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Supply
Chain by the Numbers |
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- Feb. 9, 2023
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IMF Raises 2023 Global and US GDP Forecasts; Food Inflation Falling but Still High; GAP Entering 3PL Market with Ware2Go; Cool New SuperTruck2 from Daimler |
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2.% |
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That is the revised forecast for growth in the overall global economy for 2023 from the International Monetary Fund, as announced last week. That is a 0.2 percentage point improvement from its previous forecast of 2.7% in October. However, that number would still mean a fall from an expansion of 3.4% estimated for 2022. The IMF also says that while falling a bit, inflation will stay high, with an annual average rate globally of 6.6% in 2023 and of 4.3% in 2024. The IMF now expects US GDP growth of 1.4% this year, up from a 1.0% prediction in October and following 2.0% growth in 2022. This is due to stronger-than-expected consumption and investment in the third quarter of 2022, a robust labor market and strong consumer balance sheets.
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| That is the combined number of distribution centers that are available from warehousing firm Ware2Go (a UPS company) and the GPS Platform Services division of Gap stores, under a surprising alliance between the two companies. That partnership, announced late last week, will see the Gap offering third-party logistics services. The target of the new entity will be small and medium-sized businesses (SMBs). If fact, Steve Denton, CEO of Ware2Go, said in a statement that ““The future of fulfillment looks like SMBs owning zero warehouses. Our merchants want to remain focused on growing their business and product portfolios, and not worry about the ins-and-outs of their inventory placement or building up a labor workforce to support peak season.” The action from the Gap is similar to moves made by rival American Eagle, which in Q1 2022 announced it was building out what amounts to third-party logistics capabilities even rival retailers can use. |
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5.7 |
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| That is the rise in fuel efficiency for the new “Super Truck II,” versus 2015’s Super Truck I, with the former unveiled Feb. 1 at an industry conference by Daimler Truck North America. The Super Truck program is sponsored by the US. Department of Energy, which has partnered with various truck makers to develop next generation equipment after launching the program in 2009. The cost of the $40 million Super Truck II effort was split between DOE and Daimler. The new Daimler model features dozens of improvements, such as redesigned hood, bumper and chassis fairing to improve airflow, which along with other advances reduce the aerodynamic drag of Super Truck II by more than 12% over Super Truck I. But a Daimler exec said that for the foreseeable future heavy duty trucks will still be powered by diesel fuel. |
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That’s how many consecutive months that global food prices have dropped, as measured by the United Nation’s food price index. That is the longest string of monthly declines in more than 30 years. Prices have also dropped 18% from a record high in March, when Russia’s invasion of Ukraine disrupted grain and cooking oil flows coming out of the country. Still, the UN measure remains historically high and it takes time for changes to filter though to what people pay at the grocery store. Many food companies have warned that retail prices will rise further, particularly as last year’s cost inflation and wage rises feed make their way through the supply chain. In the US, food price inflation fell in December, but still saw a 10.4% rise, according to data from a company called Axios.
