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Massive supply chain shortages emerged in the wake of pandemic lockdowns that shut businesses around the world and kept workers at home.

There were hopes that supply chain issues would start to abate in the first half of 2022 as the effects of the pandemic became contained in more countries. But other events, such as the war in Ukraine, have added new bottlenecks. And with lockdowns in Shanghai and other key cities across China, pandemic-driven snags are hurting supply chains again.

Whether it was Tesla (TSLA) missing key materials for production, asset manager Aberdeen (AABVF) postponing an acquisition due to a lack of paper, or the current baby formula shortage in the United States, supply chain issues have been hurting both consumers and companies as rapidly reopening economies have overwhelmed the system.

Across a wide spectrum of industries, companies have been trying to get a handle on when supply chain logjams will improve, but it's been a moving target virtually everywhere. 

"No one really knows," says Morningstar senior equity analyst Michael Field, who covers shipping and logistics. "Nearly every company has supply chain issues. The number of companies doing anything about it is far fewer."

Field points to a few bright spots. Labor availability has improved in key areas, such as ports, to help move goods across the world. Companies have been signing long-term contracts with shippers to secure transportation, which was normally a buy-it-as-you-need-it market prior to the pandemic, Field says.

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