Should-Read: Kevin Drum asks the important question today:

Job Openings Total Nonfarm FRED St Louis Fed Average Hourly Earnings of Production and Nonsupervisory Employees Total Private FRED St Louis Fed

Kevin Drum: The Mystery of the Tight Labor Market: “Nearly all the data points to a tight labor market with the exception of the single most important bit of data: wages…

…Rising wages are the clearest sign of a tight labor market, but we’re not seeing them. Not at the working and middle-class level, anyway. What’s going on?