February 2023 may be the month of finalized labor talks on the west coast
Good morning! Happy Saturday, it’s National Salesperson Day! 👔
“You only have to do a few things right in your life so long as you don’t do too many things wrong.” – Warren Buffett
The International Longshore and Warehouse Union and the Pacific Maritime Association are still negotiating labor contracts for dock workers at the Port of Los Angeles. Gene Seroka, the executive director at the LA port, is expecting February 2023 to be the magic month.
Check out today’s featured article from TT News to read about the Port of Los Angeles Executive Director Gene Seroka’s predictions for labor talks as we enter the new year. ☕️
Featured Article:
Port of L.A.’s Gene Seroka Sees Labor Deal Coming Early Next Year | TT News
“As the International Longshore and Warehouse Union and the Pacific Maritime Association continue to negotiate, the head of one of the nation’s busiest ports said he thinks a labor agreement may not be reached until February.”
Ports & Peak Season 🎄
Supply chains are beginning to finally unclog after two years of back-up
The nation’s two largest ports, Los Angeles and Long Beach were home to 109 containerships queuing off the coast as recently as January of 2022. The price tag to send a single container from China to the United States was $20,000 and most everything consumers in the United States were trying to get their hands on was backordered. Now, it is a different story.
There’s too much on shelves, leaving retailers scrambling to put goods on sale and encourage buying power amid an inflated economy. The going rate for that same container across the Pacific is now $2,000 and not a single ship waits in line outside of San Pedro Bay.
Sales & Inflation 🚙
Wholesale prices of used vehicles are at their lowest level in more than a year
Season 9 Episode 25 GIF By The Simpsons via GIPHY
The Manheim Used Vehicle Value Index is a method of tracking prices of used vehicles sold at its U.S. wholesale auctions. the latest metric shows prices have fallen approximately 16% from the record-high levels in January. Additionally, retail sales are on the decline as well amid interest rate hikes and consumer recessionary concerns.
Potential car buyers may be smiling at the news, but resellers such as Carvana are suffering. These companies that purchased vehicles at their highest selling point are now struggling to sell them off for a profit. These declines are now entering their sixth consecutive month.
The Workday Dash is an aggregation of articles regarding the transportation logistics, trucking, and supply chain industries for November 28, 2024, from iLevel Logistics Inc.