Harsh Truths About 2024 and the Future of the U.S. Economy
Plain English with Derek Thompson
Caution in Labor Market Cooling
Real wage growth has been positive in recent years, but there are signs of cooling in the labor market, with increasing unemployment rates, declining hires and quits, and slowed wage growth, particularly in services. The possibility of a continued rise in unemployment rates due to Fed's restrictive measures is a valid concern. Central bankers are tasked with worrying about various factors such as inflation and supply shocks. The direction towards a cooling labor market indicates the need to consider the potential for further deterioration, as seen in past recessions.
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