One of the most telling economic indicators is suppliers’ delivery times. They represent the amount of time between a business placing an order for stuff and when that stuff eventually gets dropped off.

Longer delivery times are a pretty reliable predictor of inflation heating up. It’s also a sign that demand in the economy is robust.

According to a new report from IHS Markit, these delivery times are the longest on record.

This isn’t exactly breaking news. There are headlines and images about supply chain bottlenecks everywhere. And TKer subscribers got updates on inflation surges here and here.

But it’s worth stressing the indisputably good economic force that got us here: demand.

Demand is a high-quality problem