Dairy Processing - January/February 2023 - 51
have posted record profits fueled by exponential demand. As
a way to manage demand, railroads began issuing embargoes
that place restrictions on the amount of cargo railroads are able
to transport. Companies traditionally have imposed embargoes
during times of unforeseen disasters, but they also have
imposed them as a way to manage congestion on the rail during
times of labor shortages. This year alone, data compiled by
JPMorgan said railroads have issued nearly 1,500 embargoes,
compared with 945 embargoes in 2021 and 641 in 2020.
OPTIMISM REMAINS
More than two-thirds of food and beverage industry
executives surveyed by Marcum LLP have a positive outlook
for the year ahead.
December after Congress approved and President Biden
signed a bill prohibiting rail workers from commencing a
nationwide work stoppage. But commodity trade analysts and
industry leaders were still concerned about economic impacts
from diminished rail performance while some believed a
strike was still possible despite legal ramifications.
The railroad industry also faces a short supply of workers,
a pandemic holdover after many rail employees were
furloughed during nationwide shut down periods. Railroad
companies were unable to rehire a significant number of
furloughed employees and have been short-staffed ever since.
Despite the labor shortages, US freight companies recently
The accounting and advisory services firm asked
executives at food manufacturers, restaurants, distributors,
retailers and agriculture producers about a variety of
issues integral to the health of the industry. It found 69% of
respondents have a positive outlook on the industry over the
next year, compared with 20% who have a neutral outlook and
16% who have a negative outlook.
Nearly 70% of respondents said revenues were up in 2022
compared with 2021, including 48% who said revenues were
up 10% or more.
Approximately 70% of executives expect revenues to grow
in the next 12 months. Twenty-one percent of respondents
said they expect to see revenues stay the same in 2023 and
10% said they expect to see revenues decline.
" There is much optimism regarding the future of food
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Dairy Processing - January/February 2023
Table of Contents for the Digital Edition of Dairy Processing - January/February 2023
Dairy Processing - January/February 2023 - Intro
Dairy Processing - January/February 2023 - 1
Dairy Processing - January/February 2023 - 2
Dairy Processing - January/February 2023 - 3
Dairy Processing - January/February 2023 - 4
Dairy Processing - January/February 2023 - 5
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