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.”

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