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Thank you @lisaabramowicz1.
This is indicative of a shift in bargaining power back to labor after decades of an ever-higher GDP share of capital.
Indeed, I am surprised it took so long given the tightness of the labor market and the size of the unanticipated inflation shock.… https://t.co/S98A84CfYS

— Mohamed A. El-Erian (@elerianm) September 18, 2023