Recession risk may be “behind us,” NRF and Hackett report says
Despite recent interest rate hikes by the government, strong economic signals indicate that the risk of a recession is fading away. The Global Port Tracker report by the National Retail Federation and Hackett Associates states that imports and retail sales have remained strong. Although inbound cargo volume is expected to slow gradually in the final weeks of 2023, total imports for the year are projected to be 12.4% lower than last year. Additionally, the report forecasts record-setting holiday sales and indicates that the US economy is on a sustainable growth path.
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Frequently Asked Questions
FAQ 1: What does the report by NRF and Hackett indicate about recession risk?
Answer: The report indicates that the risk of a recession appears to be fading.
FAQ 2: When was the information regarding the recession risk published?
Answer: The information was published on December 8, 2023.
FAQ 3: What does the report say about container imports?
Answer: The report suggests that container imports are winding down for the year, which could potentially affect the supply chain.
FAQ 4: How have U.S. ports been handling imports according to the report?
Answer: U.S. ports covered by the report handled 2.03 million TEUs, indicating a change in cargo trade.
FAQ 5: What is Global Port Tracker?
Answer: Global Port Tracker is a report produced jointly by Hackett Associates and the National Retail Federation that tracks port volumes and provides insights on challenges faced by ports.
FAQ 6: Have any acquisitions been reported that impact the supply chain?
Answer: Yes, Jabil has acquired the Scottish firm Retronix to boost its ability to refurbish electronic components, which adds to its reverse supply chain management.
FAQ 7: What are some long-term goals for companies within the supply chain, as per recent reports?
Answer: Schneider Electric, for example, aims to decarbonize the semiconductor supply chain as a long-term objective.
FAQ 8: Is there any mention of cargo theft in the report?
Answer: Yes, CargoNet recorded 1,778 supply chain risk events, which include cargo theft.
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