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Chicago Fed Letter, No. 36, August 1990
Services Also Slow Down

Services are immune to the normal logic of economics, the story goes. They continue to grow no matter what happens, and have an insatiable appetite for labor. Worst of all, services prices continually increase in good times and bad, creating an unstoppable wellspring of inflation. Of such things are policymakers' nightmares made.



Federal Reserve Bank of Chicago, 230 South LaSalle Street, Chicago, Illinois 60604-1413, USA. Tel. (312) 322-5322

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