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www.joc.com THE JOURNAL OF COMMERCE 49 JOC By the Numbers ■ IPI ● Growth Rate 70 80 90 100 110 -40% -30% -20% -10% 0% 3/18/2016 3/20/2015 Source: Economic Cycle Research Institute, www.businesscycle.com JOC–ECRI INDUSTRIAL PRICE INDEX* n The JOC-ECRI Industrial Price Index was developed by the Economic Cycle Research Institute and is a leading indicator of inflation based on a broad assortment of raw materials used in industrial production. The IPI growth rate compares the latest week's index with the IPI's average over the past year. 37TH WEEK IN DOUBLE-DIGIT INDEX: In the third consecutive week of index improvement, the JOC-ECRI industrial price index for the week ending March 18, 2016, sequentially advanced 1.3897 points to 84.0695. This level is 5.6419 points above the 2016 low of 78.4275 of Jan. 22, 2016, which was the worst weekly index since the week ending May 29, 2009, when it was 78.2920. The JOC-ECRI IPI negative growth rate for the week ending March 18, 2016, sequentially improved by 3.3975 percentage points to negative 13.6058 percent. A positive growth rate was last seen 79 weeks ago in the week ending Sept. 12, 2014. ■ Rate per 40-foot box $500 $1,000 $1,500 $2,000 $2,500 -100% -50% 0% 50% 100% Year-over-year Week-over-week 3/21/16 3/16/15 PERCENT CHANGE: ● Year-over-year ● Week-to-week DREWRY CONTAINER RATE BENCHMARK n The Hong Kong-Los Angeles benchmark is based on Drewry Shipping Consultants' research and derived from NVOCCs. The rate is in dollars and based on a full 40-foot containerload, excluding terminal-handling charges in Hong Kong. HITS RECORD LOW: In the fifth consecutive week in decline, the March 21, 2016, average spot market rate from Hong Kong to Los Angeles fell $50 or 6.5 percent to the record low of $718 per FEU, matching the level reached the last two weeks in December 2015. $700 BELOW YEAR-TO-DATE HIGH: The March 21, 2016, average spot rate was $1,086 or 60.2 percent below the same period last year and $700 or 49.4 percent below the 2016 high of $1,418 per FEU held for first three weeks in January. The March 21, 2016, level was $2,163 or 75.1 percent below the Drewry benchmark record high of $2,880 per FEU of Aug. 6, 2012. Source: Drewry's Container Freight Rate Insight, www.drewry.co.uk ADVERTISERS CenterPoint Properties, www.centerpoint.com ........... 37 Connections 2016, www.smc3connections.com .......... 31 Cosco, www.cosco-usa.com ..........................................2 Fracht Boston, www.fractusa.com ................................7 IANA Intermodal Expo 2016, www.intermodalexpo.com ..........................................45 Inland Marine Expo, www.inlandmarineexpo.com/register ...........................17 Mediterranean Shipping Co., www.msc.com .............. 9 MOL, www.countonmol.com ......................................56 Port Canaveral, www.portcanaveral.com ....................55 Port of Long Beach, www.polb.com ........................... 21 Port of Longview, www.portoflongview.com ...............26 Port of Prince Rupert, www.rupertport.com ................25 Taylored Fulfillment Services, www.tayloredservices.com ......................................... 40 The Northwest Seaport Alliance, www.nwseaportalliance.com ......................................23 Watson Land Company, www.watsonlandcompany.com ..................................39 Yang Ming Line, www.yangming.com ..........................5 n January 2016 U.S. retail sales sequentially plunged 24.3 percent while inventories remained flat. Year-over-year, January 2016 U.S. retail sales inched forward 0.4 percent while inventories stockpiled 5.7 percent. Retail inventories at the end of January were estimated to total $582.6 billion, with sales estimated at $350 billion, resulting in an inventory-to-sales ratio of 1.66, spiking 0.4 point above December. U.S. RETAIL INVENTORY-TO-SALES RATIO* 1.1 1.2 1.3 1.4 1.5 1.6 1.7 JAN 2015 JAN 2014 JAN 2013 JAN 2012 JAN 2011 JAN 2010 1.1 1.2 1.3 1.4 1.5 1.6 Week-over-week JAN 2014 JAN 2013 JAN 2012 JAN 2011 JAN 2010 1.7 1.1 1.2 1.3 1.4 1.5 1.6 1.7 Week-over-week JAN 2016 JAN 2015 JAN 2014 JAN 2013 JAN 2012 *Not seasonally adjusted. Source: Retail Indicators Branch, U.S. Census Bureau, U.S. Department of Commerce, www.census.gov/mtis EUROPEAN AIRLINES' FREIGHT TRAFFIC * Although British Airways, Iberia and Alitalia dropped out of AEA in 2015, all AEA growth rates are adjusted for year-on-year constant membership. Source: Association of European Airlines, www.aea.be/statistics.html, monthly monitor international download data n Monthly year-over-year percent change in intern- tional freight traffic for 22 European airlines* The Association of European Airlines reported their January 2016 international freight traffic increased 1.3 percent year-over-year, while calendar 2015 international freight traffic declined 1 percent year-over-year. In September 2015, there was a two-day strike by Lufthansa pilots, and in November there was a week- long Lufthansa cabin crew strike with close to 4,700 flights canceled. In September 2014, there was a three- day strike by Lufthansa pilots, and the Air France pilots struck Sept. 15-28. The Lufthansa pilots' strike was Dec. 1 and 4, and the Brussels air space was closed Dec. 15. -10% -5% 0% 5% 10% M A M F J 2014 D N O S A J J M A M F J 2013 D N O S A J J M A M F J 2012 -10% J 2015 D N O S A J J M A M F J 2014 D N O S A J J M A M F J 2013 D N O S A J J M A M F J 2012 -10% -5% 0% 5% 10% J 2016 J 2015 J 2014 J 2013 J 2012

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