As the world began to recover from the economic disruption of the COVID-19 pandemic, the belated response was felt in the supply chain. Industrial shutdowns around the world have slowed production at a relative rate, leaving many companies struggling to meet consumer demands, both during shutdowns and since.
The challenges continue, even as manufacturing resumes, with labor shortages and a struggle to locate the materials needed for production complicating the struggle. President Biden has made an agreement with the Port of Los Angeles in recent weeks to operate around the clock, which has reduced the number of container ships offshore to 58, from a peak of 73.
What does this mean for American consumers?
On the one hand, some items that are normally made overseas may be more difficult to find in stock in the coming months. While this does mean some household necessities, it extends to items such as consumer electronics, toys, and other items that make up a large portion of our holiday shopping.
Yes, we all complain about how the holidays seem to come earlier every year, but in this case, it’s a good thing to keep in mind. If you can, it’s a good idea to prepare for the holidays early.
Paul Ellis, CIMA® can be contacted at 425.405.7720 or [email protected] Visit www.elliswealthmanagement.net.
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