Today is the day when the much anticipated jobs report was released. And the data were good. The jobs report was not the big news in my view, however, because at the same time we saw the jobs numbers we also got personal income numbers - and they were weak. These numbers point to why the economy is not growing more quickly. yet the Fed nears its 6.5% threshold. Below I have some thoughts.
Let’s start with the jobs numbers. The headline figure was the 7.0% unemployment number. That was a big jump down from the prior month’s 7.3% and puts the unemployment number within clear reach of the 6.5% unemployment threshold the Fed has set for hiking rates. Below I want to go into why these numbers are not so great. But before I do, I think it bears mentioning that this is exactl...
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Edward Harrison is the founder of Credit Writedowns and a former career diplomat, investment banker and technology executive with over twenty five years of business experience. He has also been a regular economic and financial commentator in print and on television for the past decade. He speaks six languages and reads another five, skills he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College.