Flickr image courtesy of lamoney. Today's report of job gains in March has the usual suspects overheated and long-term rates rising a little. Picking up 216,000 new jobs is good news, but New York Federal Reserve President Bill Dudley's reference to recovery as "tenuous" is dead on the mark. There is a deeper and authentic good-news thread. Beginning circa 1990 the rise of China and the rest of the emerging world began to undercut American labor. We still have a painfully steady 8.4 million people working part-time who cannot find full-time work. We are adding new jobs, but wages are flat -- not growing at all. People coming out of unemployment must often take jobs paying less than their old ones. That adjustment has been under way for 20 years, masked ...
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