply-chain-signals