Supply Chain Snarls Are Temporary, Dimon Says

JPM chief: High US consumer spending will keep economy chugging.


All those container ships waiting off the California coast? And the semiconductor shortages crimping auto production? And the sneaker shortage? All these will pass, and soon, says Jamie Dimon.

“This will not be an issue next year at all,” the JPMorgan Chase CEO told a conference held by the Institute of International Finance on Monday. “This is the worst part of it. I think great market systems will adjust for it, like companies have.”

He cast aside some analysts’ warnings that the global supply chain disruptions will last into next year. Robust consumer spending will pull the economy through, he said.

“Keep in mind, the consumer’s buying other stuff,” Dimon said. “They can’t buy cars; they’re buying home improvement. They can’t travel internationally; they travel domestically. The spend level is very high.” Consumer spending is up 20% since the pandemic started, he noted, adding, “And companies are in great shape—they can continue to spend at these levels for a long time.”

Supply chain disruptions may end up merely elongating the recovery rather than derailing it, Dimon said.

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