November 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.
- Raw Material Pricing: For the first time in 28 months, the raw materials prices index fell into contraction territory, dropping below 50%.
- Ocean Freight Rates: Ocean carriers have been increasing the number of blanked sailings in an effort to put a floor in ocean freight prices.
- Port Congestions: Port delays continue to show improvement in October as fewer vessels make their way to North American ports.
- Trucking Costs: The trucking market shows inbound container shipments are flat. Load volume is down, truck capacity is up, and fuel prices are up.
- Labor Costs/Shortages: 10% of owners cited labor costs as their top business problem, while 23% cited labor quality (second most next to inflation).
- Energy Prices: U.S. natural gas prices are up 57%, diesel prices are up 47%, while gas prices are up 11% year-over-year.
- U.S./China Relations (tariffs): The underlying issues remain, but the fact that the leaders of the world’s two largest economies are talking is a good thing.
- Inflation: Is inflation slowing down? On a year-over-year basis, that looks to be the case, but the latest data shows inflation was held down because of one major caveat.
For a deeper look into all these topics and more open the full report in the link below.
This months report is 2905 words, 9 minute read.
