May Job Increases: What the experts are saying?

The economy added 339K jobs up from the 195K expected. Wages haven't risen much and economists are a little confused and one can't blame them (I'm confused too. I have a theory that might sort of explain it but its not finished and there is no guarantee it explains anything. I can write it and provide justification but its eventually others that determine its validity.). Here is what I say and I might be completely wrong. I'm disappointed by low increases in wages and I would hope that middle class wages rise and such rises are augmented by new technologies and techniques. Raising the value of the American worker to the top of wage earners spot in the global supply chain (There has been some work on the global supply chain recently so we should see some future increases in American manufacturing jobs).

(Middle class wealth would likely come from better human capital development/universalization, stronger educational approaches{got a few good ideas that seem to be functioning. There is more in the developmental stages of education through natural interest competency learning. Just an idea. Its used in gifted education and could be used in an online setting for average students. It might also increase retention when content is more catered to natural interests and better information packaging} Anway......also more emphasis on creative abilities augmented by technology to research, build, and manufacture new products.}

The numbers since COVID have not really made a lot of sense and I believe a pendulum swung more onto the virtual side so there are new unknown factors hidden in plain site. One possible explanation, which I'm only saying its about 38+% true in some form (I could be wrong as well.), is that we are going through an economic platform shift. A platform shift means that the measurements we used during the Industrial Era reflect partially accurate information based on older physical paradigm assumptions of manufacturing and work (i.e. Wealth of Nations in a complete physical world). 

The digital era is much more global, fast paced, has AI implementation, and many more transactions when compared to prior eras. The metrics would change based on the new way of interacting and exchanging information, resources and output through complex interwoven global networks (i.e. economics as a psychology of choices among large bodies of people. macroeconomics from bartering chickens at your local market to genetically making chickens and selling them to someone across the globe in a few seconds. There are differences in the assumptions and thus there should be a variance in new models to encompass this.)

Basically, if we are not leaking resources to other countries and/or factors(which we likely are) we might find wages starting to rise through the use of technology that improves productivity and functionality. Furthermore, mixed data are not wrong, they just are not being modeled properly (i.e. Hayek and Schumpeter) because they are anchored to older economic paradigms (They were accurate for their era based on our understanding of the science of economics and are still somewhat, but slightly less so, in the digital era. As the digital era developments transform our economic landscape new adjustments, tweaks and even divergent theories are likely. The global race..."its on Donkey Kong!" For Millennials they probably don't know how cutting edge we were when computers came out in my teens. You can play Donkey Kong free! I mean, its not VR but whatever! We were cool! Some of us coded this stuff! 🤷. Think of what 30 years did to games. Now do that much development in 1/2, 1/4 or 1/6 the time! Rapid development theories are needed that blend the creative destruction Schumpeter with the focused macro approach of Hayek). The digital era will adjust those assumptions and help explain those wonky numbers and will likely make more sense in 5 years after economists study, analyze and publish more post COVID economic data and trends.

Yikes soap box! Below is a thorough explanation. Read all of the economist projections and you will see the variety of opinions. From a group level, economists are not 100% sure they understand what they are seeing. No one can be 100% accurate, but basic assumptions are being challenged. Some are saying that a recession is coming and some say no. I believe that the end of the year will likely have higher growth as businesses settle into new geopolitical-economic status que based on the rapid increase in virtual mixed business model development (i.e. settling into what works) pushed about 10+ years prior then when it would normally happen in  more gradual pace because of a pandemic. We might be looking at a recession so I could be wrong (It doesn't make my theory wrong, its just a prediction based on business, human, and global economic development. I just used other research from a number of sources and piecemeal it to explain an amebic understanding I had that wasn't justified. The likely pressures created from trends and how they would adapt and react. Stupid really! ..but it has been somewhat accurate.)

Jobs Report Shows Hiring Surge in May: What the Experts Are Saying