The ‘freight recession’ rocks global shipping, fueling a 75% plunge in container rates

The US economy may have dodged a recession so far, but some of its sectors have been hit hard by instabilities created by the pandemic.

Case in point: a downturn in the freight industry.

Since global shipping peaked during the coronavirus pandemic, the industry responsible for transporting goods across the globe has faced a protracted slump. And that’s dealt blow to other segments of the transportation business, such as trucking – especially in the US – prompting the Federal Reserve to acknowledge the so-called “freight recession”.

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