Not So Fast: This Is Where All The “Blistering” Hourly Earnings Growth Came From

Jon Alternative Media, Blogosphere, Economy, Market Commentary

There is a simple reason why the vast majority of American workers, some 82% of them, are not feeling any wage growth: there simply isn’t any.
After today’s jobs report, Wall Street has been fast to ignore the modest headline payrolls disappointment, which in December rose less than expected following an upward revised November, and focus exclusively on that “other” number, the jump in average hourly earnings, which in December rose 0.4% on a monthly basis, and a blistering 2.9% Y/Y, the highest annual growth since the financial crisis, as shown in the chart below.

Wall Street analysts were quick to praise the jump in hourly earnings, such as Deutsche Bank’s Alan Ruskin who said the following:

This post was published at Zero Hedge on Jan 6, 2017.