Wages, Wage-Price Spirals, Inflation, and the Echoes of History

Reflections on the November 2024 jobs data and a look at wage-price spirals - and how we've dealt with them - through the years.

The intersection of labor, wages, and productivity has been a recurring theme in conversations I've had over the past four years—whether with clients, friends, or colleagues. Business leaders often voice concerns about rising wages and what they see as declining productivity, highlighting the pressure these trends place on margins. Meanwhile, employees …