During Wednesday's press conference at the White House, Press Secretary Jen Psaki proclaimed that Christmas has been saved, referring to the slow gains made in the supply chain crisis.
"The President, of course, just met with a number of business leaders and industry leaders about efforts to address bottlenecks in the supply chain," said Psaki. "I think you all saw him give remarks on that as well. But as The New York Times said, today, Christmas gifts are arriving on time this year."
"Good news, we've saved Christmas," Psaki added.
"And that is because President Biden recognize this challenge early acted as an honest broker to bring key stakeholders together. And focus on addressing practical problems across the global supply chain," she continued.
Psaki noted a number of accomplishments the Biden administration has made to alleviate the supply chain crisis.
"The number of containers sitting on the docks at the ports of LA and Long Beach for over eight days have fallen by nearly 50 percent," said Psaki.
Psaki also noted the average amount of time containers sit on docks has fallen by one week.
"The price of shipping a container between Asia and the West Coast has fallen by more than 25 percent since its peak in September," said Psaki.
"And as the President also referenced the stocks on shelves is at about 90 percent — retail stocks on shelves at about 90 percent inventory," Psaki added. "It was about 91% pre-pandemic just to give you a sense so people can go purchase presents even at this point if they haven't done their shopping."
Despite assurances that the supply chain crisis is easing and shelves are filling back up, it does not account for the surge in prices due to inflation.
Prices for both producers and consumers has risen, rising 6.8 percent from the November prior for consumers, and for producers, the final demand index rose 9.6 percent for the 12 months ending in November.
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