Oil prices have remained in a narrow range between $80 to $85 per barrel of Brent since last year. Despite the fears of a major oil supply shock from Russia after the EU embargoes and the G7 price caps on Russian crude oil and petroleum products came into effect, oil prices did not surge.

Productivity report shows that claims of “quiet quitting” are unfounded. The rise in productivity and the decline in real hourly compensation (adjusted for inflation) suggest that workers are not sticking it to their employers and leaving without leaving. However, wage growth adjusted for inflation is the lowest in over 60 years and that can put further pressure on wage increase.