S&P Global Chief Economist Williamson: The US inflation situation is also changing. During the pandemic, manufacturing prices soared due to strong demand and worsening supply, but now it is the service sector's turn to raise prices due to a recovery in demand and an inability to cope with the inflow of orders due to insufficient production capacity. Employment growth has accelerated as service providers seek to meet demand, but it is worrying that labor market tightening will trigger further inflationary pressure when demand is strong.