As the economics news keeps disappointing, a growing number of commentaries from both the government and some of its co-thinkers in the private sector are blaming bad data. The inference is that the reality is not as bad as the data shows.
Key points of this TOE Alert include:
- Real wages per worker fell 0.9% in 2015, marking the fourth decline in a row;
- One of the most disappointing omens for the future in the December report was the 0.8% fall in nominal bonuses, a harbinger for a disappointing shunto negotiations on overall wages;
- Some officials and economists keep blaming the data, rather than look at the reality