Costas Paris of The Wall Street Journal tells his readers that rainfall levels, down a third this year, are hampering the ability to navigate the Panama Canal. Ships are bidding up toll payments several times higher than normal payments to avoid delays. He writes: Panama Canal officials will cut available slots for ship transits by half this winter as extreme drought leaves the man-made waterway lacking enough water. The changes come after Panama Canal experienced its driest October on record, continuing a monthslong spell of warmer temperatures and low rainfall. Officials have already … [Read more...]
Tighter Capacity Lifting Freight Rates
Paul Berger of The Wall Street Journal tells his readers how tighter capacity has been lifting freight rates in the less-than-truckload market. He writes: The collapse of one of the largest U.S. trucking companies is propping up competitors in a lean freight market. XPO, ABF Freight and Saia are among the carriers reporting strong growth in pricing power, shipment volumes and other key measures during the most recent quarter in trucking’s less-than-truckload sector, a high-stakes corner of the market in which carriers combine freight from multiple customers in a single trailer. The … [Read more...]
Are Geopolitical Battles Making China More Self Sufficient?
Raffaele Huang and Asa Fitch of The Wall Street Journal tell its readers about how geopolitical battles are causing headaches for tech giant’s supply chains. They write: New U.S. export controls may compel artificial-intelligence giant Nvidia (NVDA) to cancel billions of dollars in next-year orders for its advanced chips to China, a move that could deprive Chinese tech companies of crucial AI resources. The Santa Clara, Calif.-based company had already finished delivering orders of its advanced AI chips to China for this year, according to people familiar with the matter, and was pushing … [Read more...]
Global Economic Activity Outlook
John Kemp of Reuters reports that the global business cycle is in transition. He writes: Global economic activity was mixed during the third quarter of 2023, with distinct signs of improvement in the United States and China but continued sluggishness elsewhere. Global industrial production was up by just 0.4% in August 2023 compared with the same month a year earlier, according to estimates compiled by the Netherlands Bureau for Economic Policy Analysis (CPB). But trade volumes were down by 3.8% in August compared with a year earlier and have not grown for a year, a sign of stagnation … [Read more...]
Could Cooling Inflation Provide a Reason to Hold Rates?
Justin Lahart of The Wall Street Journal tells readers that investors are pretty sure that not only will the Fed not raise rates this week, but that it won’t be raising them again this year or next. He writes: For a quick rundown of the challenges Federal Reserve policy makers will be sorting through when they meet this week, last week’s economic data fits the bill. Start with gross domestic product. The Commerce Department on Thursday reported that the economy grew at a blistering 4.9% annual rate in the third quarter, marking the fastest pace since the fourth quarter of 2021. The last … [Read more...]
U.S. Soybean Meal Shipments to Break Record in 2024
Kim Chipman and Tarso Veloso Ribeiro of Bloomberg are telling readers that oil from crushed soybeans is the key ingredient in green diesel. They write: Shipments of US soybean meal to other countries are expected to climb to a record high next year as more of America’s top oilseed crop is crushed for vegetable oil sought after to make green diesel. America’s soy meal, which is created along with oil during crushing of whole soybeans, is forecast to reach exports of 13.9 million tons in the 2023-24 season, the US Department of Agriculture said Monday. That would exceed the record 13.2 … [Read more...]
Spooky Prices for Halloween Candy
Joseph De Avila and Joseph Pisani of The Wall Street Journal report that prices for candy and gum jumped 7.5% in September, compared with the same month last year. They write: Scary-high candy costs are giving consumers a fright this Halloween. Gretchen Alvarez of Sacramento, Calif., said she passed on purchasing a $24 bag of organic, allergy-friendly candy. She bought a few bags of cheaper traditional candy instead. Because of the rising cost of sweets, Alvarez is limiting each trick-or-treater to one piece of candy. Last year, she let them take as much as they liked. “It is making … [Read more...]
Eurozone on Brink of Recession? ECB Halts Record Rate Run Increase
Tom Fairless and William Boston of The Wall Street Journal report the record run on rate increases by the European Central Bank has ended at ten on fears of recession. They write: The European Central Bank held interest rates steady, ending a historic run of 10 consecutive rate increases as Europe’s currency union teeters on the brink of recession and uncertainty rises around the global economy. Major central banks including the Federal Reserve have paused interest-rate increases after a rapid series of hikes as inflation eases from last year’s multidecade highs. Now investors are … [Read more...]
Global Shipping Demand Disappoints
Will Feuer of The Wall Street Journal tells readers how the new contract with the International Brotherhood of Teamsters and a slowdown in global shipping demands caused a shipping giant to cut its outlook. He writes: United Parcel Service (UPS) cut its sales outlook after revenue slipped in the third quarter because of a slowdown in global demand for shipping. The package-delivery company's stock dropped more than 5% to around $139. Shares were already down more than 15% this year through Wednesday’s market close. Chief Executive Carol Tomé said macroeconomic factors … [Read more...]
U.S. Manufacturing Flexing Its Muscles
Colin Grabow of the Cato Institute is reporting that the United States remains a manufacturing powerhouse. He writes: It has become conventional wisdom among many in Washington that a once‐vaunted US manufacturing sector has become a shell of its former self. Language used by members of the commentariat and politicians to describe the state of US industry is often bleak, sometimes bordering on the apocalyptic. In August, for example, columnist David Brooks flatly stated “we don’t make things anymore.” Talk of rescuing the so‐called “Rust Belt” and American manufacturing have been staples of … [Read more...]
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