Layoffs at record low, “quits” near record high with huge number of “hires,” amid massive churn as people go job-hopping.
Wages Surged, But Raging Inflation Crushed the Purchasing Power of those Wages.
A soft landing, cushioned by excesses, for an economy that has gone nuts.
Rents, houses, used and new vehicles, gasoline, groceries, forget it, hahahaha
Is the collapse of the formerly high-flying stocks bringing day-traders back into the labor force?
Production and nonsupervisory employees had biggest year-over-year wage gains since 1982, but they too were outrun by inflation.
The Pandemic wreaked havoc on seasonal patterns; and “seasonally adjusted” numbers misfired. We knew that since mid-2020. Today some of it was resolved.
Even Powell is now citing this mind-boggling data to justify tightening.
Another testimony of the massive changes in society and the economy. But losing some of the enormous steam.
The Fed finally sees it too.