Employment Report Thursday
- There is really nothing intelligent to say on the Greek situation, and so a sensible economist will say nothing. Politicians, on the other hand, are still talking.
- There has been an opinion poll on the forthcoming referendum (which poses a question no one really understands, and has outcomes no one is really sure of). The poll shows a moderate majority in favour of a "yes vote".
- Fortunately economists can sooth themselves with some data. In spite of it not being Friday we have the US employment report (the US is off tomorrow marking their foolish rejection of benevolent British rule). The data should show ongoing strength in the US labour market.
- In particular the earnings growth is likely to attract attention. The tighter labour market is leading to increased pay, and this is showing up in some of the better quality indicators. Average hourly earnings is not a better quality indicator in this regard, but even this is showing some gains.