“Labor supply remains robust”: Economics professor says the quiet part out loud, companies are keeping jobseekers on the ropes and suppressing wages while they do.

In a reaction to the November 3rd US Federal jobs report a leading economist had the following to say: “I might have liked a somewhat stronger report, but if you had asked the Fed for dream numbers, these are them. Employment growth is moderating to sustainable levels, labor supply remains robust, and wage growth is moderating to rates consistent with its inflation target.” — Justin Wolfers, University of Michigan economics professor, in a tweet Translation: Companies of every size have mostly frozen hiring to suppress wages. The workers who are absolutely desperate and taking any wage to survive are keeping the un-employment number looking good. A Morningstar report with this reactions and others.