…I once again whimper that when the macroeconomy is near target policy levers should be near neutral, people should not get lost in a wildnerness of mediasphere perception mirrors, Jeffrey Frankel...
When consumers say that jobs are easier to find than not (my favorite chart of the day) they're not kidding. Combine employment with productivity, the US stands out in the world right now. That annualized productivity, growing at almost twice the trend rate, has been a nice offset to the average hourly earnings. You are right not to raise the neutral rate by any more than a smidgen. I would've given even less.
Not being too familar with US labour statistic but it doesn’t sound that low paid new jobs, init?
When consumers say that jobs are easier to find than not (my favorite chart of the day) they're not kidding. Combine employment with productivity, the US stands out in the world right now. That annualized productivity, growing at almost twice the trend rate, has been a nice offset to the average hourly earnings. You are right not to raise the neutral rate by any more than a smidgen. I would've given even less.