WSJ: Slack It Is!

PB: This is beautiful.  The Wall Street Journal has excellent writers and this front page story from today's paper reveals some unintentional charm.

The headline of the story, As Jobs Surge, Hurdles Linger, suggests that job growth is strong, but slack and soft spots remain.


WSJ: "The U.S. economic expansion is entering its sixth year with the best stretch of job growth in almost a decade.

"Beneath the shiny exterior, however, lurk soft patches that worry economists and policy makers..."


PB: O.k., got it: 'soft,' maybe 'slack.'  The story goes on...

WSJ: "...workers' earnings have been climbing about 2% annually—just enough to cover inflation—wages show few signs of breaking out of that range as an abundance of idled labor allows firms to keep payroll costs contained.

"Slack in the labor market…is dwindling, but we're not seeing that on the wage side yet," said Alan MacEachin, an economist..."


PB: 'Slack in the labor market.'  Gotcha.  But, who is this Slack?


WSJ: "Another factor restraining consumer spending is likely that much of the new hiring is concentrated in low-wage fields.

"The retail industry added over 40,000 workers last month and hospitality businesses payrolls rose by 39,000.

"Higher-paying sectors lagged behind. Manufacturing added 16,000 new jobs and construction added 6,000..."


PB: Wait!  Here he comes!  Mr. Slack:


WSJ: "...Wayne Slack of Chandler, Ariz., is one job seeker who is holding out for a better position.

"After losing a supervisory role in aerospace manufacturing, he's been unwilling to accept a lower-paying position.

"Instead, the 47-year-old enrolled in community college after being told his computer skills were lacking.

"I'm willing to go backwards a tad, but I'm not willing to take an $8 pay cut to stand in front of a machine again," he said."


PB: So is Slack the slack?  

Or, could there be other reasons others hold back?
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Link: http://online.wsj.com/articles/robust-job-gains-mask-soft-spots-in-economy-1404492379?