Connect with us

Published

on

Wholesale prices in the United States picked up slightly in July yet still suggested that inflationary pressures have eased this year since reaching alarming heights in 2022.

The Labor Department reported Friday that its producer price index which measures inflation before it hits consumers rose 0.8% last month from July 2022.

The latest figure followed a 0.2% year-over-year increase in June, which had been the smallest annual rise since August 2020.

On a month-to-month basis, producer prices rose 0.3% from June to July, up from no change from May to June.

Last month’s increase was the biggest since January. An increase in services prices, especially for management of investment portfolios, drove the month-to-month increase in wholesale inflation.

Wholesale meat prices also rose sharply in July.

Analysts said the July rise in wholesale prices, from the previous month’s low levels, still reflects an overall easing inflation trend.

The figures the Labor Department issued Friday reflect prices charged by manufacturers, farmers and wholesalers.

The figures can provide an early sign of how fast consumer inflation will rise in the coming months.

Since peaking at 11.7% in March 2022, wholesale inflation has steadily tumbled in the face of the Federal Reserve’s 11 interest rate hikes.

Excluding volatile food and energy prices, “core” wholesale inflation rose 2.4% from July 2022, the same year-over-year increase that was reported for June.

Measured month to month, core producer prices increased 0.3% from June to July after falling 0.1% from May to June.

On Thursday, the government reported that consumer prices rose 3.3% in July from 12 months earlier, an uptick from June’s 3% year-over-year increase.

But in an encouraging sign, core consumer inflation rose just 0.2% from June, matching the smallest month-to-month increase in nearly two years.

By all measures, inflation has cooled over the past year, moving closer to the Feds 2% target level but still remaining persistently above it.

The moderating pace of price increases, combined with a resilient job market, has raised hopes that the Fed may achieve a difficult soft landing: Raising rates enough to slow borrowing and tame inflation without causing a painful recession.

Many economists and market analysts think the Feds most recent rate hike in July could prove to be its last.

Before the Fed next meets Sept. 19-20 to decide whether to continue raising rates, it will review several additional economic reports.

They include another monthly report on consumer prices; the latest reading of the Feds favored inflation gauge; and the August jobs report.

Inflation began surging in 2021, propelled by an unexpectedly robust bounce-back from the 2020 pandemic recession.

By June 2022, consumer prices had soared 9.1% from a year earlier, the biggest such jump in four decades.

Much of the price acceleration resulted from clogged supply chains: Ports, factories and freight yards were overwhelmed by the explosive economic rebound.

The result was delays, parts shortages and higher prices.

But supply-chain backlogs have eased in the past year, sharply reducing upward pressure on goods prices.

Prices of long-lasting manufactured goods actually dipped in June.

Continue Reading

Environment

First ever electric rail car mover gets to work at Port of Baltimore [video]

Published

on

By

First ever electric rail car mover gets to work at Port of Baltimore [video]

The Helen Delich Bentley Port of Baltimore has announced a first for the contemporary American maritime industry: a battery-electric rail car mover that can organize the rail yard without dirtying up the air around it.

Built by the Marmon Rail’s Italian Zephir division, the LOK 16.150E model rail car mover features an 80-volt rechargeable battery pack sending current to a pair of 40 kW (about 50 hp) high-torque brushless motors. That may not sound like a lot in a world of 650 hp Kias and 1000 hp Teslas, but it’s enough to generate a drawbar pull (read: towing force) of more than 39,000 lbs. … all while generating zero tailpipe emissions.

“At this terminal, the asset will be used to help with intermodal cargo exchange,” said Matt Stahl, Mid-Atlantic terminal general manager for global shipping gurus Wallenius Wilhelmsen, who operate the Zephir. “We can do it with our own asset, without any assistance.”

Wallenius Wilhelmsen is using the Zephir to move rail cars loaded with heavy lift, farm and construction equipment, and military cargo within the Dundalk Marine Terminal, and claims it will remove over 180 tons of harmful carbon emissions per year.

You can check out the promotional video released by the Port of Baltimore to celebrate the Zephir’s deployment, below, then let us know what you think in the comments.

