In the U.S. retail sales in November 2021 were 23.5% above November 2019 levels, according to the International Airport Transportation’s January report.
While supply chain disruptions clearly impacted demand, IATA says as far as air cargo goes, “Capacity remains constrained with bottlenecks at key hubs.”
IATA is referencing November 2019 as a benchmark because “… comparisons between 2021 and 2020 monthly results are distorted by the extraordinary impact of COVID 19.”
In our Transportation feature, key players in the industry share their thoughts, their challenges, the effect of supply chain disruptions and their strategies — all important to consumers at the ends of the chain.
One businessman told me that he won’t know how long a crucial part for a machine will take to reach him by air freight until the part reaches his shipper. While the part is on its way by air delivery service, that delivery is delayed.
His life is complicated by a company that won’t ship directly to the islands. The company he had to source the part from only sends parts within the U.S. mainland, the businessman says. This is costing him revenue. Tracking the part is not improving his morale either.
We approach economic issues from a variety of ways in this issue and have also reached out to leading executives to give forward-looking opinions from their islands and business sectors.
Pandemic or no pandemic, commerce must not only continue, but needs governance that will help, not stifle economies.
COVID and its impact is still with us, not least of all through inflation. In the U.S. inflation is rising above 6%, financial experts say. In the islands the cost of living and doing business is moving upward also, which I probably don’t have to tell you.
In our snapshot of the banking and finance industry, we’ll gain insight also. Some businesses may have been fortunate or wise enough to maintain a strategy of keeping a reserve.
For others it’s too late to “save the pennies.”