Fed officials, chief among them Chair Jerome Powell, have singled out hiring and wage trends in the broad service sector as central to their outlook for inflation and, therefore, monetary policy. While there is disagreement about the degree to which wage increases directly influence price hikes, Powell in particular has said the recent pace of wage growth - anywhere from 4.4% to over 6% annually according to two common measures - is inconsistent with the Fed's inflation mandate.
After pandemic-era adjustments, companies "are very much aware that they do not want to get wages too much out of alignment with long-term plans," he said. Data like a recent jump in those choosing part-time work suggests firms are using flexibility on hours and other incentives short of higher wages to attract employees.
A recent Goldman Sachs study concluded wage growth should continue slowing even with the current low unemployment rate of 3.4%. Once pandemic-related changes are completed, companies won't have to perpetually ratchet worker incentives beyond the new baseline, Goldman Sachs economist Manuel Abecasis wrote. Between lower inflation, a slow but steady drop in job openings, and a wrapping up of pandemic adjustments, wage growth should fall by the end of next year to the 3.
There also have been high-profile layoffs. But while rounds of firing at companies like Alphabet Inc's Google and Facebook-parent Meta Platforms have roiled the tech industry, other firms are picking up the slack.
Seems most corporations have been making record profits.
Victims must sue the police.
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