Softer Escort Prices Provide Context on U.S. Jobs: Opening Line

It’s jobs day, and we’re not the only ones who think the number might be big. Of course, what we know about economics could fit in a thimble. We’re not even sure sometimes when someone’s referring to Fisher or Fischer.

So far this week, initial jobless claims came in less than forecast, the ADP employment figure was bigger than estimated, and Bloomberg’s Consumer Comfort Index rose almost to a five-year high. Yet there are so many ways to slice up economic numbers that to us it often appears to be a push. Labor costs remained muted as productivity improved. If you’re looking for some inflation, notably wage inflation, you’re not finding much.