California ports open 24/7 to relieve supply chain
At least 81 container ships were sitting in the ports of Los Angeles and Long Beach, Calif., waiting to dock and unload. Another 62 were on standby with an average wait time of up to 10 days. The two harbors accept 40 percent of all shipping containers entering the United States. President Joe Biden met with heads of Walmart, UPS, Target, and unions on Wednesday to address supply chain backlogs. He announced that the Port of Los Angeles would join Long Beach in working 24 hours every day in a sprint to move products along. Major companies like Walmart and Target agreed to accept shipments at night, making it easier for ports and deliveries to operate around the clock. Biden warned other private sector companies to follow suit or else the government will “call them out.”
How does this affect the economy? Shipping delays have contributed to rising product costs since supply has not met demand. The Labor Department released data on Wednesday showing consumer prices have risen 5.4 percent from last year, significantly above the Federal Reserve’s projections. The U.S. Energy Information Administration warned that heating costs are likely to surge this winter if inflation persists.
Dig deeper: Listen to financial analyst David Bahnsen address 2022 economic projections.
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