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ULCPI
The BLS's quarterly productivity and cost releases don't make for the most compelling reading, but I do generally try to cover them because they're germane in the current macro environment.
On Thursday, the preliminary estimates for Q3 showed unit labor costs overshot materially, rising 1.9% against expectations for a much smaller gain. Notably, Q2's ULC headline was revised sharply higher to show a 2.4% advance. That tally stood at just 0.4% prior to the update.
The release incorporated the N
Not exactly rounding errors.
Powell should resign and attribute his decision to upcoming change of administration. Some repubs would scream but it’s Powell’s prerogative given his lengthy service, etc. Walk away while the perception of soft landing remains intact. Let someone else deal with lunacy on the horizon.
Pay Gains are good right? Given the ever shrinking savings for the average Joe? Why does it have to cause inflation, can’t Joe just sock it away in a drawer for later?
If you’ve ever met Average Joe in America, you know he’s either too cost-burdened to save or too undisciplined. Either way, the answer to your latter question is “no.”