As the evidence keeps pouring in that the U.S. is still mired in an inflationary economy, the possibility that the Federal Reserve will be1.2 percent in the first quarter, the Bureau of Labor Statistics reported Tuesday. That’s an acceleration from the prior quarter’s 2023 pace of 0.9 percent andcompensation costs rose at a pace of nearly 4.8 percent
The expectation for the April employment report is for 250,000 jobs. If that’s right, the three-month moving average will fall to a still sky-high 274,000. Barring downward revisions to earlier months, any reading above January’s 256,000 will mean that the three-month average will increase., which would yank the three-month average up to 283,000.This was not how things looked like they were going to go just a few months ago—at least in the view of establishment economists and Wall Street.
The, the economy is broadly normalizing, and so is the labor market. And that process will probably take some time. So wage setting is something that happens—it’s, it’s—you know, probably will take a couple of years to get all the way back. And that’s okay. That’s okay.
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