Point Global Logistics News of the Week — 10.21.22
Here are some of the most notable logistics industry news updates for the week of October 21, 2022 from Point Global Logistics.
California to fund $1.2B in port improvement projects
California will spend $1.2 billion to upgrade port and supply chain infrastructure, with most of the money earmarked for improving the flow of goods at the ports of Los Angeles and Long Beach.
The California State Transportation Agency last Wednesday issued guidelines and a call for projects that would help “build a more efficient, sustainable and resilient goods movement system,” in a press release. The funding, part of the state’s recently-created port and freight infrastructure program, was finalized in the California state budget in June.
New lockdowns in key Chinese transport hubs hobble supply chains again
Lockdowns in key Chinese port cities are again hampering supply chains, despite a “muted” peak season.
And President Xi gave no indication of a change to China’s zero-Covid policy at the Communist Party Congress this week, where he is expected to obtain a record third five-year term in office.
Indeed, in what has now become a regular occurrence, Covid restrictions are impacting supply chains in Ningbo, Shanghai, and Tianjin.
September truck tonnage readings are mixed, reports ATA
September truck tonnage data, which was issued this week by the American Trucking Associations (ATA) was mixed.
The ATA’s advanced Seasonally Adjusted (SA) For-Hire Truck Tonnage Index, for September, came in at 118.8 (2015=100), for a 0.5% increase, following a 2.1% August gain (revised down from an original reading of a 2.8% gain), to 118.2. That was preceded by a 1.5% July decline, which was downwardly revised from an original 1.1% decrease.
That June gain was preceded by a 0.3% (downwardly revised from 0.5%) May increase. This was preceded by a 1.4% April decline, which was upwardly revised from an original reading of a 2% decrease. SA tonnage was up 1.8% in March.