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July 6, 2021

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Hi Everyone,

Now, I know that yesterday was a federal holiday in the U.S., so I can certainly understand how some service providers might provide their customers with delayed replies.

However, an experience I had yesterday, where I received a response that "we can't assist with this issue," gave me a general feeling (something I can't prove) that the level of service across many industries has dropped dramatically.

I want to note that I don't blame this on the customer service representative who gave me the reply.

For them, it's just a job, and I'm just a complaining customer making their life difficult.

The burden of quality assurance goes on the organization who is responsible for training the reps who face the customers.

All the good jobs I ever had took the time to train me, and the bad ones did not.

However, I'm not even sure this can be put squarely on any managers either. Instead, it may simply be a sign of the times and the constrained economy.

Last week, an entire McDonald's reportedly staff walked off the job, leaving the following sign on the door. ...

The story of this particular branch of McDonalds will sound different depending on who you hear it from, but the one thing that seems clear is that the restaurant was being run by kids who lacked the tools needed to do their job and were not receiving the necessary assistance from the firm.

Peak velocity

The talking heads on financial television seem to be saying the exact same thing, though they don't seem to be able to express it in real-world terms, just data.

For example, today we received The Institute for Supply Management's June Services PMI, which showed that after a record-breaking May, the following took place. ...

I'll give you three guesses as to what kind of constraints caused the cooling, and the first two can't be "labor shortages."

To be fair, raw materials have also been cited by the report as a concerning factor in addition to labor, but whatever the reason, it seems the U.S. economy has hit some kind of peak velocity.

We can always trust that the Federal Reserve will try and throw more money at this problem. :D

Have a wonderful afternoon.

Mati Greenspan

Analysis, Advisory, Money Management