May 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 – Price increases continue to be passed on to customers based on costs of raw materials, logistics and labor to produce products.
- Ocean Freight Rates – Ocean carriers have been trying to keep their profitability high by implementing a considerable number of blank sailings.
- Trucking Costs – Diesel tops gas prices by the widest margin on record which is bad news for end user consumers.
- Port Congestions – There are no signs of an imminent slowdown in demand judging by the number of ships/containers coming through the twin ports of L.A./Long Beach.
- Labor Costs/Shortages – The U.S. set a record for job openings in March, and the number of those who quit their jobs also reached an all-time high.
- Energy Prices – As the Federal Reserve is trying to deal with rising inflation, soaring energy prices continue to create problems.
- U.S./China Relations (tariffs) – President Biden is considering dropping tariffs imposed on Chinese goods to help fight inflation.
- COVID-19 – The economic fallout from China’s Covid-19 lockdowns is widening both at home and abroad.
- Inflation – “Transitory” is out, “expeditious” is in.
- War in Ukraine – As the war drags on in Ukraine, western nations are looking to add to their sanctions roster, which had started to dry up in recent weeks.
For a deeper look into all these topics and more open the full report in the link below.
This months report is 3255 words, 12 minute read.
