Extraordinary Labor Market Developments and the 2022-23 Disinflation

Two extraordinary U.S. labor market developments facilitated the sharp disinflation in 2022-23 without raising the unemployment rate. First, pandemic-driven infection worries and social distancing intentions caused a sizable drag on labor force participation that began to reverse in the first

2022至2023年，两项非同寻常的美国劳动力市场动向推动了通胀的显著降温，且未推高失业率。其一，疫情引发的感染担忧与社交疏离意愿曾对劳动力参与率造成显著拖累，该拖累效应自在第一开始逆转。