Zero Hedge
All posts from Zero Hedge
Zero Hedge in Zero Hedge,

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