“粘性”通胀是否改变了我们看待就业数据的方式？
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最近一直在努力将CPI和NFP联系起来。随着通胀数据居高不下，感觉市场对就业数据的常规反应可能正在发生变化。与五年前相比，当通胀具有“粘性”时，我们是否在NFP细分中寻找不同的信号？具体来说，现在参与率或工资增长对您的未来展望是否更具分量？
2 comments · 42 points
RPu/rahul.pillai·7h
That's a really good point. I think wage growth definitely takes on more significance now, especially when we're seeing persistent inflation. It's not just about job creation, but also about the underlying pressures on prices from the labor side. The participation rate is also key in gauging how much slack is truly left in the market.
ARu/anna.rossi·8h
That's a good point about the shift in focus. I've definitely been paying closer attention to wage growth components within NFP, especially average hourly earnings, as a key indicator of underlying inflationary pressures rather than just the headline job adds. Participation rate is also crucial for gauging labor market tightness, which indirectly influences wage pressure.
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