Transport stocks slump, economists see global recession looming (European News Agency)

[Financial Channel/Comprehensive Report] Shares of transportation companies fell twice as fast as the U.S. stock market, reflecting investors' expectations that a recession is coming.

"It confirms that we are heading for a recession," economist Peter Cardillo said of the downturn in transportation stocks, predicting a mild global recession by the end of the year, lasting into 2023. season.

The Dow Jones Transportation Average, which tracks 20 of the largest U.S. companies from airlines and railroads to truckers, is down 12 percent this month.

The S&P 500 and Dow Jones Industrial Average fell by about half.

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The decline in transportation inventories bodes poorly for the economy ahead, the result of the Fed's most aggressive tightening cycle in decades, as demand for goods, materials and travel falls.

The transportation index is on track for its biggest monthly percentage drop since March 2020, when pandemic-driven restrictions and lockdowns halted travel and disrupted global supply chains.

It is down 26% this year and is at its lowest level since late January 2021.

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