U.S. economy rebounds as delta fades. ISM survey hits record high
The numbers: Restaurants and other service-oriented companies saw business grow rapidly in October as coronavirus cases fell nationwide, showing the U.S. economy is speeding up again even in the face of persistent labor and supply shortages.
The increase was much bigger than Wall Street expected. Economists polled by The Wall Street Journal had forecast the ISM services index to total 62%. The biggest worries now are shortages of both workers and supplies. Companies can’t find enough people to hire or get enough materials to produce as many goods and services as they would like to sell.The shortages have spawned the biggest surge in inflation in 30 years and threaten to draw out the U.S. recovery, especially if prices continue to grow faster than wages.
Firms are rushing to adopt more automation to speed things up, but ongoing labor and supply shortages have raised costs and made it harder for them to meet demand. The backlog of unfilled orders also hit a record high.
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