I also anticipate that the recent surge in energy prices, which contributed about 1/2 percentage point to the March 12-month headline PCE reading, will fade over time, although recent pipeline disruptions add some uncertainty. It is much more difficult to predict the size and duration of supply-side bottlenecks and how these will interact with the pattern of demand to feed through into inflation.
The production of certain semiconductors may take some time to ramp up, and  For example, during 2019, after the recovery had matured and the unemployment rate had reached 4 percent, total nonfarm payrolls increased by an average of 168,000 workers per month, or roughly 2 million workers per year.