Michael Hicks, an economist at Ball State University, said “theisn’t broken.”
“It’s mostly just stretched,” he added.
According to a report, ports were closed at near capacity for a long time, and there is also a lack of truck drivers—required to transport items. Therefore, it should be no surprise that almost every company is dealing with shortages to some extent.
Elkhart manufacturing companies have been complaining about the supply problems and the labor shortages they’ve faced for over a year. Even though they’re making and boats at record-breaking numbers, the majority are experiencing a backlog of orders that will last through the rest of next year.
The search for employees, high demand for services, and the possibility of having to find parts could mean waiting times of up to several weeks, as per Jay Basney, general manager of Basney Honda in Mishawaka.
“It could be more than a month if it’s a part with computer chips,” Basney said, adding that the problems have caused stress for customers, as well as Basney employees who work with them. “We’re doing everything we can to keep people happy.”
Apart from the chips that computer manufacturers use to produce vehicles, many of the issues that people might be experiencing appear to be somewhat inconsistent from week to week. This makes it particularly difficult for restaurant managers who may be dependent on particular items for their menus.
However, Harman said he’s already observed some improvement in the supply issues affecting restaurantacross the nation. He anticipates things to get better next year.
Hicks is expecting the same after the festive season. However, there could be some cost increases to cover increased labor costs. “The great thing about our system is that there are built-in incentives for solving these types of problems,” he said.
In the meantime, consumers must be patient, and business owners must be flexible.
“You’re not surviving if you’re not flexible,” he said.