{"id":1670262,"date":"2022-10-03T13:49:39","date_gmt":"2022-10-03T17:49:39","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1670262"},"modified":"2022-10-03T13:49:56","modified_gmt":"2022-10-03T17:49:56","slug":"ocean-shippers-reveal-major-sign-that-the-global-economy-is-in-dire-straits","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/ocean-shippers-reveal-major-sign-that-the-global-economy-is-in-dire-straits\/","title":{"rendered":"Ocean Shippers Reveal Major Sign That The Global Economy Is In Dire Straits"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">26<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Focean-shippers-reveal-major-sign-that-the-global-economy-is-in-dire-straits%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1670262&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>Ocean logistics companies are canceling orders amid declines in worldwide consumer <a href=\"http:\/\/dailywire.com\/topic\/economy\" target=\"_blank\" rel=\"noopener\">demand<\/a>, according to a Monday <a href=\"https:\/\/www.cnbc.com\/2022\/10\/03\/ocean-shipping-orders-are-signaling-a-big-drop-in-consumer-demand.html\">report<\/a> from CNBC.<\/p>\n<p>As the world\u2019s leading economies battle <a href=\"http:\/\/dailywire.com\/topic\/inflation\" target=\"_blank\" rel=\"noopener\">inflation<\/a>, <a href=\"http:\/\/dailywire.com\/topic\/supply-chain\" target=\"_blank\" rel=\"noopener\">supply chain<\/a> crises, and geopolitical tensions from the <a href=\"https:\/\/www.dailywire.com\/topic\/ukraine-russia-war\" target=\"_blank\" rel=\"noopener\">Russian invasion of Ukraine<\/a>, logistics managers told CNBC that they are seeing 20% declines in ocean freight orders \u2014 a reality arising from uncertain consumer demand outlooks and the accumulation of existing inventory.<\/p>\n<p>\u201cInventory levels are high as consumerism shifts further to off-price,\u201d United National Consumer Suppliers CEO Brett Rose told the outlet. \u201cBigger brands are very conscious of current season and trends. A Bloomingdale\u2019s consumer doesn\u2019t want last season\u2019s shoes or handbags. These items will be attractive to consumers of retailers like T.J. Maxx, Marshalls, Ross Stores.\u201d<\/p>\n<p>Falling demand has impacted multiple industries, from machinery and industrials to housing and clothing, according to CNBC. Demand for some goods, such as retail displays and ultrasound machines, remains strong. The growth of the global economy is expected to decline from 5.7% last year to 2.9% in 2022, according to June <a href=\"https:\/\/www.worldbank.org\/en\/news\/press-release\/2022\/06\/07\/stagflation-risk-rises-amid-sharp-slowdown-in-growth-energy-markets#:~:text=Global%20growth%20is%20expected%20to,that%20was%20anticipated%20in%20January.\">forecasts<\/a> from the World Bank, which marked a downgrade from predictions made in January.<\/p>\n<p>\u201cThe war in Ukraine, lockdowns in China, supply-chain disruptions, and the risk of stagflation are hammering growth. For many countries, recession will be hard to avoid,\u201d World Bank President David Malpass explained. \u201cMarkets look forward, so it is urgent to encourage production and avoid trade restrictions.\u201d<\/p>\n<p>Companies are canceling voyages to match lower customer demand with vessel space. HSL Logistics said in a note to clients that it cut vessels by nearly 50%, while other companies, such as DHL Ocean Freight, told CNBC that demand is expected to remain flat through October.<\/p>\n<p>Meanwhile, ports on the east coast of the United States are witnessing heightened vessel congestion \u2014 a phenomenon worsened by Hurricane Ian, which <a href=\"https:\/\/www.dailywire.com\/news\/we-were-incredibly-hard-hit-stunning-video-shows-submerged-houses-blown-out-bridges-following-hurricane-ian\">made landfalls<\/a> in Florida and South Carolina last week. With winds exceeding 150 miles per hour, the system was tied for the fourth-strongest hurricane ever to hit the Sunshine State.<\/p>\n<p>Despite lower consumer demand, central banks across the globe are cutting target interest rates \u2014 a move that leads to lower economic activity and a higher cost of borrowing money \u2014 in order to quell soaring inflation. Among G20 economies, price levels increased by an average of 9.2% between August 2021 and August 2022, according to <a href=\"https:\/\/stats.oecd.org\/Index.aspx?DataSetCode=G20_PRICES\">data<\/a> from the Organization for Economic Cooperation and Development.<\/p>\n<p>The Federal Reserve Bank of the United States <a href=\"https:\/\/www.dailywire.com\/news\/heres-what-the-federal-reserves-recent-rate-hike-means-for-the-economy\">raised<\/a> the target federal funds rate by 0.75% last month, mirroring two identical rate hikes in June and July. The higher interest rates triggered a <a href=\"https:\/\/www.dailywire.com\/news\/if-hes-elected-the-stock-market-will-crash-trumps-2020-warning-about-biden-comes-true\">stock market selloff<\/a>, with the Dow Jones <a href=\"https:\/\/www.dailywire.com\/news\/federal-reserve-announces-rate-hike-of-0-75\">tumbling<\/a> roughly 500 points upon the news. Additional fears gripped Wall Street on Monday as <a href=\"https:\/\/www.dailywire.com\/news\/major-investment-bank-could-soon-be-the-next-lehman-brothers-some-on-wall-street-worry\">rumors<\/a> regarding potential insolvency at Swiss investment bank Credit Suisse began to circulate.<\/p>\n<p>To stimulate the economy during the lockdown-induced recession, policymakers at the Federal Reserve had initially <a href=\"https:\/\/www.dailywire.com\/news\/federal-reserve-releases-plan-to-more-urgently-address-high-inflation\">pegged<\/a> a near-zero target interest rate and purchased government bonds from the market. Several leading companies across multiple industries \u2014 including Meta, Bed Bath &#038; Beyond, Ford, and Goldman Sachs \u2014 have <a href=\"https:\/\/www.dailywire.com\/news\/major-retailer-will-lay-off-20-of-staff-close-150-stores\">announced layoffs<\/a> amid uncertain demand conditions induced by the new contractionary monetary policy regime.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ocean logistics companies are canceling orders amid declines in worldwide consumer demand, according to a Monday report from CNBC. As the world\u2019s leading economies battle inflation, supply chain crises, and geopolitical tensions from the Russian invasion of Ukraine, logistics managers told CNBC that they are seeing 20% declines in ocean freight orders \u2014 a reality &#8230;<\/p>\n","protected":false},"author":1,"featured_media":968588,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1670262","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1670262","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1670262"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1670262\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/968588"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1670262"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1670262"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1670262"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}