FOR RELEASE: Tuesday, January 7, 2020
Contact:
Zac Rogers, Ph.D.
Logistics Manager’s Index Analyst
Assistant Professor, Supply Chain Management
Department of Management
Colorado State University
Fort Collins, Colorado
(970) 491-0890
E-mail: Zac.Rogers@colostate.edu
http://www.logisticsindex.org
Twitter: @LogisticsIndex
Contact:
Zac Rogers, Ph.D.
Logistics Manager’s Index Analyst
Assistant Professor, Supply Chain Management
Department of Management
Colorado State University
Fort Collins, Colorado
(970) 491-0890
E-mail: Zac.Rogers@colostate.edu
http://www.logisticsindex.org
Twitter: @LogisticsIndex
December 2019 Logistics Manager’s Index Report®
LMI® at 53.95%
Growth is INCREASING AT AN INCREASING RATE for: Warehousing Prices, Transportation Capacity, and Transportation Prices.
Growth is INCREASING AT A DECREASING RATE for: Inventory Costs, and Warehousing Capacity, Warehousing Utilization.
Inventory Levels and Transportation Utilization are DECREASING.
LMI® at 53.95%
Growth is INCREASING AT AN INCREASING RATE for: Warehousing Prices, Transportation Capacity, and Transportation Prices.
Growth is INCREASING AT A DECREASING RATE for: Inventory Costs, and Warehousing Capacity, Warehousing Utilization.
Inventory Levels and Transportation Utilization are DECREASING.
Fort Collins, Colorado) — According to a sample of North American logistics executives, growth continued, but at the slowest rate in the history of the LMI® in the December 2019 reading in at 54.0 for the first time in the history of the index. This marks the sixth time in the last nine months that the index has reached a new nadir.
The overall LMI score of 54.0 is down significantly from this time a year ago, when it registered at 67.0. The lowest nine scores in the history of the index have all occurred within the last nine months. However, it should be pointed out that every score has been above 50.0, indicating growth in the logistics industry, the growth has just been very slow (and has been trending slower). It seems to indicate that the U.S. is currently in an uncertain economic time. While it is possible that the we are through the “soft patch” we hit last year. Many CFO’s are still concerned about a recession due to the ongoing trade wars and weakness in other parts of the world.
Researchers at Arizona State University, Colorado State University, Rochester Institute of Technology, Rutgers University, and the University of Nevada, Reno, and in conjunction with the Council of Supply Chain Management Professionals (CSCMP) issued this report today.
Results Overview
The LMI score is a combination eight unique components that make up the logistics industry, including: inventory levels and costs, warehousing capacity, utilization, and prices, and transportation capacity, utilization, and prices. The LMI is calculated using a diffusion index, in which any reading above 50 percent indicates that logistics is expanding; a reading below 50 percent is indicative of a shrinking logistics industry. The latest results of the LMI summarize the responses of supply chain professionals collected in December 2019. Similar to October, six of the eight metrics read in below their historical average. Only Warehouse Prices and Transportation Capacity read in above average.
Transportation metrics continue to be the most dynamic measures in the LMI®. Transportation Prices are up 12.0 points to 52.0, from last month’s reading of 41.0, which was the lowest point of any metric in the history of the index. Despite the increase, this is still down sharply (-27.8) from this time a year ago when it sat at 79.8. Although Transportation Prices are growing, based on the history of the index and historical trends we would expect them to be growing at a much faster pace in December, which is generally a busy month for retail and delivery. Whether or not Transportation Price will continue to trend upward, or if it’s foray into growth is a one-time blip tied to the holiday season remains to be seen. Transportation Capacity was consistent at 57.9, increasing very little (+0.5) from November’s reading. Interestingly, Transportation Utilization reached it’s lowest ever reading, and first ever negative score, at 47.9.
Also reaching it’s first negative score is Inventory levels, which are down sharply (-12.0) to 42.3. It is possible that this contraction is tied to the mass movement of goods due to the holiday season or firms burning off inventories that had been built up previously in an effort to avoid tariffs or some combination of the two. Inventory Costs are also down slightly (-1.95) to 63.4. While this still shows signs of consistent growth, it is worth pointing out that In the previous 2 years, there were only 2 values below 70, and now the most recent four have been below that value. Inventory Costs are still increasing, but as of late at a slower rate than we had previously recorded.
