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All the while, businesses continued to lift wages as the worker shortage lingered. Decade-high inflation, then, isn't just a product of higher pay.Reopening saw Americans almost immediately flood the economy with spending. Producers, on the other hand, faced a bevy of hurdles as they rushed to service the wave of new demand.
"Supply chain continues to be extremely challenging in a variety of categories. Having to place orders months ahead of time just to get a place in line," one manufacturing-sector manager told the Institute for Supply Management in a JulyThose higher shipping costs have mostly been passed on to consumers and propped up inflation through the year.
Small-business owners already worry the variant will hinder the economic recovery. Only 39% expect economic conditions to improve over the next year,. That's down from 50% in July and 67% in March, when vaccines had just started to roll out. Viahart is among the firms already raising prices to counter concerns of a future slump. The cost of its plush giraffe rose $10 on profit fears alone, Time reported. Those kinds of cost bumps could proliferate throughout the economy as case counts climb higher and officials reinstate some restrictions to slow the virus's spread.Some of the inflationary surge comes from the simplest rules of economics: supply and demand. Specifically, too little of the former and too much of the latter.
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