September 01, 2023 13:02 GMT
AHE Supportive of Further Decline in Employment Costs
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- Today's moderation in AHE Y/Y (4.286% from 4.361% in July) is supportive of a further moderation in the quarterly Employment Cost Index (next release is due on October 31st, covering Q3), for which the Y/Y AHE has been leading since the wages surge during the post-pandemic recovery.
Figure 1: AHE supportive of further decline in quarterly Employment Cost Index
- Also worth noting that the uptick in the participation rate this month was not due to continued recovery in prime-age participation (i.e. Those aged 25 - 54 ), so likely stemmed from older workers, who have lagged the prime-age cohort since the pandemic.
Figure 2: Uptick in participation not due to prime-age workforce
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