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Thursday, March 28, 2024

Near-Record Wage Spike Stabilizes Richmond Fed Manufacturing Survey

Courtesy of ZeroHedge. View original post here.

Submitted by Tyler Durden.

Against expectations of a ‘0’ print, Richmond Fed Manufacturing rose from -3 to +1 in May – the first positive print since January. Despite expectations for future shipments sliding to 4-month lows and a decline in number of employees, the index itself was driven higher mainly by a huge spike in the wages subcomponent – from 9 to 20.

This is the 2nd biggest spike in wages on record…

Under the surface, it was wages that single-handedly saved the index…

Charts: Bloomberg

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