High-inflation metros have a median 2.9% jobless rate. Low-inflation towns? 3.5% unemployment,
Is the Federal Reserve silently rooting for layoffs to help its battle with stubbornly high inflation?
Geography helps us see the Fed’s challenges in taming inflation. Mull over these 23 local economies, sliced into two groups ranking their latest monthly cost-of-living increases. Please note the size of this geographic pricing gap. One-year increases in the local cost of living indexes run from 9% in Miami to 3.1% in Anchorage.Now consider the varied economic performance in these 23 job markets.
Or ponder one-year increases in weekly wages. The median raise was 2.4% in high-inflation metros, with 10.7% in Houston . Contrast that with a 1.5% median pay hike in low-inflation regions – with a drop of 0.8% in Boston, the group’s worst. Smaller raises: less inflation. However, 4.9% isn’t acceptable. Other price measures tell a similar tale. So what secret sauce will fully tame prices?
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