re: Latest Updates: Russia-Ukraine Conflict

You start at 1985 not 1980 when interest rates were close to 20% Those rates matter a lot. All you have to do is look around and see all the toys and gadgets people have today compared to even 1990 to see even hood rats are better off materially. The housing market took off around 2001 when the Fed dropped rates from 6% to under 2% in just over a year.

Industrial sales for me (the company I own) were good in 2022 because interest rates were near ZERO so cost of money was cheap for manufacturers. They were able to modernize and expand as a result. Now the biggest problem with fabrication for refining and chemical processing in the USA has been the boomers retirement party. It's been looming since 2000. There are definite labor shortages where blue collar skills are needed. Fabrication yards have about 50% of the labor they need to build everything they could take orders for and be profitable. Industrial contractors have had to offer guaranteed overtime, travel expense (per diem) to locals, just to get enough workers and at double the base pay from 2000.