Professor Mark J. Perry's Blog for Economics and Finance
I reported yesterday that global trade reached a 26-month high in June, and today's report from the Port of Los Angeles provides additional statistical evidence of an ongoing boom in international trade activity. Shipping volume reached a 46-month high in August of 763,837 Twenty-foot Equivalent Units (TEUs), the highest monthly shipping activity since October of 2006 (see chart above), and the fourth highest monthly volume in history. Other highlights include: 1. Compared to August 2009, shipping volume at the LA Port this year gained 24.7%, marking the fifth straight double-digit, year-over-year percentage increase in TEUs. 2. On a year-to-date basis, shipping activity at the LA Port is up by almost 18% compared to the first eight months of last year. 3. August marked the third month in a row where total shipping volume exceeded 730,000 TEUs, which was the first time since a three month period from September to November 2007 before the recession started. 4. For the month of August, this year's shipping activity was the highest in four years since August of 2006, which was also the case for July (highest for that month since 2006). For June of this year, it was the highest June shipping volume ever in history at 730,317 TEUs. Bottom Line: Shipping volumes for the last three months at the LA Port are back to the pre-recession levels of 2007, suggesting that there has been a full recovery in global trade from the 2008-2009 recession.
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Dr. Mark J. Perry is a professor of economics and finance in the School of Management at the Flint campus of the University of Michigan. Perry holds two graduate degrees in economics (M.A. and Ph.D.) from George Mason University near Washington, D.C. In addition, he holds an MBA degree in finance from the Curtis L. Carlson School of Management at the University of Minnesota. Perry is currently on sabbatical from the University of Michigan and is a visiting scholar at The American Enterprise Institute in Washington, D.C.
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Dr. Mark J. Perry is a professor of economics and finance in the School of Management at the Flint campus of the University of Michigan. Perry holds two graduate degrees in economics (M.A. and Ph.D.) from George Mason University near Washington, D.C. In addition, he holds an MBA degree in finance from the Curtis L. Carlson School of Management at the University of Minnesota. Perry is currently on sabbatical from the University of Michigan and is a visiting scholar at The American Enterprise Institute in Washington, D.C.
View my complete profile
Previous Posts 142 Women Enrolled in Grad School Per 100 Men, and... Markets in Everything: The Jesus Toaster The Fatal Political Obsession with Homeownership 2010 SAT Math Test: Huge Gender Gap Persists With ... Global Output Reaches All-Time High in June; World... Consumer Sovereignty By Daily Marketplace Ballot RCA TV Cost 72 Hours of Work At Avg. Wage ($2.05/h... Your Pants are Lying to You: "Vanity Waist Sizing"... Nebraska Revenue Beats Forecasts: All 4 Categories... $170,000 Student Loan Debt Ends Engagement var gaJsHost = (("https:" == document.location.protocol) ? "https://ssl." : "http://www."); document.write(unescape("%3Cscript src='" + gaJsHost + "google-analytics.com/ga.js' type='text/javascript'%3E%3C/script%3E")); try { var pageTracker = _gat._getTracker("UA-10045229-2"); pageTracker._trackPageview(); } catch(err) {}