Lovely to see a solid jobs report in July, with most labor market measures posting solid gains. The #BLS estimate of a huge 943,000 jobs in July and sharp upward revisions over the prior months brushed aside fears that the #useconomy was losing steam. And while the 0.4% increase in wage gains for the month, up 4.0% for the year, was a concern, wage gains seemed to be concentrated in specific sectors, such as leisure & hospitality jobs, not across the board. With wage pressures not yet broad-based, we believe that it won’t be enough to force the Fed to take away the punchbowl sooner than they have earlier signaled.
One question: how do these job numbers contribute to improving human adaptability to nature's entropy knocking on our door? We gotta stop believing in job numbers that make a car not suitable for driving on the beach spin its wheels faster to get out, if you catch my drift.
With the vast amount of seventy percent of Americans addicted to anti-depressants, forty-thousand people dying of obesity every month, broken systems galore, I cannot help but think how we keep fooling ourselves.