Supply Disruptions and Bidenflation Afflict Economy, Fed’s Beige Book Says – By John Carney (Breitbart) / Sept 8 2021
Businesses across the U.S are beset by shortages of workers, escalating prices for some goods, the widespread unavailability of key inputs, and an economy that “downshifted,” in July and August, the Federal Reserve said.
“Inflation was reported to be steady at an elevated pace, as half of the Districts characterized the pace of price increases as strong, while half described it as moderate,” the Federal Reserve said in Wednesday’s Beige Book, the periodic collection of information gathered by regional Federal Reserve banks from business contacts throughout the country.
“With pervasive resource shortages, input price pressures continued to be widespread,” the Fed said. “Even at greatly increased prices, many businesses reported having trouble sourcing key inputs. Some Districts reported that businesses are finding it easier to pass along more cost increases through higher prices. Several Districts indicated that businesses anticipate significant hikes in their selling prices in the months ahead.”
The Fed also noted that demand for labor remains strong but “all Districts noted extensive labor shortages that were constraining employment and, in many cases, impeding business activity.”