Keeping up with the Dow Jones'

Payrolls missed this morning, coming in at 145K versus expectations of 160K. But, the more concerning data was the average hourly earnings which rose only 0.1% MoM and 2.9% YoY.

Futures ignored the miss, as algos were much more focused on USDJPY’s threat to break out and VIX’s latest meltdown.

Those who focus further out than a nanosecond, however, might recognize a potential flaw in the recovery argument. It will be even more obvious next week when December’s inflation data is released.Stagnating wages amidst rising inflation goes a long way toward explaining why more and more Americans are living paycheck to paycheck.