U.S. Economy Slowed in Third Quarter as Delta Variant Surged

Officials still expect the factors forcing inflation higher to abate as the virus fades and supply chains return to normal, Mr. Powell noted, but he signaled wariness and a recognition that getting back to business as usual could take time.

At 360 Painting, a residential and commercial painting company with 120 franchises across the country, business soared during the pandemic as homeowners looked to freshen up their houses during lockdown. Demand has stayed strong this year, but the company is facing an unexpected challenge: a shortage of paint.

“In 25 years of home service work and painting work, I’ve never seen anything like this where you go into a paint store and they’re out of paint,” said Dave Rychley, the company’s president.

At first, Mr. Rychley said, he expected the problem to be brief. But as it has dragged on, the company has had to adjust, warning customers to expect delays and pushing them to choose paint colors early to make sure they can secure supplies in time. Franchisees have also been raising prices.

“If we’re paying more for a gallon of paint, we’re going to pass that on to the customer at some level,” Mr. Rychley said.

The company is also facing another supply shortage: labor. For many franchisees, Mr. Rychley said, finding skilled workers is even harder than finding paint.

Article source: https://www.nytimes.com/2021/10/28/business/economy/us-3q-gdp-report.html