The US reported drops in retail sales and industrial production Wednesday morning, disappointing analysts who predicted modest increases. Shown in the chart above are month data (left-hand scale) and the 3-month rolling average (right-hand scale). The 3-month average shows an annualized gain of 1%; with the Consumer Price Index rising at more than 2% a year, this denotes a contraction in real terms. […]

The decline in the industrial production index for manufacturing tracks (and in fact is predicted by) declines in the volume of US freight traffic as reported by CASS:

Excerpt from All indicators point to slowdown in US economy