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 decreases in the rubber industry are slowly making their way to market.
- Ocean Freight Rates: GCP’s average twenty-foot equivalent unit (TEU) container pricing out of China is now 72% lower than it was at the start of the year.
- Trucking Costs: Tender rejections, load-to-truck ratios and diesel prices are all down leading to lower rates across the board.
- Port Congestions: U.S. East Coast ports continue to see challenges with vessel congestion while U.S. West Coast ports see some improvements.
- Labor Costs/Shortages: The tight labor market continues to impact business productivity as businesses raise compensation in order to retain and attract workers.
- Energy Prices: The Russian war on Ukraine, has created arguably the biggest shock to the global energy system since the oil crisis of the 1970s.
- U.S./China Relations (tariffs): The White House review of U.S.-China Section 301 tariffs has been put on hold.
- Inflation: Reports of the death of the inflation surge were greatly exaggerated.
For a deeper look into all these topics and more open the full report in the link below.
This months report is 3553 words, 11 minute read.