Prices, as measured by the index for personal consumption expenditures (PCE), rose nearly 1-1/2 percent in the 12 months ending in November, as  4  In addition, a persistently strong labor market could potentially lead some firms to rely less on part-time workers, or might encourage some people to rejoin the labor force who would otherwise sit on the sidelines.
However, evidence on these sorts of endogenous supply-side effects is rather limited, as I noted in a recent speech (see Yellen, 2016). 5 A summary of the projections submitted by Committee participants for the December 2016 FOMC meeting can be found at www.federalreserve.gov/monetarypolicy/fomcprojtabl20161214.htm. -4compared with only 1/2 percent during 2015.