We can’t find what we want but we’re buying more stuff than ever. Here’s where all the workers have gone. A lot of houses are under construction.
Experts talk about chip shortages, COVID related shutdowns and a lack of truck drivers to explain supply side issues. However, one important point not discussed as much is that demand for goods is running 15% higher than before the pandemic. It doesn’t help that every news outlet is telling us to buy our Christmas gifts now.
Help wanted (J.P. Morgan)
The most comprehensive and easiest to follow explanation I’ve seen of where the ~7.5 million missing workers went and how many of them may not come back.
Most housing units under construction since 1974 (Calculated Risk)
With house prices up 15% – 20% an increase in building was to be expected. But the most in 47 years is still surprising. The author points out that part of the reason for this is due to supply chain disruptions. It’s taking longer to complete a house.