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Wage Growth Meme In Tatters As Unit Labor Cost Growth Tumbles, Huge Downward Revisions

Instead of an exuberant 6.7% surge in Q1 unit labor costs, heralded by any and all mainstream economists and talking heads as proof that long-awaited wage growth is here, the historical revision slashes it to a mere 2.3% increase, which followed by Q2's dismal 0.5% increase - the weakest since Q3 2014, suggests wage growth in America is anything but robust. Nonfarm productivity also missed expectations, rising just 1.3% QoQ, a verymodest rebound after two quarters of declines.

 

 

Momentum lost.

 

Charts: Bloomberg