NY Fed: Various measures of labor compensation point to increased firming of wage growth
|The Federal Reserve Bank of New York recently published its latest report titled "U.S. Economy in a Snaphot," with key quotes found below.
- Real consumer spending rose fairly solidly in July, although below the robust pace observed in the second quarter.
- Business equipment spending rose moderately in the first half of 2018, a slower pace than in 2017.
- Housing activity indicators remained soft in July.
- Payroll growth was robust in August, but was revised downward for both June and July.
- The latest readings of various measures of labor compensation point to increased firming of wage growth.
- Core PCE inflation continued to run at a level roughly consistent with the FOMC’s longer-run objective.
- The broad trade-weighted dollar index increased modestly.
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