GREEN BAY, Wis. (WBAY) – Officials at the Port of Green Bay say the amount of cargo they received last month shows a strong economy.
However, others, including business and professional groups, are less optimistic.
Shipments hit 329,000 tons in June, more than doubling from May’s 179,000 tons.
“When we see a large number, it means that our economy is doing well. It means that there is a lot of construction going on. There is a lot of construction going on, and that the companies that are buying the products expect to continue to buy them for a while,” said Mark Walter, director of business development. at the Port of Green Bay.
The Port of Green Bay is a multi-purpose port, which means it receives mainly agricultural, manufacturing, and construction.
Most of them come from the Great Lakes region. Therefore the port is not affected by the problems that other ports around the United States are facing with the problem of cruise ships.
“Companies that are bringing in cement, other limestone products, are bringing in based on what they see as the business that is going to them,” said Walter.
Industry trade groups and analysts are pointing to other economic factors, including rising inflation, as a cause for concern.
“Inflation is driven by power. And again, like most manufacturing economies, manufacturers use more energy to make a product and then use more energy to deliver that product,” Kurt Bauer, president and CEO of the Wisconsin Manufacturers and Commerce Association, said. .
Inflation is at a 41-year high.
The WMC has released two surveys in the past two weeks asking its members about work and financial issues.
“Jobs, followed by inflation, and the supply chain. All of this has led to pessimism where 71 percent of our members say they see a recession in the next 12 months,” Bauer said.
We expect the Federal Reserve to raise interest rates at its next meeting in late July.
“Construction companies think that the money they spend now is cheap compared to the high interest rate in another month or two months, so they are trying to fight the interest rate,” said Moses Altsech, a teacher at the school. University of Wisconsin-Madison, he said.
Reasons why the port had a “blockbuster” month of June
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