Paywall, so maybe this is covered in the article.
The ex post facto explanation going around now is that an Ed-Med-third thing I don’t remember economy is less sensitive to inflation. People generally don’t skip their operations or cancel getting a degree because the price of milk went up. So we see less job loss than in a manufacturing economy where lose a job them tighten belts then factory orders go down and people lose factory jobs and so on im a downward spiral that is hard to reverse.
And everyone has already built Ed-Med inflation into their budgets. Of course, I think those two have to reach a limit at some point, but those are secular tends, not short-term economic cycles.
