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US AHE Below Consensus But Shouldn't Surprise

DATA REACT
  • AHE a tenth lower than consensus at an unchanged +0.31% M/M but as a few analysts had noted in our preview, there was a calendar quirk biasing the number lower in May so it's shouldn't be too surprising.
  • For what it's worth, the non-supervisory measure (lower ~80% of earners) continues the theme from the past year of coming in stronger, accelerating from +0.44% to +0.55% M/M.

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