U.S. Regional Outlook 2018: Full Employment Brings New Challenges

Source: Adam Kamins, Regional Financial Review, December 2017
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As the expansion matures and labor supply becomes a greater burden, wage pressures will grow more pronounced across regions. This will provide an additional jolt to consumers, who are already doing much of the heavy lifting this cycle. As in recent years, the West and the South will set the pace in the coming year, with income gains accelerating most rapidly in those areas.