Industrial Sector Cost Report – July 2022

ocean freight

Industrial Sector Cost Report – July 2022

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July 2022

What’s happening this month in the industrial sector? Read on, as the GCP team examines recent price movements, economic trends and news, from around North America. 


Included below are a few points highlighted from the report,

  • Raw Material Pricing: Prices eased slightly for a third straight month in June.
  • Ocean Freight Rates: The average China/U.S. west coast shipment now costs about 45% of what it did at the start of 2022. 
  • Trucking Costs: California’s Assembly Bill 5 has thrown around 70,000 truck owner-operators in limbo.
  • Port Congestions: Dockworkers on the west coast continue to work despite their contract expiring. However, container dwell times are increasing again. 
  • Labor Costs/Shortages: Small businesses continue to raise wages to keep employees and fill historically high levels of open positions. 
  • Energy Prices: Natural gas prices are straining economies and industries around the world as global powers battle an energy crunch. 
  • U.S./China Relations (tariffs): The U.S. continues to weigh easing China sanctions to help address red-hot inflation. 
  • Inflation: Inflation is high, sticky, and is not slowing down.

For a deeper look into all these topics and more open the full report in the link below.

This months report is 2692 words, 15 minute read.


Click Here to View The Full Report