Compared to 1/1/19, inflation-adjusted US purchases of services has fully recovered, great news. The problem: purchases of goods remain up by almost 20%! Apparently, Covid-19 habits die hard. The US economy is not suffering from anything resembling stagflation. Rather, we are seeing very strong growth bumping up against supply constraints exacerbated by a profound worker shortage, the causes of which are myriad, leading to sharp price increases. (Source: Dr. Elliot Eisenberg, the Bowtie Economist).

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