15 The outcome-based See Stephanie R. Aaronson, Mary C. Daly, William L. Wascher, and David W. Wilcox (2019), “Okun Revisited: Who Benefits Most from a Strong Economy?” Brookings Papers on Economic Activity, Spring, pp. 333–75, https://www.brookings.edu/wp-content/uploads/2019/03/aaronson_web.pdf. 14 These data are available from the Bureau of Labor Statistics Current Population Survey beginning in 1972.
As I noted earlier, the unemployment rate is now at a five-year low of 4-3/4 percent. More important, it and other indicators of resource utilization--such as the industrial capacity utilization rate--are now at levels at which, in the past, little or no economic slack remained. At this point, we have seen few signs of upward pressure on labor compensation or core inflation.