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The Dow Jones Industrial Average reached a fresh record even as the latest jobs report came in tepid, and equity markets took that combination in stride. The more telling signal came from J.P.
Morgan Asset Management, whose strategist put the labor market's position plainly: American workers are not getting a raise. Until that changes, the record close tells less than it appears to.
The Real Supply-Demand Problem Is in Wages Equity markets and wage growth can diverge for a stretch — they often do — but wages are where the demand base of the economy actually lives.
Morgan Asset Management says workers are not getting raises, that is a statement about purchasing power sitting flat even as an index reaches a new high.
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