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Understanding the chart
This scatter plot illustrates the relationship between a measure of employment and a measure of inflation. As such, it is a variation on the "Phillips curve" concept.
- Vertical or Y-axis: 100% - employment rate for age 25-54 workers. The employment rate or EM-ratio is the number of persons employed divided by civilian non-institutional population. Lower values of Y indicating a higher ratio of employment or theoretically tighter labor market.
- Horizontal or X-axis: Employment Cost Index (a measure of inflation). Higher values indicate employer costs are rising, due to higher compensation.
The high R-squared indicates a strong correlation between a tighter labor market and higher employment costs when measured this way.[1][2]
The source data is from FRED.[3]
References
Summary
| Description |
English: Relationship between Employment Rate for Age 25-54 workers (a measure of unemployment or labor market slack) and Employment Cost Index (a measure of inflation). The high R-squared indicates a strong correlation between a tighter labor market and higher employment costs. |
| Date | |
| Source | Own work |
| Author | Farcaster |
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| Date/Time | Thumbnail | Dimensions | User | Comment | |
|---|---|---|---|---|---|
| current | 13:45, 18 June 2018 | | 1,306 × 735 (53 KB) | Farcaster | User created page with UploadWizard |
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