over 500,000 new jobs a month for the past year — an astounding number for a recovery period. We also saw 0 percent inflation in July, and annual inflation is subsiding as well. While inflation-adjusted wages are down roughly 3 percent annually, the most recent jobs report showed real wages ticking up slightly since June.
It’s worth taking a closer look at Summer’s prescriptions so we don’t fall for this bad advice going forward. In June,that “we need five years of unemployment above 5 percent to contain inflation” — or even “or one year of 10 percent unemployment.” That would push some 10.5 million people out of work, with the worst impacts on poor communities and people of color who already suffer higher unemployment rates.
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