Office entry card swipes are down 50 percent from pre-pandemic levels in large cities, and office vacancy rates are up nationwide, from 12 percent in 2019 to 16 percent in the fourth quarter of 2021. The increases have been larger in urban areas, and particularly in the downtown areas of big coastal cities. We’ll need to see if people continue working from home.
Indeed, Group of Seven world leaders at their 1977 Economic Summit identified inflation as a cause of unemployment.