The Employment Report: Yellen´s last

Economists call accelerating wages ‘best news’ in January jobs report. However, wage growth for 80% of workers (production & non-supervisory) has been stuck for quite some time. The panel shows what a non-inflationary boom looks like. Low inflation and falling/low unemployment in both cases. However, a real boom sees a robust growth in hourly and weekly earnings. During Yellen´s tenure, the overall labor force participation rate remained flat as a pancake after dropping significantly following the Great Recession. Meanwhile, prime age worker participation showed a slight increase halfway through her mandate but has flattened again. There was nothing special about…

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