Contracting Inventory Levels paired with increasing Inventory Costs could be related to the increase in Warehousing Prices which is up (+4.9) to 73.2, which is its highest level since March. The increasing prices are likely due to two distinct factors: 1) There was no growth in Warehouse Capacity in December, as it was down (-2.13) to 50.0. 2) Due to the increasing popularity of same- and next-day delivery, more facilities are being located close to large population centers in what tends to be more expensive real estate. So warehouses are not being built quickly enough to keep up with growing demand, and the facilities that are the most attractive at the moment tend to be the most expensive. Finally, Warehouse Utilization is somewhat consistent (-0.5) reading in at 60.0. showing an index value of 73.2.
The index scores for each of the eight components of the Logistics Managers’ Index, as well as the overall index score, are presented in the table above. Six of the eight metrics show signs of growth, but many of them are moving at low or considerably decreased rates. The overall LMI® index score is at it’s lowest point in the history of the index. Our reading indicates a continued trend of slowing yet steady growth in the logistics industry.
Respondents were asked to predict movement in the overall LMI and individual metrics 12 months from now. Their predictions for future ratings are presented below and seem to be somewhat more optimistic than our current readings.
Historic Logistics Managers’ Index Scores
This period’s along with all prior readings of the LMI are presented table below. The values have been updated to reflect the method for calculating the overall LMI:
This period’s along with all prior readings of the LMI are presented table below. The values have been updated to reflect the method for calculating the overall LMI:
LMI®
The overall LMI index is 54.0, down (-0.4) from the November 2019 reading. As mentioned above, this is the lowest reading for the overall index in the three-year history of the LMI. This is down significantly (-13.0) from this time a year ago, when it read in at 67.0. We have seen low scores for the LMI since the Summer, with the lowest nine scores in the history of the index coming in the last nine months. It should be pointed out that although it is down, the logistics industry is still growing, simply at a slower rate than we have measured over the past 40 months.
Respondents predict that over the next year, the LMI will be at 63.3 up slightly (+1.2) from November’s future prediction of 62.1. This indicates that respondents believe the logistics industry will grow at a rate similar to it’s three-year average of 62.5.
The overall LMI index is 54.0, down (-0.4) from the November 2019 reading. As mentioned above, this is the lowest reading for the overall index in the three-year history of the LMI. This is down significantly (-13.0) from this time a year ago, when it read in at 67.0. We have seen low scores for the LMI since the Summer, with the lowest nine scores in the history of the index coming in the last nine months. It should be pointed out that although it is down, the logistics industry is still growing, simply at a slower rate than we have measured over the past 40 months.
Respondents predict that over the next year, the LMI will be at 63.3 up slightly (+1.2) from November’s future prediction of 62.1. This indicates that respondents believe the logistics industry will grow at a rate similar to it’s three-year average of 62.5.
Inventory Levels
The Inventory Level value is 42.3, which is below 50, and which indicates that inventory levels are falling, compared to the previous month. This is the lowest inventory level value in the history of the LM and the first value below 50, ending the string of uninterrupted growth that started in November/December of 2016. It is also 12.0 points below the level last month, one of the largest drops in the history of the Inventory Level. The current value is far lower than the same value in previous years. This value is 20.8 points below the value one year ago and 28.9 points below the level two years ago at this time. This is also well below the all-time average value for this metric of 62.3.
When asked to predict what will conditions will be like 12 months from now, the average value is 63.3, up slightly (+4.8) from November’s future prediction of 63.0.
The Inventory Level value is 42.3, which is below 50, and which indicates that inventory levels are falling, compared to the previous month. This is the lowest inventory level value in the history of the LM and the first value below 50, ending the string of uninterrupted growth that started in November/December of 2016. It is also 12.0 points below the level last month, one of the largest drops in the history of the Inventory Level. The current value is far lower than the same value in previous years. This value is 20.8 points below the value one year ago and 28.9 points below the level two years ago at this time. This is also well below the all-time average value for this metric of 62.3.
When asked to predict what will conditions will be like 12 months from now, the average value is 63.3, up slightly (+4.8) from November’s future prediction of 63.0.
Inventory Costs
As inventory levels continue to grow, but at slower rates, it is not surprising that inventory costs have continued to increase, but at slower rates. The current value is 63.4, which is 2.0 points below the previous reading of 65.4. These continued high levels indicate strong continued growth in inventory costs, although they are below the long-term average of 71.6. The current value is 9.3 points lower than the 72.7 value last year at this time, meaning cost growth has fallen significantly in the past year. The current value is also below the 70.8 value of two years ago at this time.
