Economic Blast
The Bureau of Economic Analysis (BEA) revised its Q2 real GDP (gross domestic product) upward to 4.6% from its previous revision of 4.2%. Consumer spending, which accounts for about two-thirds of the GDP, grew at an annual rate of 2.5%. Export sales also grew at a rate of 11.1% for Q2 which also helped boost the GDP.
The American Trucking Associations reported that August's truck tonnage index jumped 4.5% from the same period a year ago! The Institute of Supply Managers (ISM) manufacturing index of 59 was the highest since March 2011. Readings above 50 indicate expansion of our economy.
Quotable
"You can never cross the ocean until you have the courage to lose sight of the shore."- Christopher Columbus
Ramp/Dock Report: October 2014
For many of our customers who are using the Ports of LA and Long Beach, the ability to getcontainer pulls accomplished has decreased dramatically! For that we apologize, but need to let you know that it is mostly out of our control as the ports are experiencing many collateral factors leading to reduced productivity. Chassis shortages, larger than usual cargo discharges from larger vessels and a labor force that is not sympathetic to our challenges, are all adding to the congestion and reduced truck productivity! This was a major topic at the recent IANA convention in Long Beach. Unfortunately, there is little to be optimistic about with what is at hand, as solutions are notably slow coming.
The Association of American Railroads recently reported a record intermodal volume of 280,000 truck-rail shipments in the week ending September 13th. This is due to the higher international volumes and a steady increase in the domestic volume. With these increases, truck drayage capacities are stretched beyond even the peak days of 2008, before the crash of the U.S economy.
Cross-border trade via rail with Mexico has also increased by 12% year-over-year for the month of July. Absolute Intermodal offers trans-border service from El Paso, TX; Nogales, AZ; Douglas, AZ; San Luis, AZ to the Mexican states of Chihuahua, Sonora, Sinaloa and Baja California. Contact pricing@absoluteintermodal.com for service and pricing.
Remember Absolute Intermodal's newest operating unit is "All Decks Intermodal" and will be offering 53' intermodal flat decks with Door-Door pricing from points in the U.S. Please contact us for more information and to receive pricing.
Lessons from the Past
"In fourteen hundred ninety-two, Columbus sailed the ocean blue". Columbus Day is a U.S. holiday that commemorates the landing of Christopher Columbus in the New World on October 12, 1492. It was unofficially celebrated in a number of cities and states as early as the 18th century but did not become a federal holiday until the 1937. The first Columbus Day celebration took place in 1792, when New York's Columbian Order (better known as Tammany Hall), held an event to commemorate the historic landing's 300th anniversary. In 1892, President Benjamin Harrison issued a proclamation encouraging Americans to mark the 400th anniversary of Columbus' voyage with patriotic festivities.
Since 1970, the holiday has been fixed to the second Monday in October, coincidentally the same day as Thanksgiving in neighboring Canada. It is generally observed nowadays by banks, the bond market, the U.S. Postal Service, other federal agencies, most state government offices, many businesses, and most school districts. Canadian Thanksgiving; similar to the United States, has traditions such as parades and football. The Kitchener-Waterloo Oktoberfest and parade is the most widely known Thanksgiving Day parade in Canada, and is broadcast nationwide on CTV. The Oktoberfest is quite the event, with lots of food and drink and free bus service anywhere in the town proximity! The Canadian Football League holds a nationally televised doubleheader, the Thanksgiving Day Classic, (sounds familiar).
Question is, do the Canadians serve spaghetti and meat-balls or do the Italian-Americans serve turkey? OK to thank God and Columbus? Happy October!