November Wage Growth Is Weaker Than Expected

The average hourly earnings for all employees on private nonfarm payrolls grew by just 0.1% in November from the previous month. Compared with a year ago, wage growth measured just 3.5%. The number of hours worked, however, edged up slightly. The average workweek for all employees on private nonfarm payrolls was 34.3 hours last month, up by 0.1 hour. That's much weaker than economists expected to see in last month's data. Economists surveyed by FactSet had predicted that wages grew by 0.3% month over month, ...