ROCHESTER, N.Y. (WROC) — As thousands of clogged cargo ships sit stalled on the coasts of the United States, many Americans are seeing a shortage in supplies, and the prices of goods are going up. News 8 spoke to a supply chain expert last week at RIT who said “everything that can go wrong, has gone wrong.”
Friday, News 8 spoke to George Conboy, a financial expert with Brighton Securities, who recently saw the clogged cargo ships off the California coast.
“At least 40 large container ships, each laden with hundreds — perhaps thousands — of cargo containers,” Conboy said.
A lack of workers, mostly on the docks and truckers, means many items are sitting causing a kink in the supply chain. Conboy said many of the items are coming in from overseas. He says if you need something now, buy American.
“Pay a little more, and get them done here in the US.” It’s also a good chance to on-shore some of our production, he says.
And the lack of goods is being felt everywhere. At Ristorante Lucano on East Ave., they’re coming up short on Italian ricotta cheese, seafood, and paper supplies.
“It’s sitting on a ship somewhere waiting to be unloaded,” owner Chuck Formoso said.
Formoso says too many across the country are still aren’t working. “Just sitting at home watching Netflix and playing on their phones, unfortunately.”
And prices, on the rise. People saying that’s being felt with food and gas, worried this is just a start.
“Food items from going out, whether groceries or at a restaurant,” Julio Nieves said.
“I noticed gas, I guess some stuff at Wegmans maybe,” Tyler Devore said.
Conboy says all throughout the supply chain, all throughout the economy, higher prices are rippling out into every corner of it. “And likely that will mean higher inflation, and higher interest rates you can count on that,” he says.
And for holiday shopping, he says to get moving now. Shortages and high prices might be the only gifts we get. “There will likely be bottlenecks on certain goods and certain products at Christmas time,” Conboy said.
Conboy said the economy can recover provided lawmakers don’t interfere with too much regulation in the natural process of our free market system.