Studies vary wildly over whether China will overtake the U.S. economy within the decade
Good morning! Welcome back to work. 🤝 How are you feeling? Ready to make 2023 a great one? We hope so…
So, how about that GDP? Some have said it’s inevitable that China will overtake the United States sooner or later… but it all depends now on who you ask.
It is difficult to predict with certainty whether China will overtake the United States as the world's largest economy within the next ten years. There are a number of factors that could impact the relative growth rates of the two countries economies in the coming years, such as economic policy, trade relations, technological innovation, and demographic trends. It is possible that China's economy could continue to grow at a faster rate than the United States, potentially closing the gap between the two countries GDPs. However, it is also possible that other factors could slow China's economic growth or cause the United States economy to grow faster, making it difficult for China to catch up.
Check out today’s featured article from SC Digest to read about the growing uncertainty among economists over when -or if - China will ever overtake the U.S. economy. ☕️
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Featured Article:
Global Supply Chain News: China to Overtake US Economy in 2035 – or Maybe Never | SC Digest
“China will soon overtake the US economy soon – or maybe never at all, depending on which new study you prefer.”
Artificial Intelligence & Business Strategy 🤖
Artificial Intelligence is a wise investment in the new world of persistent supply chain issues
Artificial intelligence (AI) has the potential to bring significant benefits to supply chains by improving efficiency, reducing costs, and increasing accuracy and reliability. Some specific ways in which AI can improve supply chains include:
Predictive analytics: AI algorithms can analyze data from various sources (such as sales data, weather patterns, and transportation data) to make more accurate predictions about future demand, allowing companies to better plan their production and logistics processes.
Supply chain optimization: AI can be used to optimize the routing of shipments, identify bottlenecks and inefficiencies, and recommend improvements to the supply chain.
Quality control: AI algorithms can be used to monitor and analyze data from various stages of the production process, identifying defects and deviations from standards in real-time and allowing companies to take corrective action before products are shipped to customers.
Inventory management: AI can help companies optimize their inventory levels by predicting demand and identifying when to restock, reducing the risk of stockouts or excess inventory.
By leveraging AI and other advanced technologies, companies can improve the efficiency and effectiveness of their supply chains, leading to cost savings and improved customer satisfaction. As a result, investing in AI can be a good decision for the supply chain management.
Owner-Operators & Regulations 🚛
DOL proposed redefinition of independent contractors would rescind late Trump-era 2021 Independent Contractor Rule
The Department of Labor has proposed changes regarding the definition of independent contractor under the Fair Labor Standards Act (FLSA). While the proposed rule change was available for comment on the Federal Register until November 28th, the question still remains: is employee misclassification a major trucking industry problem? Depends on who you ask. The use of independent contractors in the trucking industry has been the subject of legal and regulatory scrutiny in recent years.
Some say that using independent contractors allows trucking companies to have more flexibility in terms of the number of drivers they have on hand. Independent contractors can be hired on an as-needed basis, rather than as full-time employees, which allows trucking companies to adjust their workforce in response to fluctuations in demand.
However, others note that trucking companies may prefer to use independent contractors because it allows them to avoid certain legal responsibilities and obligations that come with having employees. For example, trucking companies are not required to pay unemployment insurance or workers' compensation for independent contractors and are not subject to certain labor laws that apply to employees.
iLevel With You 🏡
More topics for the average American household to consider…
✈️ The Southwest Airlines holiday debacle, explained. Logistics Viewpoints is diving into the hottest topic during the week between Christmas and New Year’s: Southwest Airlines’ massive corporate collision of bad weather, poor customer service, and angry customers. Not to mention, DOT Secretary Buttigieg singled the airline out and opened an investigation into its failings. Logistics Viewpoints is explaining the airline's root problem: its point-to-point model. Most other airlines use a “hub-and-spoke” model, which allowed Southwest’s competitors to operate fairly well during the week when Southwest canceled 15,700 flights.
📦 Amazon drone deliveries have commenced in Lockeford, CA, and College Station, TX. The two U.S. cities are the first to welcome Prime Air - the company’s drone delivery service. City officials and the Federal Aviation Administration have been working closely together to prepare for the launch. Amazon has been exploring the use of delivery drones, or unmanned aerial vehicles (UAVs), as a way to quickly and efficiently deliver packages to customers.
🔍 House Republicans are expected to watch Biden Administration policies like hawks this year. Oversight hearings are expected to commence in early 2023 as the GOP caucus analyzes every inch of the legislative record since President Biden took office. The GOP is citing two years of one-party rule in Washington D.C. marking a dangerous precedent of “little oversight and abuses of power”. In the United States, it is generally considered desirable for power to be balanced and distributed among different branches and levels of government, rather than concentrated in the hands of a single party. This is known as the principle of separation of powers.
GET SMART 🧠
Ramp up that brain power for these advanced topics…
🔥 Last-mile delivery sector is on track for major growth over the next two years. Last-mile delivery refers to the final leg of the transportation process, during which goods are delivered from a transportation hub or distribution center to the final destination, which is typically a customer's home or place of business. It’s typically carried out by smaller vehicles such as vans or pickup trucks, as these vehicles are better suited to navigating local roads and navigating through neighborhoods to reach their final destinations.
🤖 Robotics is the measure needed to meet the demand of the future. DC Velocity contributor David Maloney writes about the company’s recent discussion with Jim Lawton, vice president and general manager for robotics automation at Zebra Technologies. Zebra Technologies recently invested in the e-commerce automation company Plus One Robotics and Lawton reinforces the decision by highlighting the importance of robotics in warehouse operations.
🤝 Schneider and Union Pacific’s partnership is officially in action. Schneider, a large multimodal provider of transportation, intermodal, and logistics services now has complete access to rail lanes provided by the Union Pacific railroads. This collaboration is part of Schneider’s plans to expand West and provide a more diverse market for its customers.
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.