Associated Press
- Since peaking during the pandemic, the transportation industry has faced a protracted slump.
- An index that tracks global container rates has plunged 75% from a year ago.
- The downturn has also affected the US trucking business, prompting the Fed to acknowledge the "freight recession".
The US economy may have dodged a recession so far, but some of its sectors have been hit hard by instabilities created by the pandemic.
Case in point: a downturn in the freight industry.
Since global shipping peaked during the coronavirus pandemic, the industry responsible for transporting goods across the globe has faced a protracted slump. And that's dealt blow to other segments of the transportation business, such as trucking - especially in the US - prompting the Federal Reserve to acknowledge the so-called "freight recession".