A number of readers raised objections to my Friday post about the low unemployment numbers, so I wanted to clarify something. In the post, I pointed out that wage growth was starting to trigger fears of inflation. Readers saw this as me looking for bad news in a positive economic report, but quite the contrary. One of the criticisms liberals have made about the Bush economy has been that even though unemployment has been going down, wages have been stagnant. I was countering these arguments by pointing out that now not only are wages growing, but they’re growing at a fast enough clip to actually trigger fears of inflation.
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