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03 September 2015, 07:06
The remaining portions of the BLS establishment survey are expected to be
mixed. Reflecting previously discussed calendar effects associated with the
timing of the canvassing period, US average hourly earnings likely climbed by
0.4% in August, the largest one-month rise since January.
It is forecasted at double the current median Street projection and would push the year-to-year growth of the closely followed nominal compensation measure one tick higher to 2.2%, the upper end of the range prevailing over the past 12 months.
"Looking ahead, ever-tightening labor market conditions are expected to propel the annual growth of private hourly earnings to 2.4% by Q4 and to 2.9% by the end of 2016. The return to a more typical four-week interval between survey periods, however, probably left the mean work span of all private employees six minutes shorter at 34.5 hours in August", says Societe Generale.
Almost completely offset by an anticipated 245K increase in private-sector jobs, workweek forecast would place total hours worked last month 0.1% lower, but the July-August average a very solid 2.6% annualized above the spring-quarter mean.
It is forecasted at double the current median Street projection and would push the year-to-year growth of the closely followed nominal compensation measure one tick higher to 2.2%, the upper end of the range prevailing over the past 12 months.
"Looking ahead, ever-tightening labor market conditions are expected to propel the annual growth of private hourly earnings to 2.4% by Q4 and to 2.9% by the end of 2016. The return to a more typical four-week interval between survey periods, however, probably left the mean work span of all private employees six minutes shorter at 34.5 hours in August", says Societe Generale.
Almost completely offset by an anticipated 245K increase in private-sector jobs, workweek forecast would place total hours worked last month 0.1% lower, but the July-August average a very solid 2.6% annualized above the spring-quarter mean.