The Beige Book, released eight times annually, surveys the likes of economists, businesses, and community organizations to provide insight into economic conditions across the nation’s 12 Federal Reserve districts. For the last 19 months, pandemic-related restrictions around the world at differing times have caused massive supply chain disruptions as businesses closed temporarily or curtailed production to slow the spread of COVID-19. The situation was exacerbated by strong demand, fueled by government stimulus, and employees’ reluctance or inability to return to work, resulting in labor shortages. The shortages aren’t expected to abate anytime soon. “Troublingly, the availability of supplies has not been improving, and it is not expected to improve much in the near future,” economists at the Federal Reserve Bank of New York reported last month. “Almost no firms indicated any improvement in supply chain issues over the past month, while close to half of service firms and nearly two-thirds of manufacturers reported that conditions had gotten worse.” Have a question, comment, or story to share? You can reach Medora at medoralee@thebalance.com.
