This scatter plot demonstrates how base wage growth (year-over-year percentage) relates to labor market tightness as measured by an employment diffusion index. The plot shows data across three decades: the 2000s (light green circles), 2010s (dark yellow circles), and 2020s (dark green circles). The x-axis represents the employment diffusion index on an inverted scale, and the y-axis shows base wage growth ranging from –3% to 3%. The light green circles cluster predominantly in the lower-left quadrant of the chart. The dark yellow circles indicate a transition period, clustering in the middle and right side of the chart. The dark green circles demonstrate a marked shift, clustering in the upper-right quadrant of the chart. An upward-sloping trend line runs through all three decades.