This Jobs Boom Isn't Nationwide

So the Fed can just tap the brakes

With U.S. unemployment at its lowest level in 23 years, many observers think it's only a question of time before fears of wage cost escalation prompt the Federal Reserve to hit the monetary brakes. Economist James Paulsen of Norwest Investment Management, however, warns that the aggregate unemployment rate gives a false picture of overall labor market tightness.

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