New lockdowns in the Chinese manufacturing hub of Shenzen presage more supply disruptions for companies like Apple and higher prices for consumers. Past snafus are one of the reasons that U.S. inflation has surged to a four-decade high of nearly 8%. As items from electronics to cars become ever more expensive, or even unavailable, households will revert to pre-pandemic habits and focus their non-essential spending on services like restaurants and travel.
A worker in a protective suit collects a swab from a resident at a residential compound under lockdown, following the coronavirus disease outbreak in Shenzhen, Guangdong province, China March 14, 2022. Picture taken March 14, 2022. cnsphoto viaNEW YORK, March 15 - New lockdowns in the Chinese manufacturing hub of Shenzen presage more supply disruptions for companies like Apple
and higher prices for consumers. Past snafus are one of the reasons that U.S. inflation has surged to a four-decade high of nearly 8%. As items from electronics to cars become ever more expensive, or even unavailable, households will revert to pre-pandemic habits and focus their non-essential spending on services like restaurants and travel.
In the past two years, cooped-up Americans bought more stuff. For example, spending on durable goods rose 14% in the fourth quarter of 2020 compared with a year earlier,to the U.S. Bureau of Economic Analysis. But spending on services fell 5% over this period. In normal times, services account for about 70% of consumer expenditure so this drop meant more money was squirreled away, especially by wealthier households.
Consumer spending on both goods and services has increased in the past few quarters. Yet rising costs, particularly for food and energy, will lead to a rebalancing. Consumer prices rosein the 12 months to February, according to the Labor Department. Meanwhile, services excluding those related to energy rose by a less eye-popping 4.4%. That will make eating out or booking holidays appear relatively more affordable to those who have money left over after paying for basics.
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