America’s Economy Always Rebounds After Bumps in the Road

Posted by RMX Global

An outlook on how we’ve made it through and what’s ahead in 2022…

By Kelly Greenlee

While the U.S. economy only grew at a 2% annual rate in the third quarter, the economy grew more than 5% overall in 2021. That made 2021 the fastest full-year growth in almost four decades.1

However, the economy still has a lot of catching up to do. As the economy continues to reopen and workers return to work, consumer spending should likely increase as well.

In October, the consumer price index increased 6.2% compared to the same time last year and hit a 30-year high, according to data from the U.S. Bureau of Labor statistics. Within that increase, food costs rose 5.3%, with the largest price increases in meats, poultry, fish, and eggs.

“Meat, poultry, and eggs are among the highest of food cost increases over the last year.” – Kelly Greenlee, President of RMX Global

While many economists are optimistic about the future, many of the supply-chain issues that pushed inflation to a 13-year high2 seem to only be getting worse. It follows that prices are not likely to come down until supply chains can clear up the current backlog. As expected, it hasn’t been smooth sailing for our economy to recover after being historically shut down. But strong demand and hard-working industries, such as ours, will help to get our country back on track.

Fortunately, with the COVID restrictions continuing to ease and the world getting back on track, the logistics industry is expected to steadily increase moving forward. For example, due to the incredible rise of e-commerce, the demand for logistics services will also continue to rise. Additionally, with increasing demand from online retailers and a growing shortage of labor mainly in the US, technological advances will be increasingly adopted by brokers and carriers, streamlining the whole industry.

Through these difficult times, RMX continues to be your trusted partner in logistics. We have the knowledge, equipment, and experience to move your load safely and efficiently.

CONTACT US today to see why businesses are counting on RMX to move their refrigerated food freight.

SOURCES:

  1. https://www.washingtonpost.com/business/2021/10/28/gdp-q3-economy-delta/
  2. https://fred.stlouisfed.org/graph/?g=Ihrb
  3. https://www.cnbc.com/2021/11/12/inflation-means-thanksgiving-dinner-will-cost-extra-this-year-.html
  4. https://www.globaltrademag.com/what-does-2022-have-in-store-for-the-shipping-logistics-industry/

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