The unemployment rate dropped to 4.3%. A rate this low should mean that wage acceleration is currently happening. Not sometime in the future, but now. Especially after all the stimulus thrown into the economy.
And it isn’t:
It is all upside down now.
The lower the unemployment rate the worse it is:
Negative social structures are being accumulated. I don’t have a problem with the job growth not accelerating. The problem is that the flat line needs to be higher up on the graph.
Statement about economists from one Jeffrey P. Snider of Alhambra partners.
It may come as a surprise to the public, but it isn't actually one for economists and policymakers. The whole idea behind Positive Economics in the form of econometrics was that they didn't need to know. All that was necessary, by this belief, was to figure out correlations. It is why, and how, economists became nothing more than statisticians, steeped in mathematics without the foggiest idea what goes on in an economy.
And statement about Fed officials.
How about now with 4.3% "unemployment" and not even the hint of signs of wage inflation? The lower the rate goes without inflation, the more exposed their ignorance, and yet the more they harden and cling to their already untenable philosophy. They really don't know what to do now that they suspect others have started to realize they really don't know what they are doing.