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Avg Hourly Earnings Unrounded - May '24

US DATA
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Upward revision to prior Avg Hourly earnings. Solid unrounded and easy beat (4-month high in AHE) vs 0.3% M/M expected. Non-supervisory AHE soared to fastest growth since Mar 2023 - potentially minimum wage impacts as flagged by some analysts who looked for upside risks to the overall figure.

  • Total AHE:
    • M/M (SA): 0.403% in May from 0.231% in Apr (initial 0.202%)
    • Y/Y (SA): 4.085% in May from 3.977% in Apr
  • AHE Non-Supervisory:
    • M/M (SA): 0.469% in May from 0.201% in Apr (initial 0.202%)
    • Y/Y (SA): 4.168% in May from 4.079% in Apr
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Upward revision to prior Avg Hourly earnings. Solid unrounded and easy beat (4-month high in AHE) vs 0.3% M/M expected. Non-supervisory AHE soared to fastest growth since Mar 2023 - potentially minimum wage impacts as flagged by some analysts who looked for upside risks to the overall figure.

  • Total AHE:
    • M/M (SA): 0.403% in May from 0.231% in Apr (initial 0.202%)
    • Y/Y (SA): 4.085% in May from 3.977% in Apr
  • AHE Non-Supervisory:
    • M/M (SA): 0.469% in May from 0.201% in Apr (initial 0.202%)
    • Y/Y (SA): 4.168% in May from 4.079% in Apr