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Supply
Chain by the Numbers |
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- July 18, 2024
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Solid Job Growth in 2023 from Reshoring, but will it Last? Mattress Trade War; JB Hunt Sees Weak Q2; Dock Worker Strike Looms |
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| That is about how many jobs were created last year as the result of reshoring or foreign DIREXT investment (FDI). That according a new report this week from the Reshoring Initiative. That is down a bit from the 343,000 jobs created in 2022, but over all there has a steady rise since 2010, when there were just 10,800 such jobs created that yea, and 98,700 before the pandemic in 2019. However, the reports notes 39% of the jobs are connected to the Inflation Reduction Act (IRA) and other government subsidies, particularly in EV batteries, semiconductor chips, and solar energy. As the government subsidies run out, new reshoring and FDI announcements are slowing, the report adds. |
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That how many days are left as of this week before the contract between dock workers at East and Gulf ports and port and terminal operators, expires Sept. 30. And right now there are no negotiations going on, with Harold Daggett, President of the International Longshoremen’s Association (ILA) recently saying that “The actions of violating our current Master Contract by some of their members caused us to cancel scheduled negotiations with USMX in early June.” The United States Maritime Alliance (USMX) represents ports and terminals in the negotiations. The ILA halted contract talks with USMX after discovering that Maersk Line and APM Terminals were employing an Auto Gate system, which processes trucks autonomously without ILA labor. Initially identified at the Port of Mobile, Alabama, this system is reportedly in use at other ports as well. |
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28.3% |
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| That was the year-over-year decline in Q2 profits at carrier JB Hunt versus 2023, according to its earnings report this week. Hunt has long been something of a bellwether for the broader freight transportation sector. Revenue at Hunt was also down 7% to $2.93 billion, falling below analysts’ expectations. And Hunt’s earnings in its signature intermodal business fell a big 31% in the quarter, hit in part by competition from truckload carriers. Load board provider DAT Solutions says truck and shipment posts on the spot-market it runs both declined sharply in June. |
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That amazingly is how high US tariffs on Chinese mattresses have reached since 2019, as the two countries play a game of cat and mattress mouse. According to a recent article in the Wall Street Journal, the tariffs have also been levied on a slew of countries believed to host facilities for Chinese and other cut-price manufacturers. The US Department of Commerce is expected to issue a final decision this week on a new slate of duties on mattress exports from countries such as Kosovo and Mexico. Retailers and manufacturers suspect some Chinese producers of evading the duties by shipping mattresses through other countries to hide their origin. In fact, US Customs and Border Protection is currently investigating a dozen importers suspected of shipping mattresses from China to the US through South Korea for China-based company Foshan Aiyi Family Article, which sold its mattresses on the Amazon.com marketplace. 
