In a male-dominated field where many employers are trying to rectify their gender balance, everyone is competing for the same strong female candidates. Final thoughts I’ve touched on a lot of issues today, none in much detail. But I hope I have given a flavour of the complexity and the depth of the issues we face, both in economics and the economy more broadly.
As a result of this higher productivity and wage restraint by firms, unit labor costs, or labor costs per unit of output, have been declining significantly for the past few years and have reached an unprecedented low level. The declining unit labor costs have absorbed rises in various other costs, stopping consumer prices from increasing despite the continued economic recovery.