Daire MacFadden
speaker
144 appearances
2 recordings
1 series
first heard May 2026
last heard 9 Jun
Daire MacFadden’s voice in public audio — every appearance, attributed to the second.
Trend
recordings per month · last 12 monthsRecordings per month over the last 12 months — 2 in all, peaking in Jun 2026 with 1.
Appearances
They're preliminary.
They're imperfect.
There's different ways of gathering these numbers.
Further data comes in later on, and that's why we have upwards revisions later on.
It may be worth adding that for the data that came in on Friday, we also got upwards revisions for March and April.
Good point.
And so there's 93,000 additional jobs for those months if you combine the two of them.
Yeah, the story here is that real wage growth has been falling since its peak a few years ago in the aftermath of COVID and that supply shock.
Workers were able to negotiate real increases in their wages.
But if you look at the trend line over the last few months, it's definitely coming down and it's now slowing at about 3.4%, you know, the annual rate of wage growth.
The important thing about that is that that is below where we expect inflation to come in.
We've got CPI data coming out in the U.S.
tomorrow.
And we've got Kevin Walsh's preferred inflation data coming out in a couple of weeks' time.
And the sort of forecast for those is that they're going to be, you know, above 3%, closer to 4%.
Which means the average household is accepting a real-terms pay cut.
I mean, on the other hand, the Fed may be able to rely on this to do some of its work for it on getting inflation down.
Correct.
If households don't have as much income
They're not able to buy as much with their dollars.
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