Looking back at 2021: what happened and why didn’t supply chains fully recover?
Throughout 2020 and 2021, the U.S. economy experienced a major shift in consumer spending. The boost in household income due to stimulus payments and expanded unemployment benefits paired with health and safety restrictions in the service industry shifted consumer spending from services to goods. This shift led to historically low inventories, all-time-high retail sales, and an increased demand for logistics services. As the year progressed, more stress was placed on the global supply chain — from extreme weather events to ongoing challenges presented by the pandemic — but signs of relief emerged towards the end of the year.
Look back at 2021 with month-by-month updates on the truckload market written by ArcBest experts Brian Beasley, Christian Jones and Chris Carter.