El-Erian: Minus Shock, Data Points to Dec. Fed Hike

The transcript discusses the labor market's cyclical and structural aspects, highlighting that while job growth and wages are improving, structural challenges persist due to a declining participation rate. The conversation touches on the implications of wage growth, economic slack, and the employment-to-population ratio. It also explores the potential impact of structural factors like demographics and globalization. The discussion concludes with differing views on the Fed's rate decision amid economic uncertainty.

What is the significance of the two point 8% year over year wage gain?

What are the potential consequences of the Fed raising rates in December according to the discussion?