The Fed's Labor Market Fetish Is Foolish Nonsense

Job gains have been solid, according to the Establishment Survey, but somehow income gains haven’t. These things are inconsistent. Which is why you find no mention of the latter, only the former. The lack of income would raise serious questions about how the “growth of household spending” had “slowed in the first quarter” and more so whether any such thing could be transitory.

 

 

 

 

 

 

 

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