Inflation And The Two Sides Of The American Economy

Last week’s jobs report, combined with Wednesday’s inflation number, shows that we are living in two economies. One, in which the macroeconomic, top line numbers, combined with the stock market points to a robust economy. The second, in which the microeconomic numbers point to Americans struggling to make ends meet.

The United States labor market added more than 300,000 jobs in March, which on the surface is excellent news. Unfortunately, the top sectors for gains — health care, social assistance, government jobs, and leisure and hospitality — drove the growth, accounting for more than 60% of the gains for the month.