Studies show that China’s integration into the global economy played a particular role in subsequent massive manufacturing job losses in the United States. Now, these job losses may well have been more than offset by job creation in other sectors, but these new jobs were often created in other places.
Next, turning to inflation expectations, while it should be noted that measures of inflation expectations tend to vary considerably and therefore should be treated with a degree of caution, a widely watched survey of economists indicates that medium- to long-term inflation expectations have risen by about 0.4 percentage points in the same period.