Just wait until the end of the year. Businesses are having difficulty. Many are unable to pay rent. It’s an unusual combination of inflation and a labor shortage. The unemployment rate is not necessarily the economic indicator to look at right now, at least not in isolation. The labor participation rate is more indicative of what’s occurring. There are many on the sidelines and not reported in the unemployment figures. When business cannot operate at full capacity due to labor shortages and all other expenses have gone through the roof, then they are unable to generate the revenue to meet basic expenses like rent.
Businesses are having difficulty. Many are unable to pay rent.
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Bloomberg is reporting that “more than 20 million American households have fallen behind on their utility bills, about 1 of every 6 homes”.
That number will worsen down the road IMO, as well as increasing numbers who are unable to pay their rents.