The Port of Long Beach had its busiest July on record despite a cooldown in consumer spending, according to the company's release.
Dockworkers and terminal operators moved 785,843 twenty-foot equivalent units in July, a slim 0.13% increase from the previous record set in July 2021. Imports declined 1.8% to 376,175 TEUs, while exports were down 0.5% to 109,411 TEUs. Empty containers moved through the Port were up 2.8% to 300,257 TEUs.
The economy is not necessarily in a recession, but weaker domestic demand confirms it is rapidly downshifting amid stubbornly high inflation and aggressive tightening by the Federal Reserve. Consumer spending rose a modest 1% nationally, attributed to an increase in spending on services that offset a decline in purchasing goods.
With the July result, the Port of Long Beach has broken monthly records in six out of the last seven months. The Port has moved 5,793,621 TEUs during the first seven months of 2022, up 4.6% from the same period last year.
The Port of Long Beach is one of the world’s premier seaports, a gateway for trans-Pacific trade and a trailblazer in goods movement and environmental stewardship. As the second-busiest container seaport in the United States, the Port handles trade valued at more than $200 billion annually and supports 2.6 million trade-related jobs across the nation, including 575,000 in Southern California.