UPDATED 4:59 PM PT – Tuesday, October 12, 2021
The Biden administration has acknowledged the worsening shortages of consumer goods ahead of Christmas shopping season. According to Reuters, which cited an unnamed White House official on Tuesday, there would be items unattainable for Christmas presents due to supply chain disruptions.
The reports added some of those goods could be replaceable by other products. This comes as more than 60 cargo ships have anchored off the port of Los Angeles, while retailers had to book their own vessels to ensure deliveries.
“The ships you know sitting outside the Los Angeles port were in the twenties and thirties and now they are much, much higher than that,” explained Brian Moynihan, CEO of Bank of America. “Hopefully it will straighten over the next six months. History would show it should.”
Continuing to keep an eye on the cargo ship gridlock in the Port of Los Angeles- several factors at play, including a sharp increase in the demand for goods, slowed shipping processes from overseas companies during COVID, and truck driver/shipping container shortages.
— Rep. Madison Cawthorn (@RepCawthorn) October 8, 2021
A separate report by Coresight Research founds supply-side shortages could persist well into the first quarter of 2023 due to mounting delays in maritime shipping.