Shipping backups at big U.S. ports are not likely to resolve themselves until well into 2022, according to economists.
, but it has only helped at the margins. Ongoing labor shortages and a lack of coordination among the multiple players in the U.S. supply chain blunted the effect of the move.
Though he sees some easing ahead, he added that "congestion will likely persist to some extent through at least the middle of next year, and our analysts expect that freight rates will likely remain meaningfully above pre-pandemic levels for at least the next year."Companies have had to find ways to keep their products moving amid the supply chain disruptions.
has also seen pressure from "tight labor markets, tight transportation markets and overall capacity constraints. Inflationary pressures are broad-based and sustained," Andre Schulten, the company's chief financial officer, said on the Oct. 12 earnings call.Ultimately, the problems companies and consumers face come from issues largely related to the Covid-19 pandemic.
"If an input — in this case, global demand for goods — to certain kinds of systems changes, the resulting change in the outputs can be massively outsized. A system with underlying chaotic characteristics can swing from calm to chaos very quickly, with few warning signs," wrote Ian Shepherdson, chief economist at Pantheon Macroeconomics.
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