American flag horseREUTERS/Octavian CantilliSheila Shirah, 17, the 2011 Miss Silver Spurs, rides around the arena during a prayer at the start of the Silver Spurs Monster Bull rodeo event held at Osceola Heritage Park in Kissimmee, February 11, 2012.

The July jobs report is out, and the U.S. posted average hourly earnings growth of 1.9%, missing analyst expectations of 2.2%

Though all eyes are surely on the general employment figures, we’re looking at wages.

As we’ve pointed out, average hourly earnings growth has been moving in the right direction for the first time since the end of the crisis.

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