How much do migrants deflate wages

Daily Data: When the textbook answer doesn't apply

In today’s dispatch:

• why has it been so hard to admit that migrants are playing a big deflationary role?

• Goldman Sachs estimates the impact to wages, and which sectors specifically

• this time really was different because of the labor shortage (which should have been obvious to anyone paying attention)

• reaching a saturation point, and the (non-linear) Philips Curve is still a thing