The Sunshine State is dealing with supply shortages greater than those at the beginning of the pandemic. These complications might last through the entire holiday season this time.
"I'd get going right away if you want to have something under the Christmas tree," says Mark Zandi, Chief Economist at Moody's Analytics.
It's barely October. So, why is financial analysis already worried about the upcoming Holiday season?
It turns out they have a good reason to raise the alarm.
Shortages along the entire supply chain
Covid-19 and new jobs have hindered the supply chain.
- Fewer dockworkers
- Fewer truck drivers
- Less supermarket staff
- Fewer goods to go around
- Higher prices and less demand
These changes contribute to the rising inflation. You can feel it when the price of your regular shopping basket raises by 5-6% or in some cases even 10% compared to this time last year. You may buy the same stuff, but your money can't go as far.
Economists use a fancy word for the rising prices - inflation. And besides the concerning inflation predictions, cluttered shipping backlogs seem to amplify the already sensitive economic situation. Florida is facing tangible shortages in the following departments.
- New cars shortage
- Electronics shortage
- Clothing shortages
- Toiletries shortages
"The level of uncertainty is really unprecedented," says Mery Lovely, Senior Fellow at Peterson Institute for International Economics.
Costco to set purchase limits on toilet paper, cleaning supplies, and paper towels
Everyone is feeling the supply-shortage heat. Big corporations like Nike and Costco are dealing with extreme systemic pressures. Experts warn this crisis might extend through the holiday season.
The media and the businesses seem to shift blame to workers and COVID-19. But, some may disagree. You can't have a workers shortage in good positions. People want to work, but they refuse to be exploited.
If workers collectively get more respect for their efforts, maybe this situation would change sooner than later.
Are you worried about the upcoming holiday season?
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