Remember one of those rainy days on summer vacation when you were stuck inside? Luckily, there were a bunch of jigsaw puzzles so you and your family took them off the shelf and spread out on a big table and were determined to complete them to wait out the storm. All were very methodical; you’ve done this dozens of times before and you knew the pattern: Start with the corners, complete the edges, move to the middle. But as the day wears on, it becomes apparent that pieces have been mixed up and you’ve got pieces that belong in your brother’s puzzle, and your brother has pieces that belong in your sister’s puzzle … and we all know that the pieces aren’t interchangeable.
Well so, too, our puzzling economy. Economists keep starting with the corner pieces, trying to complete the edges, but this average wage measure doesn’t tell the same story any more, or even the right story. The Fed’s latest Beige Book findings are consistent with the article we shared earlier, and it seems we might have to search the other boxes on the shelf for the missing pieces. Read More Here