Wages are normally the key to service sector inflation (US)
CORE SERVICE INFLATION & WAGE GROWTH
8
8
7
7
CORE SHELTER & SERVICES INFLATION†
6
6
5
5
WAGES*
4
4
3
3
2
2
1
1
* ECI WAGE & SALARIES. † SHELTER & SERVICES EX -ENERGY SERVICES.
0
0
1985 1990 1995 2000 2005 2010 2015 2020 2025
1
Sources: BLS, NBER
21
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