https://twitter.com/arindube/status/1611364452011769856?s=20&t=RRUZcgZuop8GcvDfbz16bQ
With consumption of services in September
just 8 % below pre-pandemic level. The combination of rising spending on
services, spurred by pent-up demand and strong household finances, and firms
facing challenges in increasing hiring has meant upward pressure on wages and
prices.
four out of five American workers in the
private sector are employed in the service economy. Early in 2020, employment
in the services sector fell 17 percent, while employment in the goods sector
fell only modestly less, by 12 percent. And employment has only just recovered
to pre-pandemic levels in recent months
To be sure, the decline in services employment was far larger than in the goods sector,
For decades the service sector has driven the economy and the recent rebound in the service sector continues to drive economic growth
50 percent of small business owners reported difficulties in filling job openings, roughly 20 percentage points above the historical average (Dunkelberg and Wade 2022). Firms’ difficulty hiring workers is likely to slow down the recovery of service-sector businesses, which are relatively labor intensive.
Many small businesses also reported
difficulties with the availability of supplies or inputs. This was particularly
true for small businesses in manufacturing, construction, and retail, with
roughly 50 percent of businesses in each industry reporting trouble with
supplies and inputs in the Pulse Survey
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