Federal Reserve Bank of Boston | bostonfed.org |
Underlying strength in the economy—Resilient labor markets
▶ Employment growth (green line,
3-month
average=205k)—appears quite
resilient
▶ Striking, given very low
unemployment (magenta line)
▶ GM strike shifted jobs between
Sep/Oct and November
▶ Wage growth (not shown) picking
up, but gradually—3 to 3.5%
▶ All anecdotal contacts suggest
labor markets are tight
▶
Emp.
Growth
→
Sources: Bureau of Labor Statistics (employment, unemployment), Haver analytics.
Bank Administration, 7 January 2020
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