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Worldwide Supply Chain Shortages Could Persist Until 2023 as Spending Outpaces Supply

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Fueled by a surge in U.S. household spending that continues to outpace supply, experts said global supply chain shortages and snags may take until 2022 or 2023 to even out unless Americans stop buying so much, the Associated Press reported. Even amid the COVID-19 pandemic, consumer demand has been bolstered by factors like stimulus cash and thriving stock markets, spurring shortages in the U.S. and much of the world.

But consumers aren’t the only ones to blame for the shortages. Companies are ordering and stockpiling more goods and parts than they actually require in fear of running out. This stretches suppliers even thinner and makes it unlikely that they can ever catch up while demand, particularly for goods rather than services, is still roaring, the AP reported.

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