Paul Krugman: Most American workers now have higher real wages than they did before the pandemic.
About the economic news: First up was the employment report for June, which didn’t just show continuing solid job growth. It showed that once you adjust for population aging, the employed share of American adults is at its highest level in decades.
Finally, an alternative price measure favored by the Federal Reserve also gave solid evidence of falling inflation, while employment costs moderated — that is, there’s no hint of a wage-price spiral. Notice that I said “excessive” inflation. In an economy discombobulated by the pandemic and its effects, there was a good case for policies that would lead to a brief spike in inflation, something like the inflation surge after World War II as America was adjusting back to a peacetime economy. Trying to keep the overall price level stable would have required outright deflation in some sectors, which would have meant sustained high unemployment.
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