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Unit Labor Costs and Inflation in the Non-Housing Service Sector

Author

Listed:
  • Gadi Barlevy
  • Luojia Hu

Abstract

Inflation remains high, and it is critical to understand the components of inflation. Inflation in core goods has declined over much of the past year. Inflation in housing services remains high, but the growth in rental rates of units available for rent has fallen in recent months. This suggests measured inflation in housing services, which includes rents on both occupied and vacant units, is likely to moderate over the coming year as rents on occupied units catch up to those of vacant units.

Suggested Citation

  • Gadi Barlevy & Luojia Hu, 2023. "Unit Labor Costs and Inflation in the Non-Housing Service Sector," Chicago Fed Letter, Federal Reserve Bank of Chicago, vol. 0, March.
    • Handle: RePEc:fip:fedhle:95847
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    File URL: https://www.chicagofed.org/publications/chicago-fed-letter/2023/477
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    More about this item

    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E37 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Forecasting and Simulation: Models and Applications
    • L8 - Industrial Organization - - Industry Studies: Services

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