For workers in some industries, such as manufacturing, this may seem like old news. For drivers, lawyers, investment advisors and many others, it’s new. By some estimates, close to half of the tasks done by workers could already be automated using current technology.3 This anxiety has real costs.
So, you can see that the supply shocks this year were quite unusual. Indeed, there is only one month (February 2023) when the m-o-m change [in inflation] was lower than 0.3 percent, which is the high end of our target [range]. By the way, that month is this month (February 2023)-zero.