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YOU KNOW, IN RECENT MONTHS,

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WHEN YOU AND I TALK ABOUT CPI

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KEEP SAYING, THERE IS A REAL

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WAGES, FOR THE LAST MONTH,

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TYPICALLY THAT HAS BEEN

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AVERAGE REAL WAGES BUT LAST

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MONTH TOTAL WAGE BILL WAS

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UP .6 MONTH-OVER-MONTH ON

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NOMINAL BASIS NOW CPI 1.3%

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MONTH-OVER-MONTH THE AGGREGATE

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WAGE BILL FOR TOTAL ECONOMY

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WENT DOWN MONTH OF JUNE, THIS

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IS WHERE AN INFLATION PROBLEM

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BECOMES A GROWTH PROBLEM,

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BECAUSE SO FAR THE ONLY THING

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REALLY KEEPING THE SHOW ON THE