Deflation Watch

Regardless of whatever significance one may place on the headline number, the most interesting datum in this morning’s employment release is the decline in average wages. Tiny, yes, but still a decline.

The price of energy continues to decline. The only other price that matters, labor, has now shown its first decline. One point doesn’t make a trend, or end one for that matter. But…

Anyway, that big headline number? Turns out that more than all of it (324,000 vs. 290,000) came from people who took a second job for whatever reason. Interpret that however you will.

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