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Inflation Friday: Despite Hurricane Hoopla, “Inflation” Remains Subdued (Real Wages YoY Decline)

This is a syndicated repost published with the permission of Snake Hole Lounge. To view original, click here. Opinions herein are not those of the Wall Street Examiner or Lee Adler. Reposting does not imply endorsement. The information presented is for educational or entertainment purposes and is not individual investment advice.

Listening to CNBC and Bloomberg TV, you might have gotten the impression that Hurricanes Harvery and Irma created such extensive damage (they did) that there would be labor shortages and a big rise in real wages.

Actually, both real hourly earnings and real weekly earnings YoY fell to under 1%.

realearnings

There was a small pick-up “inflation” with core inflation remaining the same as in August: 1.7% YoY.

inflationfriday

Even with two destructive hurricanes, all we can generate is 1.7% YoY?

corecprisept17

But  as expected, auto sales were elevated with households and businesses replacing their water-damaged vehicles.

Why did they name the hurricane Jose? Hurricane Janet would have been more appropriate.

hurrjanet

janet-yellen-just-gave-banks-a-secret-hint-to-pay-out-100-billion-in-dividends

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