Despite the aforementioned solid job growth figures for February average wages fell .6% while the average workweek dropped .1% so average compensation slipped .7% in February its largest monthly decline in 10-years based on BLS info. Looking at payroll tax receipt data from the Treasury Department and another conundrum emerges as payroll tax receipt growth for employees has declined steadily since early 2015 despite robust and increasing headline job growth and in fact it has slipped from 5% annualized growth to just 3% annualized and on an accelerating curve based on a report by TrimTabs. It is becoming increasingly difficult to reconcile incoming data as some of it suggests that things are just great, ala employment and goosed asset prices. On the other hand data on credit, spending, economic growth, trade, earned income, corporate earnings and revenue and a number of other metrics all point to steadily deteriorating conditions over the last 12-months or so and not just in America.
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