The Role of Labor in Inflationary Trends

I think as this cycle matures right now you're seeing it in PPI's the wage boogie man has not hit yet I think. The biggest area that's going to be really tricky are companies that have a very high labor component like airlines, cruise lines and even some of the operator hotels. It also trickles down into the amazons of the world where think about how much labor goes into fulfillment so the I think wages are taken for granted because we've had 40 years of disinflationary trends for median and low-end wages.

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