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Not So Fast: Here's The Full Story About Those "Surging Hourly Earnings"

With attention firmly fixated on today's wage print earnings, economists - not to mention the Trump administration - were delighted to see a 2.9% spike in average hourly earnings, the biggest jump since June 2009, suggesting inflation is about to make a roaring comeback, and prompted the likes of Bill Gross to predict that the 10Y would hit 3.0% in the very near future. Well, not so fast, because as a closer look at the data reveals, the only reason why average hourly earnings rose, is because the total weekly hours worked posted a relatively steep decline, dropping from 34.
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