US Aug avg hourly earnings +3.1% y/y, in line with forecasts

The deceleration in wage growth, even if marginal, reinforces the narrative of a cooling labor market without adding fresh inflationary pressure. For markets, this reduces the likelihood of a policy surprise from the Fed, though the focus now shifts to whether this moderation persists in coming months. The key watchpoint is how this aligns with broader demand signals, as a steady slowdown supports a soft-landing scenario, while a sharper drop could raise recession concerns.