Christopher Hodge of the French Foreign Trade Bank is wary of the signals released by the rise in hourly wages. “This data fluctuates a lot, and the performance is not impressive. Wages have remained moderate for some time. Considering the volatility of employment data itself, we believe that salary is a better measure of how tight the labor market is. Our nominal income substitution indicators and a range of labor stress indicators still show that the labor market will hardly bring inflationary pressure.”

Christopher Hodge of the French Foreign Trade Bank is cautious about the signals released by rising hourly wages. “This data fluctuates a lot, and the performance is not impressive. Wages have remained moderate for some time. Considering the volatility of employment data itself, we believe that salary is a better measure of how tight the labor market is. Our nominal income substitution indicators and a range of labor stress indicators still show that the labor market will hardly bring inflationary pressure.”