Global trade in contraction

Chart reprinted from Mish.
And LA port traffic is off 9.%:
February 2019 2018 Change %

Change LA Port from 2018 to 2019:
Loaded Imports -9.08%
Loaded Exports  -9.54% '

Confirming that California is likely flat or slightly contracted.

Manufacturing is flat to declining:

U.S. factory orders barely rise; shipments fall further

And:

Global belwether delivery giant FedEx shares fell 4.1% in post-market trading as 3Q adjusted eps and revenue missed estimates, and the company cut its profit forecast for the second time in three months, citing weakness in foreign markets and a slowdown in trade.