The combination of supply chain disruptions and a lack of human workers is wreaking havoc on the industry, causing manufacturers to reevaluate short- and long-term strategies.
Somewhere in the world’s busiest port of Shanghai, a container of fertilizer sits among tens of thousands of boxes, waiting for a ride to the U.S. It’s been on the dock for months, trapped by typhoons and Covid outbreaks that have worsened major congestion in the global supply-chain network.
The number of ships waiting to enter the biggest U.S. gateway for trade with Asia reached the highest since the pandemic began, exacerbating delays for companies trying to replenish inventories during one of the busiest times of the year for seaborne freight.
A supply chain crunch that was meant to be temporary now looks like it will last well into next year as the surging delta variant upends factory production in Asia and disrupts shipping, posing more shocks to the world economy.
Cliff Waldman, chief executive officer of New World Economics, explains how manufacturing labor productivity is measured, and why it’s such an important metric for assessing economic health.
The number of COVID-19 infections is surging in Malaysia, threatening to aggravate shortages of semiconductors and other components that have hammered automakers for months.