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Supply
Chain by the Numbers |
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- Jan. 25, 2024
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Consumer Sentiment Up Sharply; Once Mightly Germany's Economy is Wobbling; Nikola Announces Hydrogen Fuel Station Plans; Port of LA Promises a Rebound |
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0.3% |
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That was the decline in real GDP in Germany in 2023, according to government data released late last week. Once an economic powerhouse, the 2023 numbers show that Germany is it not only the largest economy but also the slowest growing among the 20 countries using the euro. Industrial production has fallen for five months in a row. What has happened to Germany, known for decades for precision engineering, vast factories, and a robust automotive sector? It’s a variety of factors. Germany’s car makers must compete with relatively cheap electric cars from China, and it vies with the United States to attract tech giants. The New Yolk Times also noted that “There is a growing realization that Germany has not been successful updating its industry with sufficient flexibility and digital know-how to remain competitive.” The world is changing.
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| That is the rise in "consumer sentiment" over the past two months, as measured by the well-known University of Michigan survey on the matter. That represents the biggest two-month increase since 1991, as Americans are rapidly becoming much more upbeat about the economy. It’s a sharp turn after persistently high inflation, the lingering shock from the pandemic’s destruction and fears that a recession was around the corner had put a damper on feelings about the economy in recent years. |
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36% |
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| That was the recent share of US ocean container handling at the twin ports of Los Angeles and Long Beach, according to statements from Gene Seroka, executive director of the Port of Los Angeles. That is up from the 33% share for all of 2023, but way below the 50% the Southern California ports enjoyed two decades ago, and the 40% share seen in 2019. The decline in share stems from a variety of factors, and last year that included concerns about a possible strike at West Coast ports that it turns out was avoided by the ports and dock workers coming to a deal. There were also huge backups for ships to unload in LA and Long Beach in 2021 and part of 2022. Some companies wanted to diversify their inbound port volumes. But now with labor situation and congestion behind them, LA and Long Beach vow to regain share, with Seroka saying the ports “are going to be as aggressive as ever” in chasing new business. |
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That’s about how many minutes it takes to refill a semi-truck running on hydrogen fuel cell power with the gas at a relatively new refueling station operated truck maker Nikola Motors. That according to an update late last week on its fueling station progress, a buildout critical to the company and its technology's success. Nikola says the Ontario, California facility can refuel 25 trucks per day. In the announcement, the company also said that by the end of the first half of this year, it expects to have seven refueling locations operational. It aims to roll out up to 60 stations nationwide in the coming years, including one in Oakland designed to fuel up as many as 100 trucks per day and coming soon.
