inflation

The formula hasn’t been raised since 1999 to account for inflation.

But the union argues that, despite the pay rises, resident doctors' pay is still a fifth lower than it was in 2008, once inflation is taken into account.

Meanwhile, the prices index expanded at a quicker pace than in October, the data showed, raising potential caution for Federal Reserve policymakers amid inflation concerns.

That reflects the benefits of stronger growth and Resources acting as a hedge against higher inflation.

If the anticipated AI-driven productivity gains fail to materialize in the next couple of years, the U.S. could face more inflation, labor challenges, and reduced economic activity.