World News

Business leaders expect supply chain turmoil to last well into 2022

October 14, 2021
Henry

Most CFOs, who represent a wide range of businesses across multiple industries, expect the challenges to last “well through” 2022. He warned that his companies are Experience supply chain disruptions Which has led to delays in production and shipping as well as increase in material prices.

The CFO survey, released Thursday, was compiled by Duke University’s Fuqua School of Business and the Federal Reserve Banks of Richmond and Atlanta.

Roughly 10% of respondents said supply chain difficulties would be resolved by the end of this year, but most CFOs predict the problems won’t be fixed until “the second half of 2022 or later.” News release said.

In addition to the broken supply chain, officials said hiring is “an even greater concern.” About 75% of the respondents said that their companies are finding it difficult to fill open positions, prompting most of them to increase their salaries by around 10% to fill the vacant positions.

The challenges of the supply chain during the pandemic have been well documented, and on Wednesday White House announced It will work with companies and ports on a “90-day sprint” to address the bottlenecks. Some will work 24/7 to address the backlog.

Across the world, a rapid rebound in demand for goods and goods has resulted in overcrowding at ports, as much of the global economy recovers from the pandemic. In turn, shipping costs have gone up, and companies wanting to move goods are struggling because there are not enough ships or containers available.

All the time, prices for consumers are rising.

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