Business leaders expect supply chain turmoil to continue until 2022

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Most CFOs representing a wide range of businesses in multiple industries expect the challenge to continue until 2022. They warned that their company is experiencing supply chain disruption, which has caused delays in production and transportation and increased prices for materials.

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.

About 10% of respondents said that supply chain difficulties will be resolved by the end of this year, but most CFOs expect these issues to be resolved “in the second half of 2022 or later,” a press release said.

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.

The supply chain challenges during the pandemic have been well documented. On Wednesday, the White House announced that it would cooperate with companies and ports to conduct a “90-day sprint” to alleviate bottlenecks. Some people will work 24/7 to resolve the backlog.

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.

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