Wage Inflation MoM, often reported as Average Hourly Earnings, tracks the monthly change in the price businesses pay for labor. It is a critical leading indicator of consumer inflation because when businesses pay more for labor, the higher costs are usually passed on to the consumer. Central banks, such as the Federal Reserve, monitor this closely to assess the tightness of the labor market and potential inflationary pressures.
The indicator is calculated by dividing the total estimated payrolls for the reference month by the total number of hours worked by all employees. It covers private non-farm payrolls and excludes agricultural workers and government employees.
| Date | Actual | Forecast | Surprise |
|---|---|---|---|
| Nov 24, 2016 | 0.10 | — | — |
| Jul 28, 2016 | 0.20 | — | — |
| Mar 23, 2016 | 0.10 | — | — |
| Dec 18, 2015 | 0.20 | 0.10 | +0.10 |
| Nov 24, 2015 | 0.10 | — | — |
| Aug 28, 2015 | 0.10 | — | — |
| Jul 24, 2015 | 0.10 | — | — |
| May 21, 2015 | 0.20 | — | — |
| Feb 26, 2015 | 0.70 | — | — |
