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%
- Avg weekly hours 34.5 vs 34.6
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.
