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Supply
Chain by the Numbers |
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- Oct. 4, 2024
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The High Cost of the Port Strike; Nikola Truck Sales Progressing; US Manfacturing Down Yet Again; Maybe AI not a Giant Job Killer |
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$4.5 Billon |
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That is estimated cost per day from the East and Gulf Coast ports strike launched this week after the contract between the ports/terminals and the International Longshoremen’s Union expired on Monday. The estimate was made by economists at Wall Street firm JPMorgan. The 14 largest ports affected by the strike handle 25% of US goods imports and 27% of exports, worth 2.8% and 1.9% of US GDP, respectively, according to Goldman Sachs. The most impacted US imports are building materials, European wines, and fruits from Latin America — most of which come through East Coast ports, according to data compiled by Jason Miller, a professor of supply chain management at Michigan State University. |
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That was the level of the US Purchasing Managers Index (PMI) for September, as released Tuesday by the Institute for Supply Management (ISM). That score is again below the key 50 mark that separates US manufacturing expansion from contraction, and was flat with the August score. What’s more, the US PMI had previously been in contraction territory for 16 straight months until it poked its head into expansion in March with a score of 50.3, but that has now been followed by six more months of contraction. Meanwhile, the New Order Index, which remained in contraction territory with a score of 46.1, was up 1.5 percentage points higher than the 44.6 recorded in August, but is still a negative sign for future US manufacturing activity. |
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5% |
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| In what might be considered good news, that is the low share of jobs ripe to be taken over, or at least heavily aided, by AI over the next decade. That according to predictions this week from well-known MIT professor Daron Acemoglu. “Good news for workers, true, but very bad for the companies sinking billions into the technology expecting it to drive a surge in productivity,”Yahoo News reported on the story. As promising as AI may be, there’s little chance it will live up to that hype, Acemoglu believes. “A lot of money is going to get wasted,” adds Acemoglu. “You’re not going to get an economic revolution out of that 5%.” We’ll see who is right soon enough. |
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That is how many of its hydrogen fuel cell electric trucks wholesaled to its dealers for end customers that Nikola Motors sold in Q3, according to the company this week. In Q2, Nikola sold 72 of its Tre FCET model. For he full nine months of 2024, the company moved 200 units. Sales of the truck began in the final quarter of 2023. “Despite overall market headwinds, Nikola remains focused on our mission to pioneer solutions for a zero-emission world, and we’re doing it one truck at a time,” said Nikola CEO Steve Girsky. In September, the truck maker launched its first dealer-based refueling station at Tom’s Truck Center’s Santa Fe Springs location. Nikola currently has two other Hyla hydrogen refueling locations in California — Long Beach and Ontario.
