- Prior was +1.4%
- Wages +1.4%
- Employment benefits +1.2%
Powell specifically cited this report in his FOMC press conference, saying:
"There’s some evidence that wages—if you look at average hourly earnings they appear to be moderating. Not so yet from the other wage measures, and we’ll be getting the employment compensation index measurement, I think, on Friday, I guess, and that’s a very important one because it adjusts for composition."
This certainly isn't the kind of number that's going to get the FOMC hawks cheering for rate hikes.