Updated: May 18, 2022
Unemployment in most regions remains above what might be considered full employment though we are getting close in the US and the UK. In the US, we are finally starting to see a rise in the participation rate, as those who previously left the workforce are being encouraged to return. This suggests employment can continue to rise for a while longer without impacting the unemployment rate and thus wage costs.
Published in Investment Letter, April 2016
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