The Pay Is Good

(1) Friday’s employment report was good. (2) Big increase in our Earned Income Proxy to another record high. (3) Retail and construction employment weak after several strong months. (4) Wage gains still below Yellen’s target, but real hourly compensation is impressive. (5) A few wage oddballs. (6) Confidence and credit suggest consumer spending may soon grow as fast as incomes. (7) The productivity puzzle palace. (8) What is the output and the productivity of a bank, or a hospital, or Amazon? (9) Global PMIs still stagnating. (10) Commodities: China’s latest hot casino. (11) The debt king and the investment legend. (12) “Papa Hemingway in Cuba” (+ +).