U.S. manufacturers grow in August at faster pace, ISM finds, but shortages are a big obstacle
The numbers: Delta has added fresh stress on the U.S. economy, but companies face an even bigger hurdle in finding the supplies and workers they need to keep pumping out goods.
Big picture: Businesses have plenty of demand, even with delta spreading across he country. The biggest problem are broad shortages of supplies tied to the unprecedented Covid disruptions in the global economy and an explosion in pentup demand after the U.S. mostly reopened this year. “Labor is still an issue,” said an executive a maker of plastic and rubber products. Other executives also reported the same problem.
In the meantime businesses and consumers can expect to pay higher prices spawned by the shortages. Inflation in the U.S. is running at the highest level in 30 years, based on the Federal Reserve’s preferred price barometer. A gauge of employment also turned negative again. Fiore said it’s a struggle to find workers and delta has caused an increase in absenteeism, making it harder for companies to keep production lines fully staffed.
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