referred to that consideration in a footnote to last week’s speech.

“Today we see little evidence of wage increases that might threaten excessive inflation,” he said.

Plus, it is unclear whether pay gains will remain robust as workers return. While it is hard to gauge how much enhanced unemployment benefits discouraged workers from taking jobs, and early evidence suggests that the effect was limited, a few companies have signaled that labor supply has been improving as they sunset.

Other trends — the end of summer and the resumption of in-person school and day care — could allow parents who have been on the sidelines to return to the job search, though that might be foiled if Delta keeps students at home.

“There’s still so much disruption, it’s hard for businesses and workers to make plans and move forward when you don’t know what’s coming around the next bend,” said Julia Coronado, the founder of MacroPolicy Perspectives, adding that this is a moment of “delicate transition.”

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