The first thing is that all costs have sharply risen for businesses, whether it be wages, inputs or transportation. Costs are up, but we can't always pass them on to consumers.
Debt service has risen as well. For businesses that have loans and lines of credit, what working capital they had is now being used to cover debt and rising costs. That brings me back to the idea of delayed or cancelled investment projects because businesses don't necessarily have the flexibility they need to take action and make planned investments.