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.
Subscriber content
Read this in full, free
Start a free trial and use one of your 10 free starter credits to unlock this piece.