Wages growing, but jobs data part of forecasting woes

Compressed verdict: mortgages are slightly higher than the 3.75 percent bottoms in the last two weeks, now close to 3.875 percent.

But nothing has really changed: the Fed and the global economy are in a unique pickle, the outside a mess, the U.S. economy plodding along. The Fed and U.S. divergence from the rest of the world is still widening. It’s stressing economies, volatile markets far more result than cause.

The first week of each month brings the largest load of new economic data, including snapshots of the prior month. This morning’s job data for January was on-trend, net of revisions and inherent error, although wages may finally be growing. Going from just under 2.5 percent growth to just above is not an emergency, but it’s at the heart of the Fed’s forecasting troub…