How to have your cake and eat it too
In Q1 2021 unit labor costs up 1.6% YOY.
https://fred.stlouisfed.org/series/ULCNFB
April average hourly wages actually lower than a year earlier, although April 2020 had a bump.
But even selecting the "low" month of June 2020, wages are up less than 3% YOY.
https://fred.stlouisfed.org/series/CES0500000003
FRED charts.
Personally I hope for a couple generations of "labor shortages"...and a serious reduction in property zoning.
For large swaths of the nation, housing is the killer.
Question: is there a correlation between Turchin's Elite Production against wage, employment, income inequality, and inflation?
In Q1 2021 unit labor costs up 1.6% YOY.
https://fred.stlouisfed.org/series/ULCNFB
April average hourly wages actually lower than a year earlier, although April 2020 had a bump.
But even selecting the "low" month of June 2020, wages are up less than 3% YOY.
https://fred.stlouisfed.org/series/CES0500000003
FRED charts.
Personally I hope for a couple generations of "labor shortages"...and a serious reduction in property zoning.
For large swaths of the nation, housing is the killer.
Question: is there a correlation between Turchin's Elite Production against wage, employment, income inequality, and inflation?