Flash Update No. 23

(SGS Subscription required) • January 2020 CASS Freight Index Dropped by 9.4% (-9.4%) Year-to-Year
• Current, Deepening Annual Declines in Freight Activity Increasingly Resemble the Onset of the Great Recession
• Deepening Annual Declines in Freight Activity Are Not Consistent With a Booming
• They Also Do Not Support FOMC Claims of Sustainable Moderate Economic Growth in Place
• They Are Consistent With Fourth-Quarter Contractions Seen in Industrial Production and Real Retail Sales

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