If the labor market is “tight”, and jobless claims are at 42 year lows…

And the 0.5ppt point rise in the labor force participation rate is “heartening”…

Then please Dear Janet, oh arbiter of all things labor-ic, explain – after exuberant hope and hype during 2015 that escape velocity was coming – why real average weekly earnings growth just collapsed to just 0.6%, the weakest since August 2014?

It appears the ‘dream’ is over!! As mal-investment-driven extrapolation of the trend of building and buying (i.e. excess inventories) has accelerated deep into recessionary-signaling territory as earnings growth has plunged…

And the credit-card/leverageability is at its maximum once again to fill that gap.