Economist Jason Furman is interviewed… Noahpinion

Here is a good interview with Economist Jason Furman by Noahpinion…

”The big surprise to me has been the strength of labor demand and the comparative weakness of labor supply. You see this in record job openings and quits juxtaposed to the labor force participation rate which has barely increased from last summer. This disconnect is evidenced in the most rapid nominal wage gains since the 1980s. Moreover these rapid nominal wage gains come on top of a recessionary period where nominal wage growth never slowed and was even higher for lower-wage workers, something that is extremely unusual and possibly unprecedented. So instead of thinking about the economy as having the substantial amount of slack you would expect from an economy with an unemployment rate of around 6 percent it may have less slack than it has had at almost any point in recent history.”