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ManufacturingLeading
Corrugated Box PPI
Index (Dec 1980=100) · monthly · since 1980
3yr rolling correlation to S&P 500
-0.24
long-run avg: -0.01
Informal "cardboard box index" proxy — box demand tracks shipping/goods activity.
Shaded bands below mark these eras
Post-war boom (1947–1969)Stagflation (1973–1982)Volcker disinflation (1980–1982)The Great Moderation (1983–2000)Dot-com boom & bust (1995–2002)Housing bubble & Global Financial Crisis (2003–2009)Post-GFC recovery / QE era (2009–2015)Rate normalization (2015–2019)COVID crash & recovery (2020–2021)Inflation surge & hiking cycle (2021–2023)Current cycle (2024–present)
History vs. S&P 500 (indexed, start = 100)
Rolling correlation to S&P 500
Recalculated continuously using the trailing 3 years of data. Uses each series' year-over-year % change.
Advanced: rolling window
Correlation by era
The same math, run separately within each historical era’s date range.
| Era | Correlation | Months of data |
|---|---|---|
Post-war boom 1947–1969 | — | 0(thin) |
Stagflation 1973–1982 | -0.46 | 13 |
Volcker disinflation 1980–1982 | -0.46 | 13 |
The Great Moderation 1983–2000 | -0.21 | 216 |
Dot-com boom & bust 1995–2002 | +0.09 | 96 |
Housing bubble & Global Financial Crisis 2003–2009 | -0.29 | 84 |
Post-GFC recovery / QE era 2009–2015 | -0.08 | 84 |
Rate normalization 2015–2019 | +0.55 | 60 |
COVID crash & recovery 2020–2021 | +0.64 | 24 |
Inflation surge & hiking cycle 2021–2023 | +0.04 | 36 |
Current cycle 2024–present | -0.44 | 33 |