cost 10% 6% 6% 4% 2% 0% Room 2yr average. y ig gig '8' 12% 10% 8% ;AC,/ an 6% 28%n4' 201S • • - 0% Fkad001 -Ural lotxr cons — Proluahrty tOUpLLM/. an) Sage* 0LS. saw /****LL Daresch• Barg r-:- iFsgure 44: Less labor slack signals wage inflation 16% SO% 4.5% 40% 25% 10% 25% 20

d unit labor cost 10% 6% 6% 4% 2% 0% Room 2yr average. y 12% 10% 8% ;AC,/ an 6% 28%n4' 201S • • - 0% Fkad001 -Ural lotxr cons — Proluahrty tOUpLLM/. an) Sage* 0LS. saw /****LL Daresch• Barg r-:- iFsgure 44: Less labor slack signals wage inflation 16% SO% 4.5% 40% 25% 10% 25% 20