The CFO survey released on Thursday was compiled by Duke University’s Fuqua School of Business and the Federal Reserve Banks of Richmond and Atlanta.
In addition to supply chain disruptions, executives also said that recruitment is a “more pressing issue.” Approximately 75% of the interviewees said that their companies had difficulty filling vacant positions, which prompted most of them to raise their wages by about 10% to fill the vacancies.
As the global economy recovered from the pandemic, demand for commodities and goods rebounded rapidly, causing congestion in ports around the world. In turn, transportation costs have soared, and companies that want to transport goods are struggling because there are not enough ships or containers available.
All along, consumer prices have been rising.