The Bureau of Economic Analysis (BEA) released significant wage and salary data yesterday which held stunning upward revisions for 2018 and 2019.   Wage growth of 5.5% combined with low inflation remaining at 1.4 percent; the disposable income of U.S. workers jumped to a stunning 4.1%.  [Data Tables]

Within the revised BEA data, we find employee compensation rose 4.5% in 2017 and 5% in 2018.  Importantly the growth trend continued into 2019, with compensation increasing 3.4 percent in the first six months alone.  Year-over-year wages and salaries were revised upward to 5.3% for May, and 5.5% in June.  These are stunning increases in worker pay.
There are various economic indicators we have shared through the years, but wage growth is one of the more critical.  First, wage growth lags behind business activity – workers don’t get pay raises until after business volume demands/provides it.  Second, wage growth is generally uni-directional – once businesses hike pay, the increases cement.
As the Wall Street Journal put it:
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Last night President Trump gave a lengthy 26 minute interview to C-Span and journalist Steve Scully. [Full Video Here] Here’s some video excerpts from the interview:

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Former Acting Attorney General Matt Whitaker appears with Lou Dobbs to discuss ongoing issues in/around the DOJ and FBI.
Matt Whitaker notes the corrupt members of the FBI/DOJ who have left the institution; but stops short of criticizing current FBI Director Chris Wray. Whitaker expresses strong support and respect for John Ratcliffe’s nomination to ODNI.
Whitaker positions himself as an advocate for transparency, but is careful not to be critical of those in the DOJ and FBI who are working diligently against releasing documents that would actually bring about transparency.  The implied message is that declassification of material will ultimately force transparency…. [but he doesn’t say it].

…Every minute spent outraged at what Comey, McCabe or Muller did yesterday, is one minute less that Bill Barr is being held accountable for what he is not doing today…

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Chopper Pressers are the best pressers; and today we get two. One upon departure, and one upon return to the White House from Virginia. [Video Below – Transcript will follow]

UPDATE: Transcript Added
[Transcript] – THE PRESIDENT: So, Jamestown was amazing. I very much appreciate that the Democrats were so respectful because it is what it is. It’s a very important moment: 400 years. So I appreciate very much the Democrats. We had great receptivity. I guess I saw a few; you only covered the protester. One protester.
But Jamestown, I thought, was fantastic. And I was treated, really, I think — and I have to — I obviously thank the Republicans, but I also thank the Democrats. We had one person. And other than that, it was really fantastic.
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Chopper pressers are the best pressers.  Earlier today President Trump held an impromptu press conference as he departed the White House for an event in Virginia.
[Video below – Transcript ADDED]

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[Transcript] – 9:12 A.M. EDT – THE PRESIDENT: So I just want to tell you the economy is doing fantastically well. We have people over in China right now. We’re negotiating with China. We’ll see what happens. We’re either going to make a great deal or we’re not going to make a deal at all. But a lot of great things are happening, and including with China.
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Good interview between Fox Business’ Maria Bartiromo and former White House trade official Clete Willems.  Essentially Willems confirms the current outlook of the Trump administration that a deal with China is not likely in the short-term; however, Willems is optimistic of the probability in the longer term (as China realizes consequences).

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The financial media still doesn’t get it… Obviously! Transfixed and jaw-agape at seemingly at-odds aspects to a new engagement with Beijing, the MSM financial media are clueless. They are genuinely disconnected, and have no idea what is going on.
The majority of financial pundits are perplexed at what they can see on the surface. USTR Robert Ligthizer and Treasury Secretary Steven Mnuchin are beginning discussions with Beijing. Meanwhile President Trump’s tweets seem to dismiss the potential of the deal-making. The media call this mixed-messaging; however, that’s not what this is.

Secretary Wilbur Ross was very insightful last week when he also spoke of the current U.S. perspective toward the U.S-China trade negotiation.  If you have followed the basic road-map of America-First trade policy, there’s was a very clear picture. However, as we expected, most pundits and trade analysts ignored the administration message.
Commerce Secretary Ross warned the professional investment class when he said the current objective for Mnuchin and Lighthizer was to find out if Beijing is willing to re-engage from the starting point where they left-off when talks collapsed.
That was a big tell.
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President Donald Trump delivers remarks at the Jamestown Settlement for the 400th Anniversary of the First Representative Legislative Assembly in Williamsburg, Virginia. Anticipated start time 11:30am EST
VIDEO and Transcript ADDED

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[Transcript] – THE PRESIDENT: Thank you. (Applause.) Thank you very much. Please, make yourselves comfortable.
I want to thank you, Speaker Cox. It’s a true privilege to be back in the great Commonwealth of Virginia. (Applause.) And it’s a tremendous honor to stand on these historic grounds, as the first President to address a joint session of the oldest lawmaking body in all of the Western Hemisphere, the Virginia General Assembly. Congratulations. (Applause.)
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Jumpin’ ju-ju bones, there’s big news in here.  Actual Bombshells! For real Tick Tocks and much much more….

Former acting Attorney General Matt Whitaker appeared on Fox News to discuss the replacement of Dan Coats with John Ratcliffe as head of the ODNI, and the current status of AG Bill Barr’s ongoing reviews into prior DOJ and FBI (mis)conduct.
Whitaker posits the placement of Ratcliffe as looking at the aggregate intelligence apparatus and seeing if there “are systemic issues and failures for how the investigations were kicked-off”; and the engagements with other countries (FBI and CIA).
Additionally Whitaker summarizes U.S. Attorney John Durham as focused on the origin of the intelligence operation against candidate Trump and “prosecuting anyone that needs to be prosecuted“.  [By the way, that seems to confirm Durham as an official “investigation”, not a “review”.]
Then comes the BOMBSHELL…. (@01:26 below) while seemingly not realizing what he just said, Whitaker outlines U.S. Attorney John Huber as reviewing “anything related to Comey’s memos and the like.”  Boom… There it is.
THAT finally explains why the DOJ is fighting the release of the David Archey declarations in the FOIA lawsuit by CNN.  [Listen carefully at 01:26 of the interview]

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Until that obscure comment, likely a slip that not many would catch, there has been no valid explanation by the DOJ about any investigation of the Comey memos, which would also encompass the “Archey Declarations”.
If U.S. Attorney John Huber is indeed looking at those Comey memos, that would explain why the DOJ is fighting the release of the Archey Declarations in the DC Circuit Court with Judge James E Boasberg.  Now it makes sense.  That little obscure comment by Whitaker is a big effen’ deal.
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Speaking to WMAL radio, former U.S. Attorney Joe diGenova informs the audience that declassified documents will begin to be made public starting Wednesday July 31st.
Additionally, Mr. diGenova states confidently that U.S. Attorney John Durham is not conducting a “review”, but is conducting a full criminal investigation with a grand jury empaneled and currently receiving testimony from witnesses.
The comments come at 04:58 of the audio/video below [Prompted just hit play]

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Obviously Joe diGenova is making a very specific statement with measurable and specific action to come on very specific day.  Good news !!

On May 23rd, 2019, President Trump gave AG Bill Barr unilateral authority to declassify documents.  A month later, against the backdrop of more evidence surfacing showing corruption within the DOJ and FBI (June 14th, 2019), and with a negative balance in the trust account, twenty three House republicans asked President Trump not to wait.
Here’s the list of material possible for declassification, and the intelligence offices who hold custodial authority over the compartmented documents. This was the original list as outlined in 2018:
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