Minneapolis Fed President Kashkari doesn't see it
Here's what Kashkari just tweeted:
Visited Summit Academy @saoic today. 20 week construction course. One of the interesting things I learned today: they are not quite at capacity in terms of students, but they are getting close. I didn't understand this. 1/
Shouldn't they have had max enrollment during the high unemployment years (2010-12, etc). Why / how are they finding more interest among students now, when the job market is so tight and there is an alleged "labor shortage?" /2
Answer: when everyone around you is unemployed, people don't have hope. Now the economy is strong and people see their friends and relatives getting good jobs. So they ask: why not me? What do I need to do to get that job? And they come off the sidelines and pursue training. /3
This is nothing new from Kashkari, he thinks monetary policy should be allowed to run at low rates until the Fed is sure there is wage inflation but in my opinion, he's stretching a single anecdote too far here.