The current state of inflation and the job market. As the economy tries to heal from post-pandemic chaos, supply chains have had trouble catching up to rising consumer demand causing enormous inflation. In June 2021, the Consumer Price Index rose to 5.4%; this is the largest increase since the 2008 recession. Demand has increased due to current vaccination rates, lock downs being lifted and now, rising consumer spending on goods and services.
On the other hand, unemployment remains high at 5.9% even though many businesses have bounced back and are eager to hire employees. However, there are still millions of Americans that have willfully not returned to work, causing issues in the supply chain. A survey determined that 42% of employers could not find qualified candidates to fill their open positions.
There are several reasons many are reluctant to return, such as:
This has led to businesses having to slow or stop certain operations, like restaurants closing a section off due to lack of table service, delivered goods taking longer to arrive than usual or taking on less work, projects, etc.
Specifically non-core operations like accounting. Small business owners have had a rough year. Between PPP loans, losing revenue and staff, it’s no wonder many are cutting back on costs as much as possible. Outsourcing your accounting can save you time and more importantly, money. With a dedicated outside accounting team, business owners can worry less about their books and more no nurturing growth during a vulnerable time. Save money on hiring, training and purchasing expensive software.
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