Discover more from Stay-At-Home Macro (SAHM)
The Phillips Curve is dying a slow (and not painful for us) death
Here are the facts:
In January 2023, the U.S. economy added 1/2 million jobs. The best way to solve a labor shortage is with labor. That’s as true now as it was last year.
The unemployment rate is 3.4%, the lowest in over 50 years. The Sahm rule moved down to -0.1 percentage point. We are not in a recession. And that’s good!
Ok, I get it. Inflation remains too high, and we are not on a glide path back to normal. But let’s take today to celebrate a win for workers. A job-full recovery means a lot.
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