US wage growth is accelerating

Tuesday, 8 November 2016

Some good news here across many fronts, via Macquarie:

Wage growth is strengthening, supporting a cyclical pick-up

 One key measure of wage growth (average hourly earnings of total private employees) pushed to a fresh cycle high (2.8% YoY). The monthly number was particularly strong, at +39bps (a 4.7% annualized pace). Due to a challenging comparison base, a second measure (average hourly earnings of production and non-supervisory workers) moderated to 2.4% YoY (prev. 2.65%) (Fig 1).

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.