Growth in salary costs in the US not what it looks like

MADRID | Employment creation figures in the US disappointed Wall Street expectations for April, with 115,000 versus 165,000 and a fall of the jobless rate of 0.1 percent to 8.1 percent. Afi analysts in Madrid checked deeper into the subject and concluded in an investor’s note that income per working hour and working hours per week have both been flat, so growth recorded in salary costs was the consequence of more jobs instead of improvements in the wage base.

“We’ve been in this situation before during the last months and it brings a negative impact on household consumption, as savings rate has reached its lowest level in four years.”

Contributions to salary costs’ monthly variation in the US.

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