While the markets digest the far stronger than expected May jobs number, one thing sticks out: the wages for non-supervisory workers continue to stagnate, and while overall annual wage growth of 2.3% was the strongest monthly increase since the financial crisis, it was once again skewed toward the higher end of the labor market, with supervisors, and bosses once again taking the bulk of wage growth, or about 3.5%...
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... with non-supervisory workers which comprise some 82% of the US labor force, remain stuck with nominal wage growth which barely covers inflation at about 2.0%.
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And the other data point which may generate some skepticism about an imminent rate hike is that while full-time jobs did grow at a brisk 630K pace in May as part-time jobs this month tumbled, the total number of full-time jobs at 121.4 million is still about half a million below their pre-recession peak of 121.9 million reached in November 2007.
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