We estimate that non-farm payroll employment growth picked up to 200,000 in December. And although the unemployment rate may have edged back up to 4.7%, this would still leave it below Fed officials’ estimate of its long-run natural rate. In this context, wage growth is unlikely to remain subdued for much longer.
Become a client to read more
This is premium content that requires an active Capital Economics subscription to view.
Already have an account?
You may already have access to this premium content as part of a paid subscription.
Sign in to read the content in full or get details of how you can access it
Register for free
Sign up for a free account to gain:
- Unlock additional content
- Register for Capital Economics events
- Receive email updates and economist-curated newsletters
- Request a free trial of our services