The CEO of Optimax Systems Inc. believes that the post-Covid economy will bring lasting changes to various aspects of the business, including labor markets and supply chains. While some changes are seen as permanent, Federal Reserve Chair Jerome Powell remains cautious about drawing conclusions.
For Rick Plympton, there’s no going back to the pre-Covid economy. The chief executive officer of precision-lens maker Optimax Systems Inc. sees “shifting sands” in many aspects of his business. It’s tough to find enough workers, prices of key inputs are more volatile and there are longer lags between ordering equipment and having it show up on the Ontario, New York firm’s shop floor.
There’s also strengthened support in Washington for the US chip-making industry — which uses Optimax lenses — as politicians take in an altered geopolitical landscape. Many of these changes aren’t temporary, in Plympton’s view. Tight labor markets “are going to be with us for decades,” he says. But Federal Reserve Chair Jerome Powell isn’t ready to be so conclusive. “The pandemic is still writing the story of our economy right now,” he told House lawmakers March
Optimax Systems Precision-Lens Maker Post-Covid Economy Labor Markets Supply Chains Federal Reserve Jerome Powell
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