'Bottlenecks have been more persistent and prevalent,' than predicted and they're expected to persist well into next year, Federal Reserve Chair Jerome Powell tells reporters after the Federal Reserve meeting today.
Labor shortages, and the supply of building materials complicate the picture further. The labor markets are tighter than normal because 3.1 million people have exited the workforce since the beginning of the pandemic, accounting for more than the difference between open jobs and available workers.
As I suggested recently, the post-pandemic period is much more akin to a post-war environment where returning laborers, after a profound disruption in their lives, are demanding better pay, better working conditions, more flexibility and more job security.
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