Latest / The Macro Memo with Fexingo: Daily Conversations on Inflation, GDP, and Federal Reserve Policy
Why October Jobs Data Masks Wage Stagnation
Lucas and Luna dig into the October 2026 jobs report, where nonfarm payrolls rose by 165,000 and unemployment fell to 4.1 percent. But beneath the headline strength lies a quiet disconnect: average hourly earnings grew only slightly, masking a wage freeze for many workers. With real GDP accelerating to 3.4 percent annualized while core PCE remains sticky at 130.9, the hosts explore how labor hoarding is distorting productivity metrics. They examine what this divergence means for Federal Reserve policy as the Fed Funds rate holds near 3.88 percent, and whether the market’s recent pullback in…
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