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.
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.
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