Thursday, September 03, 2015

Better Luck Next Year

No worries, the ponies will eventually arrive.
The unemployment rate is low by any historical standard at 5.3 percent. Businesses are complaining of worker shortages in industries including health care, construction and trucking. Household-name companies like Walmart and McDonald’s have announced increases to their pay for low-wage workers.

Add those together, and it would seem to point to 2015 as being the year American workers start seeing substantially larger paychecks. The only problem: There is no real evidence in the economic data that this is happening.

Better raise interest rates, just in case.
What are we doing here, that is the question. And we are blessed in this, that we happen to know the answer. Yes, in this immense confusion one thing alone is clear. We are waiting for Godot to come—