November Wage Growth Is Weaker Than Expected

Group 1 - Average hourly earnings for all employees on private nonfarm payrolls increased by only 0.1% in November compared to the previous month, with year-over-year wage growth at 3.5%, which is below economists' expectations of 0.3% month-over-month growth and an annual rate of 3.6% [1] - The average workweek for all employees on private nonfarm payrolls rose slightly to 34.3 hours, an increase of 0.1 hour [2]