That is why our forecast, initially, was that by the third quarter [of 2023], we will have normal [within-target] inflation. Then, we got two more shocks: the typhoon and then, of course, the famous sibuyas. So, these are some of the reforms that have to happen.
While above-trend growth of the labor force and employment cannot continue indefinitely, there nonetheless appears to be scope for some further improvement in the labor market. The unemployment rate is still a little above the median of Federal Open Market Committee (FOMC) participants’ estimates of its longer-run level, and involuntary part-time employment remains elevated relative to historical norms.