The skyrocketing freight rates that have added to strains in supply chains appear to be coming down to Earth. High spot prices that have fueled rising shipping costs are falling across a range of services, the WSJ Logistics Report’s Paul Berger reports, emboldening shippers to jettison contract rates for lively spot markets from container shipping to trucking. Many are also looking to renegotiate long-term agreements with carriers that have been seeking to lock in tougher prices and volume commitments. The reductions come as changes across supply chains are shifting uneasy economic balances struck during the pandemic. Consumers are pulling back spending on big-ticket items, leaving large retailers weighed down by overstuffed inventories. Declining freight costs over time could help tamp down inflation. But shippers are quick to note their rates remain several times higher than they were before the Covid-19 pandemic snarled supply chains and pushed up prices.

• The Global Port Tracker projects containerized imports into the U.S. will turn negative on an annual basis next month. (Dow Jones Newswires)

A retailer rush to restock depleted inventories has left the biggest U.S. merchants with an unexpected glut of goods. Companies including Target, Walmart and Macy’s are coping with large stockpiles of furniture, apparel and workout equipment even as inventory levels across the economy remain lean by historical standards. Supply-chain experts tell the WSJ Logistics Report’s Liz Young that the gap is in part the result of disruptions that have affected companies differently, leaving big retailers most exposed to changes in consumer behavior. The general merchandise stores have flexed their financial muscle to pull in orders earlier to fill shelves, a pivot from lean inventory management to a “just-in-case” strategy. Consumers have now pivoted in the other direction, pulling back on purchases of goods that were once in high demand. That has pushed the levels of inventories relative to sales at the biggest retailers back above pre-pandemic norms.

Moving supply chains out of China is proving complicated, but designer fragrance manufacturer Inter Parfums says it’s worth the effort. The New York-based company is among a collection of importers shifting operations from China and other countries where cheap labor and ready factory capacity had far outweighed costs of shipping products across the ocean. The WSJ’s Sharon Terlep reports that close to 20% of supply-chain executives surveyed by McKinsey & Co. said they had brought some production back to a nearby country in the past year, double the number from a year earlier, and more are sourcing parts closer to home. Inter Parfum has doubled supplier contracts with U.S. companies and now gets 70% of its parts from U.S. suppliers. Some suppliers remain skeptical about the long-term commitment of companies like Inter Parfum, but the company insists its priority is ensuring reliable supply rather than cutting logistics costs.

The U.S. economy added 372,000 jobs in June and the unemployment rate remained near the half-century low hit before the pandemic. (WSJ)

Warehousing and storage companies added 17,500 jobs in June and truckers added 4.300 jobs after that sector’s payrolls expanded by 16,300 jobs the previous month. (Dow Jones Newswires)

Inflation in China accelerated to a higher-than-expected 2.5% annual pace in June. (WSJ)

Negotiations between CNH Industrial and striking workers have hit a stalemate, deepening supply-chain problems with farm and construction equipment. (WSJ)

Levi Strauss quarterly revenue rose 15% on strong demand in both wholesale channels and its branded stores. (WSJ)

Ford-based driverless-car technology company Argo AI laid off about 150 workers, or 6% of its workforce. (WSJ)

Jurors acquitted all five chicken-company officials who had been accused of illicitly coordinating prices to restaurants. (WSJ)

U.K. supermarket chain Tesco and Heinz reached a new supply agreement after a pricing dispute left some products off store shelves. (Financial Times)

The Russia-occupied Port of Mariupol is reopening even as ship owners say they haven’t received word on their vessels. (Lloyd’s List)

Clarksons Research says nearly half the world’s chemical tanker capacity is stuck at ports due to congestion. (TradeWinds)

Canadian wheat planted acreage for the coming marketing year is forecast to hit a nine-year high. (Argus Media)

The first Great Lakes bulk carrier built in the U.S. in more than 35 years recently completed its first sea trials. (Maritime Executive)

Canadian pulp-and-paper producer the Paper Excellence Group is buying Resolute Forest Products for $1.6 billion in its second major deal in 14 months. (Bloomberg)

Royal Mail managers are set to go on strike later this month in a dispute over job and pay cuts. (Evening Standard)

DHL will build a large hub near Birmingham, U.K., as part of a $580 million investment in e-commerce in the country. (Logistics Manager)

ABI Research projects last-mile delivery revenue will jump from $70 million this year to $670 million in 2030. (Material Handling & Logistics)

Indian supply chain and warehousing startup Emiza acquired online shipping platform Shippigo for an undisclosed amount. (inc42)

A Japanese ceramics company has developed an electronic sensor that can be attached to wine bottles to monitor humidity and temperature during shipping. (Nikkei Asia)

The release of a book commemorating legendary singer Billie Holiday was delayed for two months because the ship carrying copies got stuck in the Chesapeake Bay. (Supply Chain Dive)

Paul Page is editor of WSJ Logistics Report. Write to him at paul.page@wsj.com.

Follow the WSJ Logistics Report team: @PaulPage, @bylizyoung and @pdberger. Follow the WSJ Logistics Report on Twitter at @WSJLogistics.