|
Strong demand for goods has stretched the capacity of an economy
still grappling with the novel coronavirus pandemic, sparking
inflation and political risks for the Democratic president.
"I can't promise that every person will get every gift they want
on time; only Santa Claus can keep that promise," Biden said.
"But we're heading into a holiday season in very strong shape,"
he said, adding he believed store shelves would be stocked.
New data on Wednesday showed rising U.S. manufacturing activity
and hiring but pointed to continued shortages of raw materials,
labor and finished products, contributing to higher prices for
consumers. A widely watched measure of hiring is due on Friday.
The Democratic president, who spent the weeks after his January
inauguration pushing stimulus to increase demand, has spent more
recent months trying to clear port logjams and lower prices on
goods from meat to gasoline.
Now, the Omicron COVID variant has sparked fears that demand
could slow and also keep the unemployed at home.
Biden said he would unveil new steps on Thursday to manage that
outbreak but that they would not include shutdowns or lockdowns
of the sort that pushed the U.S. economy into a recession last
year.
Biden also said that some tightness in supplies are common
during the holiday season, including the 1980s shortage of
Cabbage Patch Kids dolls and of Beanie Babies in the 1990s.
(Reporting by Nandita Bose and Trevor Hunnicutt; Editing by
Franklin Paul and Andrea Ricci)
[© 2021 Thomson Reuters. All rights
reserved.] Copyright 2021 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
Thompson Reuters is solely responsible for this content.
|
|