When asked about what they expect inventory costs to be like 12 months from now, the index value is 66.7, down slightly (-2.3) from November’s future prediction of 69.0. This value reflects expected continued inventory cost growth over the next 12 months.
As inventory levels continue to grow, but at slower rates, it is not surprising that inventory costs have continued to increase, but at slower rates. The current value is 63.4, which is 2.0 points below the previous reading of 65.4. These continued high levels indicate strong continued growth in inventory costs, although they are below the long-term average of 71.6. The current value is 9.3 points lower than the 72.7 value last year at this time, meaning cost growth has fallen significantly in the past year. The current value is also below the 70.8 value of two years ago at this time.
When asked about what they expect inventory costs to be like 12 months from now, the index value is 66.7, down slightly (-2.3) from November’s future prediction of 69.0. This value reflects expected continued inventory cost growth over the next 12 months.
Warehousing Capacity
The Warehousing Capacity Index registered 50 percent in December 2019. This represents a decrease of 2.1 points from the November 2019 reading and slight increase of over 1.8 points from the reading one year ago. Also of note, is that this reflects a continuation in the downward trend of decreasing values which was rather sharply down from October 2019. Also of note is that the score of 50 represents that growth is neither increasing, nor decreasing, and the last time that Warehousing capacity registered flat was March of 2019. This shift could indicate a seasonal trend in the capacity, as the increases seen previously could have been in preparation for the impending holiday season. This pattern too, could indicate a seasonal pattern.
Looking forward at the next 12 months, the predicted Warehousing Capacity index 61.1, up dramatically (+13.2) from November’s future prediction of 47.9, but nearly on par with October’s future prediction of 62.0. It is unclear what is causing these fluctuations.
The Warehousing Capacity Index registered 50 percent in December 2019. This represents a decrease of 2.1 points from the November 2019 reading and slight increase of over 1.8 points from the reading one year ago. Also of note, is that this reflects a continuation in the downward trend of decreasing values which was rather sharply down from October 2019. Also of note is that the score of 50 represents that growth is neither increasing, nor decreasing, and the last time that Warehousing capacity registered flat was March of 2019. This shift could indicate a seasonal trend in the capacity, as the increases seen previously could have been in preparation for the impending holiday season. This pattern too, could indicate a seasonal pattern.
Looking forward at the next 12 months, the predicted Warehousing Capacity index 61.1, up dramatically (+13.2) from November’s future prediction of 47.9, but nearly on par with October’s future prediction of 62.0. It is unclear what is causing these fluctuations.
Warehousing Utilization
The Warehousing Utilization Index registered 60.0 in December 2019. This represents a very small decrease of .5 percentage points from last month, and is down by 4.6 points from the December 2018 reading of 64.6. This reading, also in conjunction with the decreased growth rate in capacity, accentuates previous indications that there may be a shift in the market. That is, the decreased rate of growth in the utilization rate may be the signal to decrease capacity.
Looking forward at the next 12 months, the predicted Warehousing Utilization index is 70.4, up slightly (+1.5) from November’s future prediction of 68.9. Essentially, firms believe that there will be steady growth as they utilize more existing warehouse capacity consistently over the next year.
The Warehousing Utilization Index registered 60.0 in December 2019. This represents a very small decrease of .5 percentage points from last month, and is down by 4.6 points from the December 2018 reading of 64.6. This reading, also in conjunction with the decreased growth rate in capacity, accentuates previous indications that there may be a shift in the market. That is, the decreased rate of growth in the utilization rate may be the signal to decrease capacity.
Looking forward at the next 12 months, the predicted Warehousing Utilization index is 70.4, up slightly (+1.5) from November’s future prediction of 68.9. Essentially, firms believe that there will be steady growth as they utilize more existing warehouse capacity consistently over the next year.
Warehousing Prices
Warehousing Prices Index registered 73.2 percent in December 2019. This is up by nearly 4.9 points from the November 2019 reading of 65.6. This reading is slightly down, registering 1.6 points lower than one year ago. This also represents a 3-month pattern of increased rates of growth in warehousing prices. The price increases could be taking into account the premium being placed on space for the tail end of the holiday season as well. Taken together, given the decreased warehousing capacity, the decreased rate in utilization, this continued rebound in the rate of price growth suggests that the market is continuing to respond to previous pressure in the warehousing utilization rates through price augmentation. Stated differently, the market may be responding by decreasing the rate of increase in capacity and utilization given the slight price increase.
