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AHE Revises Away Last Month’s Standout Strength

US DATA
  • Last month’s strong upward revision to AHE has proved to be largely a headfake, with total AHE revised down from 0.55% to 0.40% in Nov and slowing to 0.275% in Dec, the sofest rate since Feb and before that Mar’21.
  • After a stronger recent run, non-supervisory pay of 0.214% M/M (following a 0.43% revised down from 0.68%) is the softest since Jan’21.

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