Chart: air cargo volume indicator and global industrial production20 July, 2012, 18:07. 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 –2.5% yoy for June according to Nomura. While still in negative territory, the year-on-year change has sequentially improved from -7.8% yoy in April and -7.6% yoy in May.
The chart below shows the Nomura’s air cargo indicator and global industrial production growth.