Looking forward at the next 12 months, the predicted Warehousing Prices index is 76.4, up (+6.1) from November’s future prediction of 70.1. This still indicates that firms are expecting a significant increase growth in Warehouse Prices over the next 12 months.
Warehousing Prices Index registered 73.2 percent in December 2019. This is up by nearly 4.9 points from the November 2019 reading of 65.6. This reading is slightly down, registering 1.6 points lower than one year ago. This also represents a 3-month pattern of increased rates of growth in warehousing prices. The price increases could be taking into account the premium being placed on space for the tail end of the holiday season as well. Taken together, given the decreased warehousing capacity, the decreased rate in utilization, this continued rebound in the rate of price growth suggests that the market is continuing to respond to previous pressure in the warehousing utilization rates through price augmentation. Stated differently, the market may be responding by decreasing the rate of increase in capacity and utilization given the slight price increase.
Looking forward at the next 12 months, the predicted Warehousing Prices index is 76.4, up (+6.1) from November’s future prediction of 70.1. This still indicates that firms are expecting a significant increase growth in Warehouse Prices over the next 12 months.
Transportation Capacity
The Transportation Capacity Index registered 57.9 percent in December 2019. This is a small increase of 0.5 percentage points from the November reading of 57.4. Available capacity has fluctuated widely over the last year, this month offers a respite from that, with capacity only increasing 0.5 points.
Looking forward at the next 12 months, the predicted Transportation Capacity index is 47.1, up marginally (+0.8) from November’s future prediction of 46.3. This indicates that respondents are expecting a tightening in the transportation market in 2020.
The Transportation Capacity Index registered 57.9 percent in December 2019. This is a small increase of 0.5 percentage points from the November reading of 57.4. Available capacity has fluctuated widely over the last year, this month offers a respite from that, with capacity only increasing 0.5 points.
Looking forward at the next 12 months, the predicted Transportation Capacity index is 47.1, up marginally (+0.8) from November’s future prediction of 46.3. This indicates that respondents are expecting a tightening in the transportation market in 2020.
Transportation Utilization
The Transportation Utilization Index registered 47.9 percent in December 2019. This is a decrease of 7.3 percentage points from the November reading of 55.2. With this decrease, the Transportation Utilization Index falls under the 50 percent level, indicating contraction for the first time in the history of the index. This latest reading is a new historical low for the Transportation Utilization Index. Despite this, the future Transportation Utilization Index indicates a 60.6 percent level for the next 12 months, indicating expectations of growth in the future.
Looking forward at the next 12 months, the predicted Transportation Utilization index is 60.6, up slightly (-1.8) from November’s future prediction of 62.4.
The Transportation Utilization Index registered 47.9 percent in December 2019. This is a decrease of 7.3 percentage points from the November reading of 55.2. With this decrease, the Transportation Utilization Index falls under the 50 percent level, indicating contraction for the first time in the history of the index. This latest reading is a new historical low for the Transportation Utilization Index. Despite this, the future Transportation Utilization Index indicates a 60.6 percent level for the next 12 months, indicating expectations of growth in the future.
Looking forward at the next 12 months, the predicted Transportation Utilization index is 60.6, up slightly (-1.8) from November’s future prediction of 62.4.
Transportation Prices
The Transportation Prices Index registered 52.7 percent in December 2019. This is a jump of 11.7 percent from the November 2019 transportation prices reading of 41.0. 52.7 is above the critical point of 50, indicating increases in transportation prices. It is possible that this is due to the increase in delivery during the holiday season.
Looking forward at the next 12 months, the predicted Transportation Prices index is 68.8, up (+7.2) from November’s future prediction of 61.6. Respondents feel that transportation prices will be up sharply in 2020. This is consistent with their prediction that capacity will tighten up as well.
The Transportation Prices Index registered 52.7 percent in December 2019. This is a jump of 11.7 percent from the November 2019 transportation prices reading of 41.0. 52.7 is above the critical point of 50, indicating increases in transportation prices. It is possible that this is due to the increase in delivery during the holiday season.
