JPMorgan Chase Chief Executive Jamie Dimon expressed optimism Monday that the US economy will soon recover from the supply chain problems that have plagued businesses and consumers in recent months.”I should never do this, but I’ll make a forecast,” Dimon said during a virtual appearance at the Institute of International Finance’s annual conference. “This will not be an issue next year at all. This is the worst part of it. I think great market systems will adjust for it as companies have.”
Supply chain jobs issues are a source of growing concern as global economies try to meet growing demand and recover from the COVID-19 pandemic. Executives at several companies, including Nike, have noted that the outages could affect their earnings in the coming months.
Shortages of basic household items such as toilet paper, raw materials needed for construction jobs, and critical technological components such as semiconductors have contributed to higher prices for consumers. In June, the problems prompted President Biden to form a task force to identify and eliminate bottlenecks in US supply chains.
Dimon argued that the problems are unlikely to prevent the US economy from recovering from the COVID-19 pandemic and have not stopped consumers from spending money. The CEO of JPMorgan Chase pointed to recent statistics showing that consumers are spending 20% more today than before the pandemic.
“Keep in mind, the consumer’s buying other stuff,” Dimon said. “They can’t buy cars; they’re buying home improvement. They can’t travel internationally; they travel domestically. The spend level is very high.”
Source: Fox News