Moreover, employers noted improved worker retention, on balance.” See Board of Governors of the Federal Reserve System (2022), Beige Book (Washington: Board of Governors, September 7), https://www.federalreserve.gov/monetarypolicy/beigebook202209.htm.
Before I continue with these topics in detail please let me emphasise how closely the subject of the New Economy is linked to monetary policy. This applies not only to US monetary policy but also to the two pillar approach of the European Central Bank.