Key Takeaways – Q4 2024
Q4 2024 Market Update
Threatened strikes in Q3 2024 on Canada’s rail lines, its domestic air carrier, and at US east coast ocean ports are emblematic of perhaps the most contentious and stability-threatening labor relations climate in many years. According to the US Bureau of Labor Statistics, in 2023, there were 33 major work stoppages, the largest number of major work stoppages since there were 39 in 2000. Exacerbating the strike's potential for extended economic impact in Florida and the Appalachian region is the unprecedented devastation caused by Hurricane Helene. The wage increase agreement of October 3 temporarily put East and Gulf Coast workers back on the job is slim comfort for a jittery North American market. Strikes and other threats to the global supply chain efficiency, including conflict in the Red Sea, typhoons in Asia, and fluctuating consumer demand drive uncertainty and instability. Agility and vigilance are required of foodservice distributors and restaurant operators to keep business treats at- bay and ACR’s teams of global sourcing and logistics professionals are experts with proven experience, methodologies, and resources to minimize supply flow disruption and keep your operation humming. Staying abreast of economic indicators, industry reports, and market analyses will be crucial for navigating the dynamic landscape of ocean freight shipping in 2024. In the weeks prior to the October walkout, ACR teams worked the phones around the clock on both sides of the Pacific to ensure maximum levels of supply on-hand to keep customers running as long as possible in the event the strike dragged on. When the deal was announced on October 3, ACR stayed at it, clearing cargo logjams and port backlogs incurred during the short work stoppage. Restaurant operators and industry distributors rely on ACR for timely and accurate insights and action. Work with your ACR representative to develop and execute the best solutions for your business! Chinese New Year is celebrated on Wednesday, January 29, 2025. The official government holiday period spans January 28 to February 3 and manufacturing production and shipping from mainland China facilities will pause for several days before and after the holiday period. Plan your forecasts and purchasing now to ensure supply continuity throughout this period.
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