Freight News: Lots of Positive Signs
1. Passenger traffic at Los Angeles International Airport (LAX) increased by 4.1% in September above last year, and 5.2% above September 2008. The 4.7 million passenger count in September was the highest for that month since the 4.8 million passengers in September 2007.
Freight traffic at LAX in September was 8.1% higher than last year, and 10.3% above the same month in 2008. The 157,466 tons of air freight this year was 8.6% below the 172,238 tons in the pre-recession month of September 2007.
2. "The volume of containers handled by the Port of Savannah in October increased 16.7 percent to 273,296 20-foot equivalent units compared to the same month last year.The overall total of freight handled by all Georgia ports reached a new monthly record of 2,347,260 tons, which represented an increase of 9.8 percent compared with last October."
3. The ports of Los Angeles and Long Beach recorded strong growth again in October, indicating that the peak-shipping season in the trans-Pacific this year had some staying power. Containerized imports in Long Beach were up 33.5 percent compared to October 2009. Imports were up 5 percent over September 2010. Imports in Los Angeles increased 3.19 percent compared to October 2009, which was the strongest month for imports last year. Imports in Los Angeles were down 7 percent from September 2010.
October was the busiest month of the year so far for exports from Long Beach. Exports increased 26.3 percent compared to October 2009, and they were up 9 percent over May, which was the previous high point in 2010. Exports in Los Angeles were flat compared to October 2009, but exports were up 8 percent from September 2010. See related post here by Scott Grannis.
4. Shipping volume at the Port of Seattle was up by 18.5% in October compared to the same month last year, following double-digit percentage gains in every month this year. The number of fully loaded outbound containers in October of 55,552 was the highest for the year, and the highest in a single month going back to at least 2008.
5. Total tonnage at the Port of Portland increased in September by 14% above last year, and year-to-date total tonnage at Portland is 36% above last year.
7 Comments:
The comparisons are easy but the problems still remain. The US is still bankrupt. Too many workers are still in jobs that are not very productive or useful. Too many workers are not working. Debt is still a problem and the Fed is still printing money.
The Fed needs to print a lot more money if we are to avoid a Japan-type deflation-permarecession.
I agree with Vange on the need to remove structural impediments form the US economy, such as the USDA, the VA, the coprolitic US military, the debt-inducing homeowner's mortgage interest tax deduction, the Dept of Commerce, the Department of Labor, and epecially the Education Department.
Passenger traffic numbers may soon start heading into the toilet unless full body scans and sexual assaults at security checkpoints are eliminated.
Funny comments. Everybody seems in denial that the economy is getting better. Sure the US has too many unemployed, but that doesn't mean that jobs aren't growing and the economy won't perk up.
Stock market goes higher from here b/c of global growth and corporate profits are soaring no matter what the structural issues are in the US.
I keep hoping to get sexually assaulted at the airport or anywhere else, and it nevere happens.
The Fed needs to print a lot more money if we are to avoid a Japan-type deflation-permarecession.
But that does not work very well. It only causes savers to be punished by destroying the purchasing power of their savings and ultimately leads to the destruction of the capital markets.
Japan did everything that the Fed is doing now and failed. The Fed will also fail.
Funny comments. Everybody seems in denial that the economy is getting better.
Is it? What is the evidence? Having people spend money that they do not have only creates the illusion of improvement for a while.
Sure the US has too many unemployed, but that doesn't mean that jobs aren't growing and the economy won't perk up.
Where is the evidence? Growth that comes from changing BLS methodology does not help create a real recovery.
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