Looking forward at the next 12 months, the predicted Transportation Prices index is 68.8, up (+7.2) from November’s future prediction of 61.6. Respondents feel that transportation prices will be up sharply in 2020. This is consistent with their prediction that capacity will tighten up as well.
About This Report
The data presented herein are obtained from a survey of logistics supply executives based on information they have collected within their respective organizations. LMI® makes no representation, other than that stated within this release, regarding the individual company data collection procedures. The data should be compared to all other economic data sources when used in decision-making.
Data and Method of Presentation
Data for the Logistics Manager’s Index is collected in a monthly survey of leading logistics professionals. The respondents are CSCMP members working at the director-level or above. Upper-level managers are preferable as they are more likely to have macro-level information on trends in Inventory, Warehousing and Transportation trends within their firm. Data is also collected from subscribers to both DC Velocity and Supply Chain Quarterly as well. Respondents hail from firms working on all six continents, with the majority of them working at firms with annual revenues over a billion dollars. The industries represented in this respondent pool include, but are not limited to: Apparel, Automotive, Consumer Goods, Electronics, Food & Drug, Home Furnishings, Logistics, Shipping & Transportation, and Warehousing.
Respondents are asked to identify the monthly change across each of the eight metrics collected in this survey (Inventory Levels, Inventory Costs, Warehousing Capacity, Warehousing Utilization, Warehousing Prices, Transportation Capacity, Transportation Utilization, and Transportation Prices). In addition, they also forecast future trends for each metric ranging over the next 12 months. The raw data is then analyzed using a diffusion index. Diffusion Indexes measure how widely something is diffused, or spread across a group. The Bureau of Labor Statistics has been using a diffusion index for the Current Employment Statics program since 1974, and the Institute for Supply Management (ISM) has been using a diffusion index to compute the Purchasing Managers Index since 1948. The ISM Index of New Orders is considered a Leading Economic Indicator.
We compute the Diffusion Index as follows:
PD = Percentage of respondents saying the category is Declining,
PU = Percentage of respondents saying the category is Unchanged,
PI = Percentage of respondents saying the category is Increasing,
Diffusion Index = 0.5 * PD + 0.5 * PU + 1.0 * PI
For example, if 25% say the category is declining, 38% say it is unchanged, and 37% say it is increasing, we would calculate an index value of 0*0.25 + 0.5*0.38 + 1.0*0.37 = 0 + 0.19 + 0.37 = 0.56, and the index is increasing overall. For an index value above 0.5 indicates the category is increasing, a value below 0.5 indicates it is decreasing, and a value of 0.5 means the category is unchanged. When a full year’s worth of data has been collected, adjustments will be made for seasonal factors as well.
Logistics Managers Index
Requests for permission to reproduce or distribute Logistics Managers Index Content can be made by contacting in writing at: Dale S. Rogers, WP Carey School of Business, Tempe, Arizona 85287, or by emailing dale.rogers@asu.edu Subject: Content Request.
The authors of the Logistics Managers Index shall not have any liability, duty, or obligation for or relating to the Logistics Managers Index Content or other information contained herein, any errors, inaccuracies, omissions or delays in providing any Logistics Managers Index Content, or for any actions taken in reliance thereon. In no event shall the authors of the Logistics Managers Index be liable for any special, incidental, or consequential damages, arising out of the use of the Logistics Managers Index. Logistics Managers Index, and LMI® are registered trademarks.
About The Logistics Manager’s Index®
The Logistics Manager’s Index (LMI) is a joint project between researchers from Arizona State University, Colorado State University, University of Nevada, Reno, Rochester Institute of Technology and Rutgers University, supported by CSCMP. It is authored by Zac Rogers Ph.D., Steven Carnovale Ph.D., Shen Yeniyurt Ph.D., Ron Lembke Ph.D., and Dale Rogers Ph.D.
The data presented herein are obtained from a survey of logistics supply executives based on information they have collected within their respective organizations. LMI® makes no representation, other than that stated within this release, regarding the individual company data collection procedures. The data should be compared to all other economic data sources when used in decision-making.
