SummaryFriday's Q3 ECI release showed a modest slowdown in the pace of wage growth. Coupled with what we already knew about Q3 employment growth, we are continuing to see a slower—though still highly respectable and resilient—pace of gross labor income...
As of the first quarter of 2022, we have effectively recovered the jobs and wages lost to the pandemic-induced recession.
If we are trying to describe the nature of the real constraints that the economy has been facing over the past 6-12 months, we need a richer economic vocabulary than one that reduces every inflationary constraint to a domestic labor constraint.
This is meant to be a quick "micropost" and may be light on linking & original charts I was recently quoted saying that oil prices surging past $150...
