>I guess the Fed wasn't comforted by today's release of calmer
>second-quarter gross compensation cost data (3.5% growth) implying
>negative real compensation growth. Some analysts feel that the high
>compensation growth rates of the previous three quarters (6.9%,
>10.2%, 6.1% SAAR) were mainly due to bonuses and stock options. I
>had assumed that health care expenses were the culprit...
Both things are true - it ain't direct pay for the working class!