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Wage Pressures Ease Modestly In Atlanta Fed Tracker

US DATA
  • The Atlanta Fed Wage Tracker stepped down from 6.4% to 6.1% annualized on a 3-month smoothed basis in December, it’s joint lowest since May having peaked at 6.7% in Jun-Aug.
  • The breakdown by job stayers (5.3%) and switchers (7.7%) shows broadly similar relative trends.
  • The aggregate measure supports the recent rolling over in AHE at last week’s payrolls report albeit is doing so from much stronger relative rates with AHE at 4.0% on similar three-month rolling basis.
  • For wage growth, focus remains on the more comprehensive ECI for Q4 on Jan 31, day one of the two-day FOMC meeting.

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