The big tickle today was that wages for the second quarter were showing their slowest growth in twenty years.

As if wage stagnation is news. We have seen this 'phenomenon' as a decades long trend as the power in the political system have shifted significantly to those with the most power and money.

The bad news is that when people do not have disposable income, and they cannot keep adding debt and use things like their homes, with homeownership also falling to twenty year lows, as ATMs for ordinary consumption, then they cannot buy things, and aggregate demand falls.

What a revelation!

Next week we will have another baked-to-order Non-Farm Payrolls number, and all may be forgotten once again. Or we will see a shot of Kim Kardashian's belly button, or Donald Trump will say something stupid. 

Its always something in the United States of ADHD.

Have a pleasant weekend.