COVID-19 Bulletin: March 25

March 25, 2022 • Posted in Daily Bulletin

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Supply Chain

Air cargo traffic at Los Angeles International Airport from FY 2014 to FY 2021, by type( in 1,000 tons)

Domestic Markets

United States Durable Goods Orders
  • S&P Global’s composite purchasing managers index for U.S. services and manufacturing activity is at an eight-month high of 58.5 so far in March, while a measure of input prices accelerated to a near-record 76.8. 
  • The average U.S. mortgage rate hit 4.42% this week, the highest level since January 2019. Declining mortgage applications suggest the U.S. housing boom will cool over the coming months, according to Pantheon Macroeconomics. 
  • Apple is working on a subscription service for the iPhone and other hardware products, which could make device ownership similar to paying a monthly app fee. 
  • The percentage of new vehicles leased has dropped to 19% of overall auto sales, the lowest level since 2009, due to a severe shortage of dealer inventories.  
  • Uber is partnering with New York City Taxi to list all available taxis in the city on its mobile app, part of an effort to reduce driver shortages and curb high fares.  
  • Toyota is testing autonomous ride-hailing vehicles equipped with Aurora Innovation software in Texas. 
  • LG Energy Solution will invest $1.4 billion to build a battery factory in Arizona by 2024. 
  • Hertz has begun adding Tesla vehicles to its fleet following a disclaimed report last year about a supply deal with the automaker. 
  • Japan’s Hitachi is building a $70 million plant in the U.S. to make subway cars for the D.C. regional transit system. 

International Markets

  • The BA.2 “stealth” subvariant of Omicron now accounts for 86% of global COVID-19 infections, the World Health Organization said. 
  • China has reported over 1,000 new COVID-19 infections per day since March 12, with cases surging 60% yesterday to 1,609 in Shanghai alone, where food shortages are rising for locked-down residents. Economists forecast a potent economic hit from the nation’s hampered factory activity. 
  • Australia will begin rolling out fourth COVID-19 vaccine doses next month. 
  • More news related to the war in Europe:
    • The U.S. announced a new package of sanctions on Russian elites, lawmakers and dozens of defense companies yesterday. Similar measures were taken by the U.K. 
    • Calls are rising among Western allies to boot Russia from the G20 major global economies
    • The World Health Organization warned that Russia’s invasion of Ukraine brought COVID-19 vaccinations there to a halt and decimated the nation’s healthcare system.  
    • The United Nations lowered its forecasts for global economic growth this year from 3.6% to 2.6%, with much of the slowdown pegged for the eurozone. An index of European services and manufacturing activity fell by a point to 54.5 so far in March. 
  • Yesterday, Mexico’s central bank raised interest rates by half a percentage point to 6.5%, the highest level of the pandemic and its seventh consecutive rate hike.
MExico Interest Rate

At M. Holland

  • Our next Plastics Reflections Web Series is Wednesday, March 30 at 1:00 pm CT. This event focused on the current and future state of the North American plastics industry will feature panelists from Business Publishing International, Jabil (Inc), LyondellBasell and M. Holland. Click here to learn more and register.
  • M. Holland’s 3D Printing group offers a rapid response alternative for producing selected parts where resin availability is tight. For more information, email our 3D Printing team.
  • Market Expertise: M. Holland offers a host of resources to clients, prospects and suppliers across nine strategic markets.

For all COVID-19 updates and notices, please refer to the M. Holland website.

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