Jobs Report

We had a new jobs report come out today.

It was really more of the same. With 132,000 "new" jobs it was barely enough to keep up with population growth. Yet those who are bullish on the economy thought it was great news.

And it was great news as long as you don't work in manufacturing or construction and like working in nursing homes, government or Starbucks.

Meanwhile, Barry Ritholtz takes a look at jobs data and concludes that it can't be right. His point, and I think it's a good one, is that if the job market is as tight as reported, where's the wage pressure? As with all markets, when there's not enough people for jobs wages should go up. Yet we've seen very anemic wage growth over the last several years.