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- Title
Inside the Numbers of the July Jobs Report.
- Authors
BAKER, DEAN
- Abstract
Some of us may not care much about the Fed's inflation target, but Jerome Powell and the Fed care, and they will likely raise rates to try to slow the pace of wage growth. This means that workers likely again came out ahead of inflation in July, although the Fed may consider the pace of wage growth to be too rapid, and use it to justify further rate hikes. The 4.9 percent annual rate of wage growth shown for the last three months in the Average Hourly Earnings (AHE) series, is around 1.0 percentage point higher than what would be consistent with the Fed's 2.0 percent inflation target.
- Subjects
EMPLOYMENT statistics; CONSUMER price indexes; WAGE increases; CONSUMPTION (Economics); REAL wages; PRICES
- Publication
CounterPunch, 2023, p1
- ISSN
1086-2323
- Publication type
Article