Wages in U.S. Tempered by Calendar Quirk, Employment Composition
- Hourly earnings decline for first time since end of 2014
- BLS says weakness tied to job gains in low-paying industries
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The reaction to the February jobs report unfolded like so many before: solid job gains, but where’s the wage growth?
Some economists were prepared for the disappointing print on average hourly earnings, which fell 0.1 percent from a month earlier, chalking the decline up to the what they say is a calendar quirk. They note that worker pay often appears softer during months when the week that businesses are surveyed doesn’t include the 15th -- a payday for many workers.