November 2018 US CPI data

  • Prior was 2.5%
  • Ex food and energy 2.2% vs 2.2% exp
  • CPI m/m 0.0% vs 0.0% exp
  • CPI m/m ex food and energy +0.2% vs +0.2% exp

Wages

  • Average weekly earnings +0.5% y/y vs +0.8% prior
  • Avg hourly earnings +0.8% vs +0.6% prior

The wages numbers balance out but any way you slice it, that's not enough wage growth to convince anyone that the jobs market is truly tight.