We got our good news and and our bad news
The U.S. bought more goods from Mexico than China in 2023 for the first time in 20 years. Says the New York Times.The U.S. trade deficit with China fell last year to its lowest level in over a decade say the Wall St Journal.
WSJ reports that Logistics operators are starting to see signs of a freight rebound after a nearly two-year-long slump. Ocean imports into the U.S. are rising, intermodal rail volumes are picking up and some truckers are getting small but certain signals that demand is strengthening to start the year. The Logistics Managers’ Index surged last month, and several reports suggest that transportation prices are rising.
Orders for heavy duty trucks climb. ACT Research reports that North American Class 8 truck orders for January came in at 27,000 units, up 600 units from December. ACT preliminary data showed orders also increased 45% from a year ago.
Rite Aid’s large distribution center in Woodland California is permanently closing, resulting in the elimination of more than 200 jobs reports the Sacramento Business Journal.
Amazon lays off 114 in Fresno. A new WARN Notice says 114 employees at the Amazon warehouse at 3795 S Orange in Fresno will be laid off next month.The move by the large e-commerce giant is part of a layoff of over 900 in California and 13,000 nationwide.Nevertheless, Amazon recorded its highest operating profit in its history in the holiday quarter of 2023, buoyed by revenue growth across all its major business lines and a year of heavy cost-cutting under the direction of CEO Andy Jassy.
The company announced on Thursday that its operating income – or profit from its core business operations that excludes certain items like investments in other firms and interest expenses – grew 383% year over year to $13.2 billion in the fourth quarter of 2023, marking the second straight quarter in which Amazon has achieved its highest operating profit ever.
The California Energy Commission is expected to approve a $30 million grant for the construction of the manufacturing facility in Lancaster California that will produce battery electric powered school buses.The plant would an expansion of a facility already there and owned by BYD Coach & Bus LLC dba RIDE Coach & Bus. When it is at full capacity, the facility will be able to build up to 4000 battery electric school buses annually. The proposed project is one phase of a renewable hydrogen fuel production facility in city.The proposed project consists of the construction and operation of a 630,000 square foot electric school bus manufacturing facility on approximately 30 acres. The project would employ 650 individuals,100 office staff and 550 manufacturing staff.The company Will compete in the active electric school bus industry. That includes other California makers, like Gillig in the Bay Area, ProTerra, in Los Angeles who recently declared bankruptcy and GreenPower Motor Co in Porterville.
Storm damage is hitting all California communities hard. In San Luis Obispo the city says it has expended approximately $10.34 million on storm response to date, including debris removal, emergency protective measures, and projects to make permanent repairs to damaged facilities. As noted in prior updates, storm related costs continue to shift as projects are scoped and designed. Currently, the total storm costs are estimated at $35.6 million.
If it isn’t storm damage, it’s inflation that is also crimping government budgets around the state.In San Luis Obispo a prime illustration of this inflationary pressure is evident in the case of Righetti Park, a long- standing project initially projected at approximately $6 million. Current estimates place project costs at $20.5 million. This glaring disparity underscores the urgency to re-assess cost estimates comprehensively says a budget report.
Is there a future for Faraday Future car company with a manufacturing plant in Hanford California? This week the car company stock has dropped to just nine cents on the NASDAQ, a yearly log low. The yearly high was 68 cents.