2021-12-06-牛津经济研究院-US_Supply-chain_snags_loosened_a_bit_in_November_2页_228kb

US Supply Chain Conditions in November 2021

Supply chain pressures eased moderately in November, with transportation bottlenecks improving but remaining the primary constraint. Despite inflation easing on some fronts, such as raw materials for non-durable manufacturing and wholesale services, costs stayed elevated, particularly for durable goods at 60% year-over-year. Inventories rose but were still inadequate to match sales pace, maintaining an extreme imbalance between raw materials and finished goods. Labor demand surged, with high job openings and overtime hours, indicating a persistent gap between supply and demand, while Omicron posed a risk to resolving supply chain issues. Production activity increased, reducing spare capacity as firms worked through backlogs from Hurricane Ida. Los Angeles and Long Beach ports remained congested, with shipping costs declining monthly but still significantly higher than pre-Covid levels.