The U.S. economy added a mere 20,000 jobs in February, but that wasn’t the worst part of the jobs report. The real concern for the economy and the outlook for the Dow Jones and broader stock market is that negligible job gains came even as the economy saw the biggest drop in total hours worked since hurricane season in 2017. Bottom line: Total wage income barely budged — despite the best wage growth since 2009.
The national picture in February bears a resemblance to Amazon (AMZN) and its Whole Foods Market unit. After Amazon embraced a $15 minimum wage