We continue to “think”, “see”, “expect”, such and such will “pick up”, “climb”, “rise”, as…

That´s the conventional phrase structure most used by the Fed, the media and analysts.

The latest example, concerning the release of the employment cost index today:

“We continue to think that compensation will pick up as the labor market tightens, but there has been limited evidence of firming wage inflation so far in the various measures that we track.”

Everything that some “think” will “pick up” is in fact going down!

ECI

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