The wage inflation numbers from the non-farm payrolls report:
– Prior was +0.3% (revised to +0.4%)
– Wages up 2.2% y/y vs 2.4% expected
– Prior y/y was +2.2%
As if the headline wasn’t bad enough, the wage inflation numbers are weak and average hours are soft. The chance of an October Fed hike is now zero percent, in my mind.
