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Despite the looming Christmas Holiday shopping season shipping data continues to go south and not insignificantly at that. The latest data on the Cass Freight Index for September that covers trucking and rail freight shows a .4% decline for the month and 3.1% on a year ago basis.

Measured on both a shipments and expenditure basis and 2016 trucking data is tracking below the last 3-years in all but one month. Rail shipments are a little better but not by much and show similar negative trends. Details from the report noted that the consumer remains tight fisted bucking decades of spending trends and that inventories have dragged on the economy for 5-consecutive quarters joining Standard and Poors 500 earnings in a ringing endorsement of economic strength. Honestly who does the Fed think its kidding.

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