Unit labor costs have risen much faster than prices over the pandemic period

Nonfarm business sector unit labor costs and prices (index, Q4 2019 = 100)

PIIE
Notes: Data refer to nonfarm business sector unit labor costs and prices. Unit labor cost is the increase in compensation above productivity. Optimistic adjusts output by the ratio of real GDI to real GDP. Source: Bureau of Economic Analysis and Bureau of Labor Statistics via Macrobond; authors' calculations.