The 2.1% rise in services prices in the December quarter may only be just beginning
. It was an acceleration in prices growth from the 1.1%, 0.6%, 1.6% growth rates in the previous three quarters.
They are also going up in price quickly because they are provided by people, and holding on to good workers and recruiting new ones is expensive. The unemployment rate is not far off a near 50-year low, and job ads are suggesting there about as many jobs advertised as people unemployed. We’ll get a really important update on that number for the December quarter in early March. I suspect it will show solid growth.
And public servants are protesting. Their annual wages have now grown more slowly than those in the private sector for seven successive quarters.
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