Gig Worker Reclassification

There is an ongoing effort by state and federal authorities to narrow the definition of what it means to be an independent contractor. If re-classified as employees, gig workers would automatically receive benefits and protections from their employers but would lose flexibility in their work schedules which many prefer. In the world of commercial transportation, companies maintaining a roster of W-2 employees can often provide better consistency and service quality, but that labor is harder to find and hire. When companies pay employees by the hour, the hourly rate may be less than an independent contractor, but the overall compensation for workers is usually better due to covered benefits like health care, social security, profit sharing, and 401K contributions.
Black Friday and Cyber Monday

Many retailers were underwhelmed by sales on what is traditionally a banner day in stores nationwide. Retailers usually cut prices the day after Thanksgiving but had to dig deeper this year due to overstocked inventory. Consumers appear to still be spending but perhaps more cautiously due to inflation. Black Friday online sales were still a 2.3% increase over last year. Cyber Monday on the other hand was record-breaking. According to Adobe Analytics, US online sales hit $11.3 billion, the most ever and 5.8% better than Cyber Monday in 2021. Toys, electronics, including digital watches, televisions, smart speakers, earbuds, and computers, all led the way.
What Happened to Peak Season?

The usual frantic rush in the freight market just hasn’t materialized this year. While sales numbers during Black Friday and Cyber Monday were by no means inconsequential, it’s safe to say consumers remain worried about the economy. Statistics report credit card balances have gone back up nationwide just to cover daily expenses like food and gas. Transportation companies traditionally gear up months in advance to satisfy the need, but the overall volume of goods feels like it’s moving at a subdued pace. Local inventory and warehouse levels remain high so less is needed at retail, and demand levels may not increase if most of the shopping has already been completed over the past few weeks.
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Todd Flaherty | (207) 610-7748 | tflaherty@shipright.biz
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