Manufacturers will have to lift production in 2020: Economist
First Trust Advisors chief economist Brian Wesbury and Ladenburg Thalmann Asset Management CEO Phil Blancato discuss the tactics companies are employing to fill vacant jobs.
Follow economic news for any length of time, and you'll run across the term "supply chain" sooner rather than later.
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If it seems mysterious, it isn't. In fact, it's one of the somewhat rare terms in economic and financial jargon that sounds exactly like what it is, as long as you don't interpret it literally enough to include a series of metal hoops looped together.
A supply chain is the network of people and vendors who deliver the parts used in a company's finished product. While it's admittedly more complex for a company like Boeing that needs components from airplane seats to engines and tires, the concept is no different when applied to a hobbyist who makes, for example, custom birdhouses.
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In the latter case, the supply chain might include lumber from Home Depot, nails from Lowe's and paint from Target. And it could be disrupted if the closest store operated by one of those companies were to close or it stopped carrying the particular type of wood or paint the birdhouse-maker preferred.