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AHE Revises May Spike Lower, But Non-Supervisory Accelerates

US DATA
  • Total AHE increased 0.33% M/M in May in line with consensus of 0.3 but it came after a downward revised 0.39% in Apr (initial 0.48).
  • The underlying non-supervisory measure offered a stronger takeaway, with offsetting revisions to Mar (slightly higher) and Apr (slightly lower) to then accelerate from 0.35% to 0.45% M/M. That’s technically the highest monthly rate since November.
  • The non-supervisory measure has recently better tracked the more limited moderation in ECI private wage & salaries.
  • See charts for new profile.

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