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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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- Bloomberg reports Gene Seroka saying in a virtual briefing that the Port of LA saw cargo volumes fall for a third straight month in Oct, to their lowest since mid’20 or down 45% Y/Y for the quietest October since 2009.
- Some of the reduction is down to shippers diverting cargo to the Atlantic Coast following labour disputes with West Coast dockworkers, but it can also be a sign of fading pressures on goods supply chains as consumers continue to switch back to services.
- This rotation is a theme playing out in CPI data with core goods seeing rare deflation on the month in October whilst service price inflation remained very strong.
- However, the outright weakness in shipping volumes could also be a sign of fading demand, although the Port of NY and New Jersey has yet to release data for October to see if there has been an offsetting increase.
Source: Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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