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An update from BofA which argues that the deceleration average wages is misleading.
Central to our Fed call is that they need to generate a big enough rise in the unemployment rate to put some downward pressure on wage inflation. Here we look at what’s happening with wages:
•Low-inflation optimist point out that average hourly earnings data from the jobs report are already starting to cool off.
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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.
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