Against expectations of a '0' print, Richmond Fed Manufacturing rose from -3 to +1 in May - the first positive print since January. Despite expectations for future shipments sliding to 4-month lows and a decline in number of employees, the index itself was driven higher mainly by a huge spike in the wages subcomponent - from 9 to 20.
This is the 2nd biggest spike in wages on record...
[3]
Under the surface, it was wages that single-handedly saved the index...
[4]
Charts: Bloomberg
