This morning's Payrolls Report was weaker-than-expected; among other things it included an increase in the Unemployment Rate to 3.9% - fully 1/2% higher than April's low for that number. Does this mean that we are going to have slower wage growth, and slower inflation? Or possibly one of those and not the other?

And what does it mean for growth? The Inflation Guy reviews the historical record of prior periods when the Unemployment Rate rose off a prior low, and reaches an unfortunate conclusion.

NOTES

Blog Callback: “The Phillips Curve is Still Working Just Fine”

Blog Callback: “Money Velocity Update!”

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