MishTalk

NOVEMBER 20, 2015

UPS Freight , the fifth-largest LTL, reported tonnage off 10 percent (matching the record decline reported in the 2009 3Q during the depth of the Great Recession) and shipments down 5 percent year over year (the worst drop since 2008 fourth quarter). Operating revenue decreased 15.9 That has spread to the truckload side as well.

Balance Sheet 28

Balance Sheet Banking Study Policies 28

MishTalk

JULY 11, 2014

This has been labelled the “second phase of global liquidity”, to differentiate it from the pre-crisis phase, which was largely centred on banks expanding their cross-border operations. Historical evidence shows that this rarely happens following a balance sheet recession. Financial cycles differ from business cycles.

Balance Sheet 74

Balance Sheet Financial Banking Policies 74

MishTalk

JUNE 30, 2013

In what should be no surprise to Mish readers, the HSBC China Manufacturing PMI™ shows Operating conditions deteriorate at quickest pace since last September, and new export orders plunge. Operating conditions have now worsened for two successive months. December 2008 (85). November 2008 (78). October 2008 (108).

Analysis 72

Analysis Trends Real Estate Financial 72