The inflation measures to watch for over the next 12 months
First off, what is “inflation” anyway? Economic inflation is a sustained increase in the general price level of goods and services in an economy over a period of time. While this has been felt by mostly everyone over the past year, it’s also likely to continue for some time. According to November’s Institute for Supply Management Purchasing Manager’s Index, there is now a drop in new orders and hiring. Some are worried that a recession may be on the horizon, but there is always light at the end of the tunnel.
Experts such as Bank of America Institute economists David Tinsley and Anna Zhou are predicting that 2023 will be a time of “cyclical softening” and that in the long term, smart investments and pivots in business will pay off handsomely.
Inflation, while ranking the highest in concerns of small business owners and mid-market firm leaders, is not the end of the world.
The Federal Reserve Bank of New York is enhancing its supply chain data tracking with new "Supply Availability Indexes."