We've been told that things are going to get worse before they get better. Thomson Reuters director of research Ashwani Kaul told CNBC they're going to get a lot worse.
He says no one should have been surprised on Monday, when FedEx slashed its forecast for next year's earnings and capital spending.
""Have you not been paying attention to what's going on, especially a business model like FedEx, which is so heavily reliant on corporate shipping?" he asked in a CNBC interview. "The negative pre-announcements are coming in fast and furious, and it's across the board. It's probably the worst that we (at Thomson Reuters) have seen since we began tracking the stuff." (See his full comments in the video)