BIDEN ECONOMY: Transpacific Shipping Drops 75% During Peak Season Due to Lack of US Demand

Transpacific shipping is way down thanks to the Biden economy. This is a symptom of the policies that Biden put in place to destroy the US economy. The Biden economy is imploding. Now, only months before the holidays, transpacific shipping is down roughly 75% from 2021.-- More... The Wall Street Journal reports: Trans-Pacific shipping rates have plummeted roughly 75% from year-ago levels. The transportation industry is grappling with weaker demand as big retailers cancel orders with vendors and step up efforts to cut inventories. FedEx Corp. recently said it would cancel flights and park cargo planes because of a sharp drop in shipping volumes. On Thursday, Nike Inc. said it was sitting on 65% more inventory in North America than a year earlier and would resort to markdowns. […] One response to the melting demand has been to reduce sailing trips. In September, container capacity offered by ship operators in the Pacific was down 13%, dropping the equivalent of 21 ships that can each move 8,000 containers in a single voyage, from a year earlier, according to shipping-data providers Xeneta and Sea-Intelligence.