US imports are at record levels at some ports, and Americans are breaking shopping records, too.
Claims that the US is running short on everything miss a key point. Record imports are part of the reason for the epic supply-chain congestion.
. Yet claims that the country is running short on everything miss a key point. America has, in fact, imported an immense amount of stuff in the past eight months. And that's part of the reason we're in the midst of an epic supply-chain congestion.
Video: Where 6 things go after they're discardedWe imported more stuff ... then we bought itTo understand the situation, consider the country'sinventory to sales ratio. This metric, tracked by the US Census Bureau, compares how much stuff sellers have on hand to how much stuff consumers are buying. The ratio is at a 10-year low, which indicates that we're low on stuff.
But the Port of Los Angeles reported a 30% uptick in incoming cargo in the first nine months of this year. (Important note, most of nonfood goods sold in the US come from abroad.) The Port of Charleston, South Carolina, has been breaking all-time records since March. Prologis, a major industrial real-estate player, is headtopics.com
"effectively sold out"of warehouse space. All of that means that the inventory to sales ratio isn't low because the US is short on stuff. It's low because sales have gone completely nuts. Story continuesIn the first nine months of 2021, retail sales were up 14.5% over the same period in 2020 - a year in which retail sales jumped 8% over 2019. The NRF expected to end the year with sales up 10.5% to 13.5%. Lots of imports and even more spending have driven the inventory to sales ratio down because businesses imported a lot of stuff, and then Americans bought it.
"Today's retail sales data confirms the power of the consumer to spend, and we expect this to continue," Matthew Shay, NRF's CEO, said in a statement.What do we do now Read more: Yahoo Singapore »
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