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1) The pandemic causes disruptions in supply chains of most industries. 2) Government spending increases with infrastructure spending bill. 3) Federal Reserve increases interest rates.

1) The pandemic causes disruptions in supply chains of most industries. 2) Government spending increases with infrastructure spending bill.

3) Federal Reserve increases interest rates. 4) Labor force participation rates decline as early retirements accelerate in most industries. 5) The price of oil rises and oil is a major resource for most industries.

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