New York · Federal Reserve (FED) · South Korea · Bitcoin · Fortune Technology
The only jobs giving out pay raises right now are in construction, mining, and public administration, the New York Fed finds
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With Iran negotiations being the key concern of markets at the moment, though without much information to act on, UBS’s Paul Donovan is warning investors against reacting to hints and rumors.
Key facts
- The New York Fed’s latest wage inflation report found that most, but not all, industries have seen a synchronized decline in wage growth since October 2022, with the notable exceptions of two
- With Iran negotiations being the key concern of markets at the moment, though without much information to act on, UBS’s Paul Donovan is warning investors against reacting to hints and rumors
- A fragile ceasefire still holds, despite the U.S. launching self-defense strikes against Iran over the weekend
- On the other hand, any deterioration of labor market conditions could result in renewed downward pressure on wage inflation
Summary
Investors are prey to idle speculation, says UBS. Wage growth in the U.S. is stalling—except for two sectors. S&P 500 futures are up 0.3%. In Europe, the Sto600 is up 0.42% in early trading and the U.K.’s FTSE 100 is up 0.18% before lunch. Bitcoin is down to $75,764.