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Deliver mark radio

now back to transport topics radio with host dan ronin on transport topics radio here on siriusxm channel 146 we welcome a familiar voice back to the program he's mark manduka he's the chief investment officer for gxo and he joins us on the newsmaker line mark we have uh wrapped up the uh year in terms of 2021 the uh numbers from the various groups that record the retail sales were pretty spectacular 14 according to the national retail federation mastercard saying an 8.5 percent year-over-year increase what type of grade do you give the uh the folks in the supply chain logistics industry for the holiday season if you're giving them a letter grade thanks for the opportunity today and by the way i love what you started with in terms of the consumer on fire i mean it really is the roaring 20s out there quite frankly you've seen at the industry level a lot of strong ecom data consumer data across the board but this ecom data has really been been supplemented by a number of different sources you've particularly seen the mastercard data coming in very strongly all pointing towards double digit growth and econ so ecom very very healthy customers want to get direct to the consumer they don't want to go via the traditional brick and mortar having already had those delays getting to the port they want to get the fastest path to the market um you're seeing it also in reverse logistics reverse logistics which has a season that runs to the end of jan's start of start of feb we've seen a number of different sources pointing towards the fact that we've seen robust and and quite frankly record volumes across the industry in some cases when it comes to people returning their items such an important and profitable element of of uh e-commerce and then your point on supply chain is well made which is that the supply chain has been fraud and it's been fraught for a while i mean these problems started in december of 2020 and i think the the most likely path here is is that you get a subsidence to some degree in air freight rates first and foremost and then that ultimately leads to a bit of modal shift away from the sea freight market into air freight logically and then you ultimately over the next let's call it 24 months get some sort of easing in inflation but really that third point will be the last to go i think you're going to see inflation persist here throughout the course of 2022 and i'm talking particularly about labor inflation there and also some of the the raw materials as well inflation is very much here to stay would be my view but i think that there are signs that the we're past the worst in terms of broader supply chain issues one of the things that i was impressed by was that...