This article is intended to serve as a follow-up to the #FloorGLI proposal in “Floor It! Fixing the Fed’s Framework With Paychecks, Not Prices.” The official national accounts estimate of gross labor income (GLI) is based on the Quarterly Census of...
Retail sales showed strength in January. As a proxy for gross labor income trends, it confirms both (1) the resilience we're seeing in the labor market...
Summary: Today's FOMC Statement and press conference shows high continuity with the thinking reflected in the December FOMC meeting. The Fed does not appear to be...
Wage growth slowed in Q4 faster than consensus forecasts–-at an annualized rate just over 4%. We already noted in our preview that this would be very consistent...
As we await the Q4 Employment Cost Index (ECI) release tomorrow (forecasting consensus: 1.2% QoQ, 4.9% CAGR; Q3: 1.2% QoQ, 4.8% CAGR), two key...
