Summary Of August U.S. Employment Report
Bullish elements: None. Or actually, there is one thing that comes close. Namely the 0.4% increase in average hourly earnings, but this likely reflects to a large extent workers demanding compensation for inflation as well as the increase in the minimum wage. Still, with monthly all-items inflation likely decelerating sharply in August due to a decline in energy costs, this means that real average hourly earnings likely rose after several months of negative numbers.