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Supply Chain Snapshots - News of the Week (July 17, 2023)

Monday, July 17, 2023

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Canadian West Coast Ports Strike Is Over, but It Will Take Weeks for Supply Chain To Recover

(Read more on CNBC)

Striking dock workers at Canada’s main West Coast ports are back at work as of the end of last week. The strike was called on July 1st after negotiations between the International Longshoremen and Warehouse Union of Canada and the British Columbia Maritime Employers Association broke down. Congestion stemming from the shut down may take from several weeks to a month or more to work its way through the intermodal freight network in both Canada and the U.S.

Panama Issues Report Critical of SCA Pilots in Ever Given Grounding

(Read more on The Maritime Executive)

Two years and change after the incident, the Panama Maritime Authority has filed their Safety Investigation Report with the International Maritime Organization on the grounding of the Ever Given in the Suez Canal. The report cites multiple confounding factors that led up to the vessel getting wedged in the canal, bringing traffic on the major international shipping route to a halt for more than three months.

Inflation Eased to 3% in June, Slowest Pace in More Than Two Years

(Read more on The Wall Street Journal)

The Consumer-Price Index (CPI) increased 3% in June, down from 4% in May. This shift signals an easing of inflation concerns and raises the possibility of the Fed not increasing interest rates after an expected rise is announced with their July meeting later in the month. For updated information and deeper dives into all things economic, please visit the Flexport Research homepage.

Back-to-School Spending To Hit Record Highs, NRF Says

(Read more on Retail Dive)

A series of studies is showing that while many consumers have already started their back-to-school shopping—and are expected to spend more this year than in recent years (mainly due to elevated prices)—they also say they’re more interested than ever in finding deals. Ecommerce sites, department store chains, and discount retailers are cited as the primary destinations for these early back-to-school shoppers.

Divergent Results for SoCal Ports As They Look To Rebuild Volumes

(Read more on The Maritime Executive)

Despite being adjacent to each other, the ports of Los Angeles and Long Beach reported different results for the month of June. While LA saw its fourth consecutive month of increased volumes, Long Beach saw no growth month-over-month. Labor uncertainties have led to many shippers diverting cargo to ports elsewhere in the U.S. Port of Los Angeles Executive Director Gene Seroka says they’re investing heavily in infrastructure in efforts to win back that volume.

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