Another near-five percent output growth quarter, accompanied by a growth of labor input that I measure as about 1.6 percent at an annual rate. That means productivity growth at more than three percent per year.
So why aren't real wages rising faster? Why does labor demand growth appear so weak?
If Brad can't figure it out, I'm sure I can't.
But, I keep wondering whether they might be cooking the numbers' books a bit. They certainly feel free to cook all the other information they disseminate.