With initial jobless claims still running at close to one million per week, it could be argued that, at 8.4% in August, the unemployment rate is not capturing the full extent of the slack in the labour market. But the survey evidence and the job turnover data paint a very different picture – suggesting that there is less slack now than there was coming out of the financial crisis a decade ago, which is a reason to suspect that wage growth and price inflation may prove to be more resilient this time too.
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