Latest / The Macro Memo with Fexingo: Daily Conversations on Inflation, GDP, and Federal Reserve Policy
How Wages Are Rising Without Adding to Inflation
Average hourly earnings just ticked up to $37.50, but core PCE inflation is stubbornly at 3.4%. Lucas and Luna unpack a paradox that has economists divided: wage growth that isn't feeding price spikes. They trace the disconnect through productivity data, sectoral shifts, and the Fed's preferred inflation gauge. A close look at whether the labor market can keep delivering raises without reigniting the inflation that central bankers fear most.
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The skinny
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