7  For comparison, the average pattern of inflation-adjusted credit following business-cycle troughs is that consumer credit and commercial mortgage volumes increase from their levels at the trough, and home mortgage volumes and nonfinancial credit take about ½ year and 1 ¼ year, respectively, to return to their levels at the trough.
I have mentioned the tepid pace of wage gains in recent years, and while I do take this as evidence of slack in the labor market, it also may be a reflection of relatively weak productivity growth.