Electrek’s Take

Historically-conscious readers already know that the key word in that first paragraph is contemporary, because the Zephir is very much a case of “what’s old is new again,” according to Freightwaves’ Stuart Chirls. Chirls explains that the Zephir, “harks back [sic] to battery-powered railcar movers built by the Pennsylvania Railroad in 1912, rubber-tired ‘locomotives’ used to switch freight cars around the narrow streets of the Baltimore waterfront on track curvature too tight for standard motive power.”

If you want to learn more about the Pennsylvania Railroads’ 100-year lead on electric rail car switcher technology, check out this article on Railfan, which includes the photos below plus a whole lot more.

Don’t miss: they had license plates!

Rubber Tired Switchers

SOURCES | IMAGES: Port of Baltimore, via Freightwaves, Railfan.

FTC: We use income earning auto affiliate links. More.

Continue Reading

Environment

Awesomely Weird Alibaba EV of the Week: This four-wheeled e-bike/car

Published

on

By

Awesomely Weird Alibaba EV of the Week: This four-wheeled e-bike/car

When it comes to oddities of the electric vehicle variety, it doesn’t take much to pique my interest. If it’s got an electric motor and a funky shape, I’m down to clown. But being an electric bicycle guy through and through, anytime we can work some good ol’ pedaling action into the mix, I’m all the happier. And this week’s edition of the Awesomely Weird Alibaba Electric Vehicle of the Week sure tickles my fancy!

If Teslas are too mainstream for you, but Fred Flinstone’s car is a bit too much effort, then I think I’ve found the perfect compromise. This electric bike-car offers everything its name promises.

It’s got pedals like a bike, along with a set of handlebars for steering and a bicycle seat for keeping you the perfect amount of uncomfortable. But it’s also got the enclosed convenience of a car, shielding riders from the rain and sun, though not from the curious looks of passersby. And with an electric bicycle motor, you don’t have to burn through your entire lunch just pedaling this brick down the block.

Of course, beauty is always in the eye of the beholder. And I’m sure the appearance will be divisive, with some finding it charming and others… less so. But more than just looks, this thing is about utility.

I’d say the design is perfect for anyone who has ever said, “Give me the environmental friendliness of an electric bicycle but with the turning radius of a school bus.” Finally, a vehicle that lets you feel superior to cyclists and drivers simultaneously while enjoying the camaraderie of neither.

Combining the aerodynamics of a garden shed and the aesthetics of a cute dumpster, this electric bike car is likely as hard to get rolling as it is to park. But it’s got one main thing going for it: an insane amount of enclosed storage space that other e-bikes could only dream of.

Behind those double doors is your own mobile storage unit, and one that has every right to use the bicycle lane – at least in cities that extend such rights to four-wheeled bicycles.

To put numbers on it, this thing offers a massive 1.8 cubic meters of storage space in back. I’m not sure the best way to describe that in freedom units. Does 63 cubic feet mean anything to anyone? 475 gallons? A micro-studio apartment in NYC?

Either way, you could just about turn the rear box into a tiny camper – though it wouldn’t be the first bicycle-based RV we’ve seen.

As far as performance goes, it’s got a top speed of 31 km/h, or a hair under 20 mph. Considering it probably has the crash-test rating of a cardboard box, I’m not sure I’d want to go that fast too often.

The benefit of crashing on a standard bicycle is you get to separate from it fairly quickly. Crashing in this thing makes me feel like I’d just pinball around inside the cab until I’ve become one with the handlebars.

Of course, the ideal environment for something like this electric bike-car is not mixing it up with traffic. I’d much rather stick to the bike lane or bicycle highways – though I’m not sure how my fellow cyclists would welcome me there. Actually, I’m not sure they’d even consider me a fellow cyclist.

So alas, I’m not sure exactly where I’d use it. And at $3,000, that’s a hefty chunk of change for a vehicle that would have a hard time fitting into our world. But even though its place is hard to understand, I’ll forever love that things like this exist.

Just please don’t go and try to buy something like this from Alibaba. Yes, I know I’m not a good example and rarely take my own advice. But this is a, “do what I say, not what I do” situation, indeed.

FTC: We use income earning auto affiliate links. More.

Continue Reading

Politics

Bitcoin hinges on $93K support, risks $1.3B liquidation on trade war concerns

Published

on

By

Bitcoin hinges on K support, risks .3B liquidation on trade war concerns

Global trade war concerns may pressure Bitcoin below the key $93,000 support in the short term, analysts told Cointelegraph.

Continue Reading

Trending