The wages equation in the non-farm payrolls report
– Prior -0.1% m/m
– Wages +2.3% y/y vs +2.2% exp
– Prior +2.2% y/y (revised to +2.3%)
– Avg weekly hours 34.4 vs 34.5 exp
Baring a big shock in the jobs gained/lost, I expect the wages component of the survey will play a big part. There is the monthly/yearly gain but also the number of hours worked, which is an early indicator of wage pressures.