Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
U.S. wages showed signs of cooling last month falling 0.4ppt, according to the Atlanta Fed Wage Growth Tracker, a positive sign for Fed officials who have said they'd like wage growth to slow down considerably.
The Atlanta Fed Wage Growth Tracker, which monitors people who have stayed in their job for at least a year, was still elevated in September at 6.3% on a three-month moving average, after three straight flat months at 6.7%. The gain is still well in excess of the 4.98% rise in average hourly earnings indicated by Labor Department data. The Atlanta Fed's tracker showed that people who took new jobs last month won an increase of 7.9%, down from 8.5% in July, and much higher than September's 5.3% rise for those who stayed in the same job.
Cleveland Fed President Loretta Mester said earlier this week nominal wage growth will need to moderate to around 3.25% to 3.5% to be consistent with price stability, while other Fed economists have suggested a number around 4%. (See: MNI INTERVIEW: US Can Handle 4% Wage Gains - Minneapolis Fed Econ)
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.