Bank of America Has Some Words For David Rosenberg: “Don’t Hold Your Breath” On Rising Wages
from Zero Hedge
Back in mid-2013 David Rosenberg infamously flip-flopped from deflationary bear to inflationary bull. That’s ok – everyone has a right to change their mind (for whatever reason, even if said reason involves a direct interest in selling more newsletter subscriptions).
However, the catalyst that Rosenberg saw as the progenitor to a broad inflationary wave in the US economy was a surprisingly weak one: wage inflation and rising labor costs.
“Weak” because as can be seen quite clearly in the labor market one year later, there has been virtually no wage inflation and as we showed last month in “No Raise For You: Earnings Growth Drops To New Post-Lehman Lows“, if anything the fear among the bulk of the population is that wages will remain at best flat if not continue to stagnate in both nominal and certainly real terms. This month’s below expectation print in average hourly wages, which was unchanged from March, merely confirmed this.
Continue Reading at ZeroHedge.com…
Source: http://financialsurvivalnetwork.com/2014/05/bank-of-america-has-some-words-for-david-rosenberg-dont-hold-your-breath-on-rising-wages/?utm_source=rss&utm_medium=rss&utm_campaign=bank-of-america-has-some-words-for-david-rosenberg-dont-hold-your-bre
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