Fund manager's comment/Tom Walker
Is the US economy heading for recession? There is ample evidence that it is. Amid the plethora of statistics, consider those for airfreight. Compared with the year before, San Francisco airport's revenue from airfreight is down by 23% over the last 12 months. Boston's is down by 19%, and Denver's by 17%. This is consistent with the gloomy data exposed by the Federal Reserve's most recent Beige Book. 'Sustained weakness in the manufacturing sector spilled over to other businesses, with many districts indicating declines in demand for office space and trucking and shipping services,' th...
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