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Today’s trend is different and healthier than the wage-price spiral of the 1970s, he added. The comments echo remarks from President Joe Biden, who’s repeatedly praised the jump in worker pay. Wages are rising, but not to a degree that should concern economists, Federal Reserve Chair Jerome Powell said Wednesday. The months-long labor shortage has prompted some businesses to raise wages as they scramble to rehire. Average hourly earnings rose at an unusually fast pace through spring, and healthy job creation in sectors with the largest pay bumps suggests the raises are working. Yet the increases have raised some concerns around how higher pay might boost inflation. Price growth hit the fastest pace since April 2008 last month, reflecting dire supply shortages and overwhelming demand in the US economy. Higher pay could further accelerate inflation by lifting consumer spending and leading companies to charge more.

Jerome powellGregory dacoMarty walshJoe bidenMarket committeeFederal reserveFed chair jerome powellPresident joe bidenFederal reserve chair jerome powellFederal open market committeeGreat inflationOxford economicsSecretary marty walshஜெரோம் போவல்கிரெகொரி டகோதியாகி வால்ஷ்