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Gregory Daco: Easing wage growth and falling job switcher premium signal income squeeze
Gregory Daco highlights that recent data from the Atlanta Fed point to easing wage growth and a disappearing premium for workers who switch jobs.
According to Daco, these changes indicate most workers may face an increasing income squeeze, especially amid a trend of rising inflation.
Daco recently reported that U.S. consumer price index inflation rose 0.6 percent in April, driven by increased energy, food, and shelter costs, according to official data. In a separate update, he noted the U.S. services sector continued to expand, with the ISM index at 53.6 as inflation remained elevated at prior levels despite ongoing concerns. Both trends add context to the shifting wage environment.
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