US September Average Hourly Earnings Rise 0.1% MoM, Below 0.3% Forecast

The miss matters less as a single data point than as a signal about the direction of pay pressures, since it undershoots both the forecast and the prior reading. Softer wage growth feeds directly into the rate-path debate, which is the transmission channel that reaches crypto and other risk assets. Whether this deceleration is sustained across subsequent data, or proves a one-month wobble, is the open question.