© Reuters. FILE PHOTO: A Cracker Barrel restaurant displays a “Now Hiring” sign in Tampa, Florida, U.S., June 1, 2021. REUTERS/Octavio Jones
WASHINGTON (Reuters) – Shortages of materials and “difficulties in hiring” are holding back the U.S. economic recovery from the coronavirus pandemic and have driven a “transitory” bout of inflation, the Federal Reserve said on Friday.
“Progress on vaccinations has led to a reopening of the economy and strong economic growth,” the U.S. central bank said in its semiannual report to Congress on the state of the economy. However, “shortages of material inputs and difficulties in hiring have held down activity in a number of industries.” The report will be the subject of hearings in Congress next week.
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