For many Americans shortages and rising prices are a new and unsettling experience. It probably explains why, despite a tight job market, many have a dim view of economic conditions. Many parts of the supply chain have become slower and more expensive and we all feel the effects. We see this in the freight costs for long-haul trucking, which took off in 2020 and has been rising fast since. There are many reasons why including fewer trucks on the road, fewer drivers, and high fuel costs, none of which will be resolved quickly or easily.

Source: FRED

Allison Schrager is a senior fellow at the Manhattan Institute. Follow her on Twitter here.