nela: no.cannot be as long as one million workers are still on the sidelines in the labor force participation rate is below pre-pandemic levels. that goal is moving. what is full employment with a smaller workforce? it is defined as the level of employment with the largest number of employed people the economy can support without additional inflation. that is going to be a moving goal as inflation hopefully comes down over the course of the year. lisa: i was going through the data and possibly the most interesting aspect was real personal spending. we are looking get negative numbers. people are not spending as much as inflation is going up. is it a signal or a blip? nela: you cannot answer that in one yes or no. consumers are bifurcated. low income consumers spent what they have. that is a good sign for spending going forward. hi income houses spent when they feel confident about the economy. there are indications consumers are knocked on of it with they should this high. it is a mixed picture

nela: we saw inflation accelerated in the fourth quarter.nteresting thing is in terms of inflation rising for wages, what is interesting is through most of the recovery in the low sector that is in the high wage increases. those people making lower wages, those wages are increasing faster. now we are seeing a flip in our data. we are seeing those industries correlated with high-paying job, professional business services really accelerate. that might not only show wage inflation but wage disparity between people who figure with inflation better and people who are still struggling. getting people back into the labor force at a time when very high price levels is important. as the fed looks to contain inflation, it is important the jobs recovery continues because it is not quite complete. lisa: how do you begin to game out the ramifications of $130 a barrel oil, $150 barrel oil as we talk about that on this bifurcated recovery of the haves and the have-nots? nela: let's just have that were most of main street sees the higher oil prices is at th

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