The CFO survey, released Thursday, was compiled by Duke University’s Fuqua School of Business and the Federal Reserve Banks of Richmond and Atlanta.
In addition to the broken supply chain, the executives said hiring is an “even more pressing concern.” About 75% of respondents said their companies are having difficulties filling open positions, which is prompting most of them to raise wages by about 10% to fill vacancies.
Around the world, ports are congested as a result of the rapid rebound in demand for commodities and goods as much of the global economy has recovered from the pandemic. In turn, shipping costs have soared, and companies wanting to move goods around are struggling because there just aren’t enough ships or containers available.
All the while, prices are going up for consumers.