Oil prices declined Wednesday, with U.S. benchmark WTI pulling back from a seven-year high after government data showed a rise in domestic crude inventories along with a drop in stockpiles at a key delivery hub in Cushing, Oklahoma. Futures were lower in late morning trading, with WTI down 1.0% at $81.82/bbl and Brent down 1.3% at $83.49/bbl. U.S. natural gas was 6.2% lower at $5.81/MMBtu.
Union Pacific and BNSF will start offering per-container rebates for customers that move containers out of the Ports of Los Angeles and Long Beach on Saturdays and Sundays, a bid to lessen congestion and take advantage of the ports’ recent shift to 24/7 operations.
The 25 largest U.S. retailers acquired about 38 million rentable square feet in new industrial space last year, up from just 18.8 million the previous year as more firms calculate they will save money in the long run by owning their own warehouses.
Lead times to get commercial desktop computers and other equipment have increased as suppliers shift focus from work-at-home setups to office and hybrid work settings.
To quell fears from logistics industry groups over the federal COVID-19 vaccine deadline, the White House says organizations that have instituted vaccine mandates have seen overwhelming compliance.
Some in the trucking industry are disputing statistics showing a widespread shortage of drivers, pointing instead to increased congestion at U.S. ports as the reason for downstream logjams in U.S. logistics.
Many large U.S. manufacturers are considering imposing higher prices for the remainder of this year and next, to handle the costs of global supply bottlenecks and material shortages.
McDonald’s is planning to raise its menu prices 6% from last year to offset rising operational costs, including a 10% increase in the average wage of its employees and a projected 4% increase in commodity supplies.
Apple said 175 of its suppliers have now committed to using clean energy in their manufacturing, which could add more than nine gigawatts of clean energy toward Apple’s goal of making its supply chain carbon-neutral by 2030.
GE will further diversify sourcing and expand factory capacity for its healthcare unit in a bid to work around the global semiconductor shortage and get ahead of other supply chain disruptions.
Costco raised its starting wage to $17 per hour, its second hike this year.
Starbucks is raising its average pay to nearly $17 per hour in a bid to attract and keep workers amid the continued tight U.S. labor market.
Demand is skyrocketing for shipping containers to be repurposed as swimming pools, with the average single-unit price hitting an all-time high of around $60,000.
At least 59,000 workers in the U.S. meatpacking industry contracted COVID-19 last year, with 269 dying from the virus.
For a partial list of automotive disruptions caused by semiconductor and component shortages, clickhere.
The U.S.’s seven-day average for new COVID-19 cases has dropped 58% since mid-September to roughly 69,000. The U.S. reported 99,693 new COVID-19 infections and 2,492 virus fatalities Wednesday.
The number of people seeking liver transplants in the U.S. rose 50% more than predicted during the pandemic, highlighting a link between new liver disease cases and higher retail alcohol sales.
Strong demand and tight capacity helped U.S. capital goods orders rise 0.8% in September, the seventh consecutive month of increases. Orders for durable goods such as appliances, computers and cars decreased 0.4%, the first decline since spring as manufacturers faced higher materials costs along with parts and labor shortages.
Ford stock soared 11% Wednesday after the carmaker announced it would raise full-year profit forecasts and restore its dividend after shattering earnings expectations in the third quarter.
GM saw third-quarter profits drop 40% compared to a year earlier, largely a result of the ongoing global chip shortage hampering output. The company is restoring overtime at six North American plants in November as computer chip supplies improve.
Canada’s British Columbia province will begin offering booster doses of Pfizer and Moderna COVID-19 vaccines to the broad public starting in January, the first North American jurisdiction to make the third doses widely available.
The U.K. has dialed back emergency pandemic spending faster than any other Western economy, while the size of that spending has caused the British government’s debt to exceed national GDP for the first time since World War II.
The International Labor Organization estimates the number of global hours worked in 2021 will be 4.3% lower than pre-pandemic levels, the rough equivalent of 125 million full-time jobs.
Turkey will receive a combined $3.2 billion in loans from the World Bank, France and Germany to help the nation meet clean energy goals outlined in the Paris climate accord.
International climate groups are calling for massive scale-ups in clean energy measures ahead of the COP26 summit starting Sunday, with experts warning the meeting could be the last chance to develop joint efforts to combat climate change. Ahead of the meeting, China announced it does not expect peak carbon emissions to arrive before 2030.
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