Mid-week trading was limited while business is being negotiated. Automotive leather orders continue to be cancelled due to cancellations by automakers. Chinese power curtailments and shipping backups are contributing to major backlog of parts/materials for many industries. Hide prices remain under pressure. 

High Freight Rates & Shipping Delays Slow Q3 Clothing Sales

High freight rates and shipping delays impeded Quarter 3 (Q3) clothing sales from the recovery following the pandemic, but Q4 faces uncertainty as the holiday shopping period may continue to be hit with shipping issues. Federal Reserve Economic Data (FRED) for August reported advanced clothing sales at $25.9 billion-a 5 percent decrease from the month prior. The Commerce Department noted that consumer spending had increased 0.8 percent in August, which opposed analysts’ projections that spending would fall short in August as COVID-19 cases surged and the global shipping crisis worsened. Pent-up…