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.