Others do not have enough of their products in inventory to avoid running out of stock. Some businesses report that they have been unable to hire quickly enough to keep pace with their rising need for workers, leading to an all-time record 8.3 million job openings in April. Entire industries that shrank dramatically during the pandemic, such as the hotel and restaurant sectors, are now trying to reopen. While a fast pivot to growth is good news for businesses and workers, it also creates challenges.

Many consumers are making large purchases with savings accumulated during the pandemic, sending new home sales to their highest level in 14 years and auto sales to their highest level in 15 years. With the winding down of the worst of the pandemic, businesses have added jobs at a rate of 540,000 per month since January. These are times of rapid transition for the U.S.

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