Analyst Curran flagged a potential new Fed focus in the US nonfarm payrolls
report: a pickup in hourly wage growth. Wage gains have been the missing piece
in the inf picture; policymakers have previously said they do not view the labor
market as a source of inf. The question is whether wages will begin to
accelerate and whether the labor market will move toward overheating. That has
not occurred yet, but the change warrants attention.
