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Re: Higher Earnings That Aren't



The news from Gene Epstein of Barron's that real wage growth in the U.S. is
the result of a calendar quirk is based on studies of month-to-month
changes, which is what Wall Streeters follow. Real wages on a year-to-year
basis have been picking up for the last 12 months or so. That is unlikely
to be the result of a calendar quirk. We'll see if the trend holds next
month.

Doug




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