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Dec. 22, 2021, 3:37 p.m. EST

‘The much-predicted crisis didn’t occur,’ Biden says about pre-holidays supply-chain problems

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Robert Schroeder

President Joe Biden on Wednesday gave a positive take on supply-chain worries with just days remaining before Christmas, saying gifts are being delivered and store shelves are stocked.

“The much-predicted crisis didn’t occur,” Biden said as he convened a meeting of his supply chain task force. “Packages are moving,” he said, touting his administration’s actions he said it took amid warnings about a “crisis around the holidays.”

The White House has taken steps including pushing ports to speed up handling of containers , and the president has met with retailers including Walmart /zigman2/quotes/207374728/composite WMT +0.86% and Best Buy /zigman2/quotes/205918291/composite BBY +2.42% , getting assurances that supply-chain problems are easing.

Read: Biden holds Cyber Monday meeting with retail CEOs to discuss inflation, supply chains

While he touted progress, Biden did not declare supply-chain problems fully resolved — a view echoed by one of the meeting’s participants, FedEx /zigman2/quotes/203047719/composite FDX -1.37% Chief Executive Fred Smith.

“The supply chain issues are not all solved,” said Smith. “But there’s a lot of effort underway to solve them, and we’re optimistic that people will have a good peak season and most of Santa Claus’s products will be delivered to the consumers.”

Supply-chain worries are still evident among businesses and consumers. Nine of 10 retailers anticipate revenue will continue to be impacted by supply-chain issues for at least the next six months, according to a survey conducted by Sapio Research on behalf of Coupa Software Inc. /zigman2/quotes/209884077/composite COUP +4.15% .

See: Supply-chain issues to bedevil retailers through 2022, according to survey

Also read: Is Fido finicky? Pet food gets hit by supply-chain disruptions

Biden’s latest meeting came as he and his administration are grappling with the omicron variant of COVID-19, which is threatening to disrupt stressed supply chains further . On Tuesday, the president rolled out a series of new steps to combat the pandemic, including free COVID tests.

Now read: ‘This is a critical moment,’ Biden says, while rolling out free, at-home COVID tests as omicron spreads

Republicans, eyeing next year’s midterm elections, have assailed Biden and his fellow Democrats over historically high inflation and supply-chain issues. The Democratic National Committee, meanwhile, sent out on Wednesday a New York Times article explaining why Christmas gifts are arriving on time — with the DNC titling its emailed message, “Poof goes another Republican talking point.”

/zigman2/quotes/207374728/composite
US : U.S.: NYSE
$ 122.63
+1.05 +0.86%
Volume: 5.82M
July 1, 2022 4:00p
P/E Ratio
26.35
Dividend Yield
1.83%
Market Cap
$336.15 billion
Rev. per Employee
$250,440
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/zigman2/quotes/205918291/composite
US : U.S.: NYSE
$ 66.77
+1.58 +2.42%
Volume: 2.87M
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P/E Ratio
7.40
Dividend Yield
5.27%
Market Cap
$15.03 billion
Rev. per Employee
$483,533
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/zigman2/quotes/203047719/composite
US : U.S.: NYSE
$ 223.61
-3.10 -1.37%
Volume: 2.59M
July 1, 2022 4:00p
P/E Ratio
14.73
Dividend Yield
2.06%
Market Cap
$57.95 billion
Rev. per Employee
$323,529
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/zigman2/quotes/209884077/composite
US : U.S.: Nasdaq
$ 59.47
+2.37 +4.15%
Volume: 1.15M
July 1, 2022 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$4.49 billion
Rev. per Employee
$245,361
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