The labour market has softened substantially this year. Hiring has been largely concentrated in just two industries — healthcare and leisure and hospitality — and unemployment has climbed higher. Wage gains have slowed as a result.
Hourly earnings for production and nonsupervisory employees edged lower from the prior month.
Friday’s report combines inflation figures with recent wage data. Economists pay close attention to this metric as a driver of household spending, which lately has become more bifurcated with the wealthiest Americans propelling consumption.
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