Greg Mankiw posted a clever graph a month ago, which he titled "The Phillips Curve is Alive and Well."
No, Greg, the Phillips curve is still as dead as Generalissimo Franco.
The lines, in case you can't see them are the employment-population ratio 25-54, and the average hourly earnings of production and nonsupervisory employees. Wait a minute, the Phillips curve, as it appears in contemporary macroeconomics, is a relation between inflation, a coordinated rise in prices and wages, not real wages or hourly earnings, and unemployment or the output gap, not the employment-population ratio.