...the BLS reported that nonfarm payrolls surged by 242K in the past month, smashing expectations of 195K, with the January and December prints both revised higher by 21K and 9K respectively. The unemployment rate at 4.9% printed unchanged from the prior month and as expected.Now the bad news:
...the wage growth was not only not there, but with a -0.1% decline after the January minimum wage hike induced bounce...which was the first drop since December 2014.Translation: We have more jobs which pay less!
Obama: Change you can believe in, if you're an employer with an overpriced staff.
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