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Supply
Chain by the Numbers |
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- Jan. 14, 2021
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Chinese Share of Global GDP Keeps Rising; Chip Shortage Causing Auto Plants to Close Temporarily; Logistics Jobs Keep Growing; ASCE Says Cost will be High from Lack of Infrastructure Investment |
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22.2% |
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That is the expected share of global GDP the US is expected to represent when the full year 2020 numbers start rolling in. That will keep the US in the top position in terms of that share – but for how long is the question, as China is closing fast. Estimates are that China's share for 2020 will be 16.8%, up from 14.2% in 2016. Meanwhile, the US share in 2016 was 22.3%, flat with last year. The increase in China's share of global GDP, 1.1 percentage points, is its largest in a single year since at least the 1970s. China is also expected to be the only large economy to report growth for 2020, according to a report in the Wall Street Journal. And so much for reshoring away from China - a November survey by HSBC Holdings of more than 1,100 global corporations found that 75%, including 70% of U.S. companies, expect to increase their sourcing footprint in China over the next two years.
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That is the projected loss in US GDP through 2039 without needed investment in a variety of infrastructure areas, according to a new report from American Society of Civil Engineers. That would cost on average US households more than $3,000 annually. ASCE also noted already planned investments totaling about $7.3 trillion would still result in a $5.6 trillion investment shortfall by 2039. The report emphasized growing concerns with congestion across surface transportation modes, ports, airports and last-mile freight facilities. "There's no better way to jump-start the economy, while also lessening the financial burden on busiesses and families, than by making a down payment on our infrastructure now — transit systems, bridges, water treatment plants and the grid — to ensure these systems are sustainable, resilient and safe for communities across the nation," said Tom Smith, ASCE executive director. The perennial question: where does the funding come from? |
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52,900 |
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That's how many freight transportation and warehouse jobs of all kinds were created in the US in December, according to data this week from the Bureau of Labor Statistics. The strong in logistics-related jobs keeps an on-going trend in place, even as the overall economy saw a loss of 140,000 jobs in the month. There were 37,400 courier jobs added in December, the 10th straight month of gains in the parcel sector. All told, parcel carrier jobs rose 24.4% in 2020, adding 210,200 positions for the year. There were 8,200 new jobs in warehousing last month, lifting total employment in distribution centers to 1.3 million, up 1.2 million in December 2019. Truckers added 7300 jobs, but that is still down about 42,000 jobs from same period a year ago, after huge job cuts early in the pandemic. |
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That's how many workers will be laid off for at least a week, starting at the beginning of this week, at a Ford Motor assembly plant in Louisville, KY, the result of a severe global shortage of the semiconductors now embedded into everything from display screens to transmissions. The problem first emerged at some Chinese factories late last year and has since migrated to the rest of the world, as demand for electronics has surged during the pandemic, fueled by stay at home workers and families. And it is a big problem if you are a car maker - cars today generally have at least 40 embedded chips, a number that can grow to 150 for higher end models. Besides Ford, Volkswagen said in December that it would cut production in the first quarter in China, Europe and North America due to the chip shortage. Honda is cutting production of its Civic and Accord sedans by 2,200 cars this week, or roughly 20%, in North America. Most other auto OEMs are in similar straights. The term "chipageddon" is being used to describe the current scenario.