The key data - the primary indicator of supply-demand market balance - is price. Slow real wage growth for hourly workers in this cycle shows that there is no general shortage. The other indicators are of far lower quality (ie, complex calculations). https://www.richmondfed.org/research/national_economy/non_employment_index …
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Fed is monetarism. What do you expect?
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The Fed has near-zero role in these labor market dynamics. Real per capita GDP is growing at a slow steady pace with low inflation. That's all they can do, or should do.
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