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Wage Growth Meme Destroyed - Unit Labor Costs Tumble At Fastest Pace In A Year

Unit Labor Costs dropped 1.4% in Q2, missing expectations of a 1.2% drop and falling to the lowest since Q2 2014. Despite all the sound and fury and wage growth looming any minute now... it is not! This is the first consecutive drop in unit labor costs since Q4 2008.

 

 

Charts: Bloomberg