SUNBURY – Thanks to the pandemic, scarce parts, materials and workers; the previous worker shortage, abundant money to spend, and many Americans who aren’t interested in available jobs…the US economy is slowing. Dr. Jimmy Chen, a Bucknell economist said a huge pent up demand for consumer goods is causing scarcity of many products, “Most retailers are trying to replenish their inventory that been depleted last year. They are also trying to have a lot merchandise coming from overseas”
With demand high and prices rising, many shoppers and businesses will be affected, “We are worried about getting through to the next month. Also many small and median businesses are worrying their livelihood.”
Long term, he says bringing oversea businesses back to the US can be a solution, but not for the time being, “It’s going to be at least 18 months or two years or longer to even make that work. So that is reassuring in people’s minds but it cannot fix the short term problem.” He says in many ways, we may have to become a little more patient.
You can hear Dr. Chen discuss the worker shortage at length on the WKOK podcast page.