June 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: Commodity pricing increased for the 24th consecutive month, although at a slower rate compared to April.
- Ocean Freight Rates: Despite ocean carriers reducing capacity through blank sailings, the decrease in available exports out of China is pushing ocean rates downward.
- Trucking Costs: Fuel prices are up significantly, but spot rates have been mostly falling since the start of the year.
- Port Congestions: Responsible for about 42% of all U.S. containerized trade with East Asia, the L.A./Long Beach twin port recently ranked as the worlds least efficient.
- Labor Costs/Shortages: Expectations from independent business owners for better business conditions have deteriorated every month since the start of the year.
- Energy Prices: Surging prices of both natural gas and crude oil have company utility bills on the rise.
- U.S./China Relations (tariffs): Biden signals interest to end some of Trump’s China tariffs to help ease inflation.
- China Lockdowns: China is starting to re-impose Covid-19 restrictions just weeks after easing them in selected cities.
- Inflation: The Fed admits it has an inflation problem.
For a deeper look into all these topics and more open the full report in the link below.
This months report is 3052 words, 19 minute read.
