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After a year or so of relatively stagnant loaded outbound container shipments, the Ports of Los Angeles and Long Beach in October reported increases. (Together, the two ports account for about 40% of U.S. goods exports.) Long Beach, in particular, saw loaded outbound containers jump by 21% from September, and 26% from October '09. Moreover, this was the biggest October export figure ever for Long Beach, which suggests that exports are on track to eclipse their 2008 highs before too long. Since data on outbound container shipments tends to lead official U.S. export figures, this is a good indication that we will see stronger numbers on U.S. goods exports in coming months. And that, of course, feeds directly into stronger GDP.
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The trade-enhacing exchange rate on the dollar, sometimes referred to as a "cheap" dollar, is helping exports and the economy.
The nice, low level of the dollar should also encourage foreigners to invest here.
From the real estate brokerage Colliers, via Bisnow.
"Colliers CEO in the US Dylan Taylor tells us urban core office in gateway cities will be the next market segment to improve. By extension, the major global gateway cities will be the hot areas: think NY, DC, LA, San Fran, Seattle, and (to a lesser extent) Dallas and Houston. And keep an eye on the dollar—when it’s weak, international investors are attracted to the US. Look for significant interest next year from areas with favorable currency translations like Asia, Brazil, Canada, and Australia.'
I have never understood the "strong" dollar crowd, unless it was really a front for US-based tourist agencies, manufacturers who wanted to set up shop overseas, and foreign importers.
As for me, I hope the dollar keeps sinking, and our exports boom, Americans rediscover their home country, and foreigners buy US assets.
Bring it on.
Another one of my tennis buds is a (struggling) developer from Memphis, Tennessee. He told me recently there have been many Australians in town shopping properties. He has not sold them any but knows of some who have. Purely anecdotal but its got to be happening. The buck is cheap and prices are low.
These data illustrate why Warren Buffett purchased the rest of Burlington Northern Santa Fe Railroad that he didn't already own--which was announced early November, 2009.
Sarge,
Also, from October '08 thru March '09 Buffet was buying with both hands. I remember many pundits running him down unmercifully. He looks pretty good now....and he'll look even better in another year.
CNBC is reporting that Buffet's Berkshire Hathaway has added to it's position in Wells Fargo Bank (WFC) and has initiated a large position in Bank of NY Mellon (BK).
Not popular...but that's one reason why its probably right...
Loaded (waste) paper and mixed metal scrap outbound TEUs from San Pedro Bay must be up. See Port of Los Angeles.
Yep, that's a renewed sign of a real value added export powerhouse when the value of the
import:export ratio is 6:1.
Are Boeing and Airbus on the endangered species list?
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