Bob Elliott
· Nonconsensus
· March 05, 2026 at 11:14
· ⏱ 3 min read
| Read on Substack ↗
Summary
The author provides a brief macroeconomic update, noting that while the US labor market is gradually improving, it remains too soft to significantly boost wage growth. This leaves the economic expansion dependent on household dissaving to fuel spending, a potentially fragile situation.
•US labor data shows gradual improvement but is not yet strong.
•Wage growth remains subdued due to the soft labor market.
•Economic expansion is currently reliant on households spending down their savings.
•Upcoming employment and demand data will offer more clarity on the economy's state before the Iran conflict's impact.