Williams notes productivity growth swings from minus 2 to 7 percent yearly versus 2 percent long-run average.
“Year-over-year productivity growth swings from minus 2 percent to 7 percent, compared to the long-run average of just over 2 percent ( Figure 1 ).”
Williams reports PCE inflation rose to 3.5 percent in March.
“On the price stability side of the Fed’s dual mandate, overall inflation—as measured by the Personal Consumption Expenditures price index—rose to 3-1/2 percent in March.”