you have no idea then of the non-core inflation figure keys and the effect they are having.
Food and energy are up this year on average 15% (meat nearly 30%) and these prices are excluded from the FED's core inflation stats.
Almost daily I read gripes about the rise in the cost of US living. Now it is therefore important to compare the non-core figure with wage growth which is under even the core inflation figure.
This is perhaps the main reason why Yellen is fickle about rate rises. A rate rise now (or soon) when wage growth and non core inflation are so far apart would mean a rise in unemployment and lower growth, perhaps a recession.
There have been hundreds of thousands of jobs created over 5 years that are 'burger flipper' type jobs earning ~$10/h. Are these the backbone of a recovery? Not from where I sit.
Yellen points to wage growth as the restraint for rate rises: she's half right.
