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MNI PODCAST: FedSpeak-Rising Productivity Tempers Wage Concern

Photo by Scott Blake on Unsplash

EXECUTIVE SUMMARY

  • Rising productivity allows the U.S. economy to maintain a higher level of wage growth consistent with stable prices and can help deliver a labor market soft landing, former White House economist and Federal Reserve Bank of Minneapolis visiting scholar Kevin Rinz told MNI.
  • The FOMC would likely want to see some further slowing in wage growth before it gains the confidence on inflation needed to lower rates, but higher productivity will be a key argument in convincing the central bank that there's little risk of a wage-price spiral, said Rinz, author of the Briefing Book newsletter.
  • A range of indicators on the U.S. labor market suggest it's tight but not unsustainably so.
Listen to the full podcast here.
MNI Washington Bureau | +1 202-371-2121 | jean.yung@marketnews.com
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MNI Washington Bureau | +1 202-371-2121 | jean.yung@marketnews.com
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