Despite all the hope for higher incomes spewing from within the various soft-surveys of individuals and businesses across America, Q2 saw unit labor costs decline 0.2% year-over-year – the second YoY drop in the last 3 quarters.
Despite all the great news about lowe eunemployment rates and solid payrolls prints, aggregate unit labor costs for America are unchanged since Dec 2015.
Don’t stop believin’…
Worse still Real Compensation tumbled 0.8% YoY – the 3rd quarterly decline in American wages in a row…
Still – somewhere, there is the Phillips Curve’s tight-labor-market-driven wage pressures…
