Bidenflation Still Burning White Hot Throughout Services Sector

Inflationary pressures continued to rise in the services sector in July, surveys of business executives showed Wednesday.

The prices index of the Institute for Supply Management’s survey of executives in services businesses rose to 82.3 percent, up 2.8 percentage points and the highest level for its price index since 2005.

“Costs have risen dramatically in the last 45 days. Lodging, fuel, travel and supplies are all rising sharply. Costs for available labor are also rising, as demand increases in a diminished labor pool,” an executive in the construction industry said.

Far from being contained to just a few areas, all seventeen subsectors watched by ISM reported paying higher prices for goods and services used in their business.  The biggest price increases were in Arts, Entertainment & Recreation, followed by Real Estate, Rental & Leasing, Mining, and Retail Trade. The smallest were in Professional, Scientific & Technical Services.

A separate survey by IHS Markit also found that high inflation is ongoing.- READ MORE

Related Articles

(PREMIUM) PAINE IN THE MORNING: 13 things you need to know this Tuesday – June 21, 2022

There is also an ad free audio version of this episode you can listen to HERE “We’re Barely Making It”: Furious Farmer Goes Viral Explaining Why Food Prices “Are Going To Go Up” – Last week we noted how US farmer sentiment plummeted in May – as producers have become anxious about their farm’s financial health.…

To access this post, you must purchase The Hot Wire, The Hot Wire (DG), Monthly Supporter​ or Monthly Supporter​ (DG).

(PREMIUM) PAINE IN THE MORNING: 14 things you need to know this Monday – October 11, 2021

There is also an ad free audio version of this episode you can listen to HERE. The ‘Shortage Economy’ Will Hit Us Just in Time for Christmas –  According to economists, we’re at the beginning of a “shortage economy” where shortages of goods like electronics and clothing will become commonplace. Yes, the pandemic is partly…

To access this post, you must purchase The Hot Wire, The Hot Wire (DG), Monthly Supporter​ or Monthly Supporter​ (DG).

Responses