- The Covid vaccination rate hit a saturation rate in most developed countries leading to more hospitalizations for the delta variant.
- International freight prices have skyrocketed, and we reached new record congestion at the LA port.
- Transportation has a strong effect on prices, and CPI remains elevated.
- Personal consumption expenditures shift strongly towards new goods instead of services. While services recently broke their pre-pandemic level, goods skyrocketed.
- The labor force participation rate is 2% lower compared to the pre-pandemic level.
For further details see:
There Will Be No Reopening Trade 2.0