Max, just by looking at the list real quickly, I'm struck by the one thing that makes it difficult to compare this period with any other.
We have been at a historically high rate of employment.
In the past, any unemployment rate below 5% was considered inflationary, but not anymore. Most of the other periods when we've had recessions we've started out with 7% unemployment (considered good) and gone up from there.
All most of these figures are saying is that the labor shortage is easing, and we do not have as great a pressure on wages as in the past.
As for hours worked, my gosh, we've been working more in the past couple of years than the previous generation did. Let the autoworkers work 45-hours instead of 55 to 60.
Furthermore, since consumers account for 2/3rds of our economy, as long as they're spending, we're OK, IMO.
Anyway, we'll see how this plays out. |
