Economic Activity
161 postsPMIs and the Pandemic Business Cycle
As everyone is watching for signs of recession, some are warning that weakness in surveys like the ISM Manufacturing PMIs indicate an imminent recession. Since expectations play a major (and multi-faceted, as one can have expectations about all sorts of things) role in investment and employment...
Unit Labor Costs are Literally Constructed Using Prices
One argument that the labor market is to blame for high inflation has been the significant rise in unit labor costs during the post-pandemic recovery. The most recent example comes from the ECB:
