Supply shortages and emboldened workers: A changed economy
Associated PressEmployees at a fast-food restaurant in Sacramento, California, exasperated over working in stifling heat for low wages, demanded more pay and a new air conditioner — and got both. U.S. workers, having struggled for years to achieve economic gains, secured better wages, benefits and working conditions — and the confidence to quit their jobs if they didn’t get them. Capital Economics calculates that households in advanced economies like the United States and the European Union were holding “excess savings’’ at mid-year of $3.7 trillion — the amount above what they would likely have saved if the pandemic had never happened. “The sharp rise in sea freight has eaten into manufacturers’ profits and ours,” said Max Chen, general manager of Makefigure Co., a toy exporter in the southern Chinese city of Shenzhen. Keeping European workers on company payrolls, he noted, made it “much more seamless to reopen the economies in Europe because basically people just went back to their old job.’’ American companies, by contrast, had to call back employees they had laid off or find new ones.
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