An under-the-radar economic indicator is flashing a warning not seen since the 2008 financial crisis

• Demand for cardboard boxes has dropped to levels not seen since the 2008 financial crisis.
• Cardboard boxes are seen as an under-the-radar economic indicator as they are crucial to ecommerce.
• US box shipments fell 8.4% in the fourth quarter as consumer spending slows down.

An under-the-radar economic indicator is flashing a warning signal to the broader economy as consumer spending slows down. The indicator in question? Cardboard boxes.