The figure includes the unemployment rate, the Fed's estimate of the «natural rate» — the lowest unemployment rate they believe to be consistent with
stable inflation at the 2 % target — year - over-year wage and price
growth (using the core - PCE deflator, the Fed's
preferred inflation benchmark right now).
Time for a step - change... Overall, it's a pretty
stable core business, so management needs to start milking it for cash to return to shareholders (via dividends / buy - backs), or else accelerate
growth by ramping up its leverage & acquisition pipeline / spending (more acquisitions, bigger acquisitions, or both...)-- at this point, I'd still
prefer a bet on the latter.