'Things are really bad...it's like a huge rubber band that keeps getting stretched further and further,' one expert said.
that although there is high demand in the United States, supply is being held back due to factory shutdowns and shipping problems. Inflation is starting to climb, rising above the Federal Reserve's target of 2 percent on average.
"It is frustrating to see the bottlenecks and supply chain problems not getting better—in fact, at the margin, apparently getting a little bit worse," Powell said."We see that continuing into next year, probably, and holding inflation up longer than we had thought." The issue at Savannah Port, and other ports around the globe, is not merely the lack of products. Rather, it is that those products are not at their final destinations, where they're supposed to be.
Ships have been backed up while waiting to enter port, and almost 80,000 shipping containers have been left at the Port of Savannah. Cargo ships wait to be load up off the coast of the Port of Berbera in Somaliland on December 5, 2015.According to Business Insider, the most recent concern for the industries is that the holidays are approaching—which means people will be doing their Christmas shopping. But the problems they're facing will go beyond Christmas.
"There is no indication that it will get better by 2022," Dave Marcotte, longtime retail and supply chain expert from Kantar Consulting, told Business Insider."Things are really bad...it's like a huge rubber band that keeps getting stretched further and further."
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