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Near-Record Wage Spike Stabilizes Richmond Fed Manufacturing Survey
Tuesday, May 26, 2015 8:19
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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
Source: http://silveristhenew.com/2015/05/26/near-record-wage-spike-stabilizes-richmond-fed-manufacturing-survey/
