By Josh Lehner
Oregon Office of Economic Analysis Blog
As our office has discussed over the past year (HERE and HERE, e.g.), the expected pattern for the economy would be first more jobs, then higher wages due to a tighter labor market and then more individuals in the labor force looking for these more plentiful and/or better paying jobs. As the overall economy continues to improve and jobs are at an all-time high, more and more focus is being paid to wage growth. In particular, the Federal Reserve is closely monitoring wages and inflation to determine the underlying strength in the economy so they can begin raising interest rates (aka, normalizing monetary policy.) Well, the good news for Oregon is that these expected patterns of growth or labor market dynamics are emerging locally and may already be here.
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