By Spencer,

Sorry, I have been tied up with other things and have not done my usual charts on the employment report.

Others seem to be doing a pretty good job.

But I would like to point out the issue that seems to be overlooked by everyone.That is the point that we are now starting to really see the weakness in wages that I have been anticipating.

Average weekly earnings were only up 0.1%, and with oil prices rising sharply that means that it will be virtually impossible to get the rebound in real incomes continued growth in consumer spending probably needs. This implies we are almost completely dependent on government stimulus to get the economy growing..