The big concern is future inflation and the Fed is viewing that through the labor market. Wage growth continues to be muted.

I think my concern about inflation is distinctly higher now

It's a great picture, it reduces unit labor cost growth, which improves the inflation outlook. Awesome.

The increase appears to be due to stronger than expected organic growth, an area of recent concern for investors.

We don't see inflation shooting up because of what has happened in the labor market. I have a fairly benign outlook for inflation, in line with the Bank of England forecast.

It fits in with the picture that the labor market is turned, inflation has turned and in a few more months they'll be tightening.