By most important measures, the kind that fill tables and text in the annual Economic Report of the President, the U.S. economy is on a roll. Real GDP growth is at a five-year high, unemployment is reaching record lows, and construction activity is booming. Perhaps more importantly, total workplace earnings (including bonuses and fringe benefits) are on the rise, and real per capita GDP is increasing.

This good news indicates most U.S. workers and families are getting better off. But there’s usually a “but” with such things, and rarely does every economic signal point upward.