Box demand will be weak in the remaining weeks of this year as the Timer indicates. Still, despite the declines in employment, production and the stock market in October, the Timer advanced, suggesting a better demand climate for boxes is possible as the new year starts (blue dot at end of chart). The good news is that the Timer did not move in a downward spiral as it has done in other correction periods. There's a chance that a reversal is possible in the early months of 2009. There's also caution indicated by the latest figure for two reasons. First, the Timer remains below 1.0; it has to cross 1.0 on the upside to signal a durable positive change in the momentum of shipments over the previous six months. We are not there yet. A second reason lies in the composition of the Timer.
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