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Continuing the trend that has been in place for most of this year, VMA members continue to report strong growth as we come out of the pandemic. In particular:
23% of our members said shipping volume was up over 20% from last year
Tellingly, a massive 82% of respondents indicated their projections for the current month is above last year. This is a VMA/VRC record.
66% of respondents indicated their projections for the current quarter in shipments is above last year.
Separately, it appears that supply chain issues will persist at least until the end of this year. East Coast ports are still congested from ships trying to bypass West Coast ports. Some good news is that the price of shipping container from China to the West Coast in now $5,200.00, down 40% from its peak in March.
Still, despite these positive economic trends, Chris Varvares of S&P Global Intelligence, spoke at our webinar yesterday and predicted the US will fall into a mild recession next year. He forecasted a 1.1% decline. So, from here take advantage of the economy’s current latent strengths but keep in mind consumer and business sentiment is fragile right now so conditions may change early next year.
Please be on the lookout for more robust surveys beginning next year. If you have questions or suggestions, feel free to contact Marc Pasternak at mpasternak@vma.org
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