The Fed may be making progress on inflation, but that progress is unlikely to stick if costs keep rising more than productivity.

Labor Productivity vs Costs Long Term

Production and nonsupervisory wages started accelerating pre-pandemic, unit labor costs rose sharply after the recession.

Why Are Wages Rising Faster than Unit Labor Costs?

I suspect the answer is more part-time work and more hourly work without benefits. Illegal immigrants likely receive no benefits.

Stagflation and Greenspan's "Great Moderation"