Industrial Sector Trade Report – November 2023

President Joe Biden and President Xi Jinping of China walk through the garden at the end of their meetings at the Filoli estate, in Woodside, Calif., on Nov. 15, 2023, during the Asia-Pacific Economic Cooperation summit. (Doug Mills/The New York Times)

Industrial Sector Trade Report – November 2023

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November 2023


 

Below you will find a link for GCP’s November 2023 Trade Report, which provides on-going background and context around the many trade and cost pressures we are facing together.

Take a look at the notes below to get a sneak peek into the report:

  • Presidents Joe Biden and Xi Jinping convened in California for their first joint meeting in over a year, aligned with the Asia Pacific Economic Cooperation forum.
  • Ocean freight charges between Asia and North America have remained unchanged, indicating that shipping companies’ efforts to raise prices in November through General Rate Increases (GRIs) achieved minimal impact.
  • The trucking industry saw its fourth drop in employment over the last five months in October, with a total decline of over 30,000 jobs from its recent peak.
  • In 2024, keep an eye on the International Longshoreman’s Association, which has 45,000 members across East and Gulf Coast ports and has hinted at a potential strike in October, right before the U.S. presidential election
  • The recent Job Openings and Labor Turnover survey indicates that U.S. manufacturers face hiring challenges, with 647,000 job vacancies reported, an increase of almost 200,000 from the previous month’s 467,000 openings.
  • In October, consumer prices remained stable, influenced by a 2.5% drop in fluctuating energy costs following significant rises in the previous months.

For a deeper look into all these topics and more open the full report in the link below.

This months report is 2544 words, 8 minute read.

 

Click Here to View The Full Report