Broken Employment

``Despite the unemployment rate falling well-below 5%, there isn't the first sign of wage acceleration in nominal terms. That has left real wages to the whims of oil prices, first as their biggest boost in years as oil prices, like early 2009, collapsed and now on the wrong end of them as they partially rebound. The overall negative effects aren't so much the decline in real terms as the unstable and highly volatile nature of it all that never really gets better.''