Return to Normalcy

Ironsides Macroeconomics 'It's Never Different This Time'

Return to Normalcy

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Return to Normalcy

Wage gamechanger, asset deflation and QT, a bank credit deep dive and a return to normalcy in labor markets.

Barry C. Knapp

Jan 09, 2023

∙ Paid

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This audio summary focuses on our January 7 note, Return to Normalcy

Figure 6: The drop in private sector average hourly earnings is being driven by service producing industries. Interestingly, manufacturing average hourly earnings have firmed up even as PMIs moved into contraction territory. We suspect the inventory destocking cycle is nearly complete a…

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