MAGAnomics – BLS Wage Report – Second Quarter Wage Growth 3.7 Percent Year-Over-Year….

The Bureau of Labor Statistics has presented the data for second quarter (Q2) year-over-year wage growth.  Average weekly wage growth is 3.7% year-over-year.

[Source, BLS release Q2 – Table 2]

With inflation (CPI) averaging 1.8% over the same period this means wages are strongly outpacing inflation and increasing the disposable income of U.S. workers.  This data-set, combined with positive consumer sentiment on job and economic security, bolsters the recent report showing “unanticipated” strength in retail sales.

The data is a reflection of Main Street strength. The job market is hot; wages are rising (3.7%) much faster than inflation (1.8%); the middle class has more disposable income. Hence, retail sales growth is strong at 3.8 percent.

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