Air cargo volume indicator points to weakening of industrial activities10 August, 2012, 1:53. Posted by Zarathustra
Nomura has a Air cargo volume index (as we first mentioned here), which correlated with global industrial activities pretty with (correlation = 0.84).
The latest read of the air cargo indicator came in at –6.1% yoy for July according to Nomura, after improving somewhat from –7.6% yoy in May to –2.5% yoy in June. In other words, the indicator is pointing to weakening again after the blip in June.
The chart below shows the Nomura’s air cargo indicator and global industrial production growth.