· Recently released retail reports are pointing to a drop in consumer spending on benchmark items including clothing and home goods. This is creating inventory surplus on items and backlogs at warehouse nationwide.
· The global port tracker measuring the import TEUs into the US has also fluctuated with a 5% over last year increase during April while May saw a drop slightly compared to 2021. Even with this instability in the market June is expected to see a 7.5% increase of TEU import volume.
· The impact to shipping rates with this uncertainty in the market has analysts unsure of what may be ahead long-term however it does seem clear that with increased fuel costs and a need to restock shelves in more vital areas with retailers shipping rates are expected to continue to climb through the next several months.
Thursday June 9, 2022
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