Today’s Non-Farm Payrolls report was unambiguously strong.
But there is one interesting wrinkle. Wage growth did not accelerate. Here’s a look at average hourly yearnings growth on a year-over-year basis, and as you can see this number ticked down just slightly from the month before.
There’s been a lot of consternation on Wall Street that wages would zoom up, forcing the Fed to tighten rates sooner than expected. And Janet Yellen herself has called inflationary signals coming from elsewhere in the economy “noise.”
Today’s number takes a little bit of pressure off everyone.
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