That sinking feeling.

As demand for freight transportation continues to soften, every sector of the transportation industry is experiencing that old sinking feeling. The Institute for Supply Management reports that U.S. manufacturing activity dropped to a 28-year low in December. It was the sixth consecutive month of decline in retail sales as 2.6 million jobs evaporated last year. That's the biggest job loss since 1945. Factory orders for more inventory are at the lowest level since 1948, and more shutdowns are expected this year.

Unemployment increased to 7.2 percent in December. But when you add discouraged workers who have stopped looking for jobs and part-time workers who cannot find …