Data and Method of Presentation
Data for the Logistics Manager’s Index is collected in a monthly survey of leading logistics professionals. The respondents are CSCMP members working at the director-level or above. Upper-level managers are preferable as they are more likely to have macro-level information on trends in Inventory, Warehousing and Transportation trends within their firm. Data is also collected from subscribers to both DC Velocity and Supply Chain Quarterly as well. Respondents hail from firms working on all six continents, with the majority of them working at firms with annual revenues over a billion dollars. The industries represented in this respondent pool include, but are not limited to: Apparel, Automotive, Consumer Goods, Electronics, Food & Drug, Home Furnishings, Logistics, Shipping & Transportation, and Warehousing.
Respondents are asked to identify the monthly change across each of the eight metrics collected in this survey (Inventory Levels, Inventory Costs, Warehousing Capacity, Warehousing Utilization, Warehousing Prices, Transportation Capacity, Transportation Utilization, and Transportation Prices). In addition, they also forecast future trends for each metric ranging over the next 12 months. The raw data is then analyzed using a diffusion index. Diffusion Indexes measure how widely something is diffused, or spread across a group. The Bureau of Labor Statistics has been using a diffusion index for the Current Employment Statics program since 1974, and the Institute for Supply Management (ISM) has been using a diffusion index to compute the Purchasing Managers Index since 1948. The ISM Index of New Orders is considered a Leading Economic Indicator.
We compute the Diffusion Index as follows:
PD = Percentage of respondents saying the category is Declining,
PU = Percentage of respondents saying the category is Unchanged,
PI = Percentage of respondents saying the category is Increasing,
Diffusion Index = 0.5 * PD + 0.5 * PU + 1.0 * PI
For example, if 25% say the category is declining, 38% say it is unchanged, and 37% say it is increasing, we would calculate an index value of 0*0.25 + 0.5*0.38 + 1.0*0.37 = 0 + 0.19 + 0.37 = 0.56, and the index is increasing overall. For an index value above 0.5 indicates the category is increasing, a value below 0.5 indicates it is decreasing, and a value of 0.5 means the category is unchanged. When a full year’s worth of data has been collected, adjustments will be made for seasonal factors as well.
Logistics Managers Index
Requests for permission to reproduce or distribute Logistics Managers Index Content can be made by contacting in writing at: Dale S. Rogers, WP Carey School of Business, Tempe, Arizona 85287, or by emailing dale.rogers@asu.edu Subject: Content Request.
The authors of the Logistics Managers Index shall not have any liability, duty, or obligation for or relating to the Logistics Managers Index Content or other information contained herein, any errors, inaccuracies, omissions or delays in providing any Logistics Managers Index Content, or for any actions taken in reliance thereon. In no event shall the authors of the Logistics Managers Index be liable for any special, incidental, or consequential damages, arising out of the use of the Logistics Managers Index. Logistics Managers Index, and LMI® are registered trademarks.
About The Logistics Manager’s Index®
The Logistics Manager’s Index (LMI) is a joint project between researchers from Arizona State University, Colorado State University, University of Nevada, Reno, Rochester Institute of Technology and Rutgers University, supported by CSCMP. It is authored by Zac Rogers Ph.D., Steven Carnovale Ph.D., Shen Yeniyurt Ph.D., Ron Lembke Ph.D., and Dale Rogers Ph.D.
[1] Hannon, A. O. and P. (2019, October 3). Services Stumble Threatens Sharper Slowdown. Wall Street Journal. Retrieved from https://www.wsj.com/articles/services-stumble-threatens-sharper-global-slowdown-11570094948
[2] Maurer, M. (2019, December 31). CFOs’ Concerns About the Economy, Talent Shortage Seep Into 2020. Wall Street Journal. Retrieved from https://www.wsj.com/articles/cfos-concerns-about-the-economy-talent-shortage-seep-into-2020-11577804402
[3] Smith, J. (2019, November 6). Shipping Imports Slipping While Companies Are ‘Burning Off’ Inventories. Wall Street Journal. Retrieved from https://www.wsj.com/articles/shipping-imports-slipping-while-companies-are-burning-off-inventories-11573073354
[2] Maurer, M. (2019, December 31). CFOs’ Concerns About the Economy, Talent Shortage Seep Into 2020. Wall Street Journal. Retrieved from https://www.wsj.com/articles/cfos-concerns-about-the-economy-talent-shortage-seep-into-2020-11577804402
[3] Smith, J. (2019, November 6). Shipping Imports Slipping While Companies Are ‘Burning Off’ Inventories. Wall Street Journal. Retrieved from https://www.wsj.com/articles/shipping-imports-slipping-while-companies-are-burning-off-inventories-11573073354
