Average hourly earnings in September increased by 3% year-on-year, falling short of market expectations

According to an analysis report by The New York Times: Federal Reserve officials have long insisted that the labor market is not a source of inflationary pressure. The September report reinforced this view. The average hourly wage in September increased by only 0.1% month-on-month and 3% year-on-year, which is below the market consensus of 3.2%.