Port of New York shatters trade record, but latest shipping data hints at California comeback
Publishing timestamp: 2023-01-25 14:57:27
Summary
The Port of New York and New Jersey surpassed nine million cargo containers for the first time in its history in 2022, taking the spot as the nation's busiest trade hub away from California due to West Coast labor issues. Union Pacific CEO Lance Fritz recently said that his company is hearing about more positive developments from labor negotiations, but the timeline remains uncertain. A survey of 341 logistic managers showed that nearly a third of them do not know how much trade they would return to the West Coast after a key labor deal is reached. Union Pacific's Fritz also said that while moving inland freight is an opportunity, it cannot compensate for the lower amount of overall freight and a wobbly housing market and consumer.
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Keywords: california, union pacific corp, new york, business news, shipping, transportation, economy, u.s. economy,