Despite a willingness to pay workers more, many firms are having trouble filling vacancies. Nearly half of American companies complain that they are finding it difficult to fill one or more jobs. “It is hard to tell how much it costs to hire someone because you can’t find anyone,” sighs Mr Goldman. His “help wanted” ads often go unanswered; many of those who respond fail to turn up for interviews. Given Americans’ apparent reluctance to get back to work, whether because of continued fears of covid-19, generous unemployment insurance, or both, wages may have further to rise.

If inflation does prove stickier, some companies will contemplate shifting production to places with more plentiful and cheaper labour. All three firms advised by Mr Tayur, for example, are pondering whether and where to move, within America and farther afield. Others may want to get rid of human workers altogether. America Inc has ramped up business investment by 15% this year. Part of this is going towards automation, and not just in manufacturing. Erik Gordon of the University of Michigan’s Ross School of Business points to restaurant chains, some of which are installing automatic grills and developing apps that enable diners to place orders remotely rather than at the counter, which allows fewer staff to focus on making and serving food. As hotels reopen, robot floor-cleaners are becoming more common.

Many such productivity-boosting investments make good business sense even in a low-inflation world. That is the outcome which many chief executives will still be hoping for. It is certainly what policymakers are banking on. In the 1980s the Securities and Exchange Commission required companies to publish balance-sheets and income statements both in nominal terms and adjusted for inflation. This requirement has been watered down over the years. In November the markets regulator appears to have all but binned the last explicit vestige of it. It would be ironic if this now proved premature.

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