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The Minneapolis Fed Should Start Paying Closer Attention To Goldman Sachs Research

Feb. 27, 2024 Source: Toby Dayton, LinkUp CEO

Understanding why people returned to work after the pandemic is easy. Foreseeing the soft landing was a bit more difficult, but there were some who did it.

February 2024 minneapolis fed seal blog card

The big issue on inflation is labor market imbalance and job vacancies are the key to understanding labor market imbalance. If I had defined Full Employment a year and a half ago, I would have talked about unemployment rate and employment population ratio but open positions would have only had a supporting role. Now, job openings are playing a much more central role because they basically give you the balance between total labor demand and total labor supply.

Jan Hatzius, Chief Economist

Goldman Sachs

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