Asia, the world’s factory floor and the source of much of the stuff Americans buy, is running into a big problem
The UnAvailable streetwear garment factory in Ho Chi Minh City, Vietnam.
Nike, which makes most of its shoes in Asia, flagged in June that its product costs had gone up because of higher labor expenses. In China, factory wages rose 122% from 2012 to 2021, the latest period for which the U.N. data is available. “For U.S. consumers that have been used to having goods at a certain and relatively stable part of their disposable income, I think that foundation is going to have to be rejiggered.”Kham/Reuters
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