A massive plunge in warehouse orders leaving storage and heading to retailers is another signal of the pullback in consumer demand.
According to the latest data from WarehouseQuote, outbound orders from customers shipping to retailers slipped 33% year over year.
Jordan Brunk, CMO of WarehouseQuote, said with fewer products being moved from warehouses to stores there will be less warehouse space available for incoming orders.
Year over year the West Coast has seen higher pricing for third-party logistics warehousing, but more recently (Q3 vs. Q2 2022), pricing has plummeted, Brunk said, while the East Coast continues to see a rapid surge in pricing as more overseas trade is routed for East Coast ports to avoid West Coast port labor issues.
The ports of New York/New Jersey and Savannah continue to lead the way for incoming vessels. In the Gulf, the Port of Houston recently announced it was considering an “excessive dwell fee” on containers that stay longer than the free time allowed at the terminal. The port posted historic volumes processed in August.
