The only 20,000 expansion in US payroll employment in February was quite disappointing and it came in the wake of growing concerns about the US economy’s expected slower growth in the first quarter.
Nonetheless, as the National Bank’s March 8th Hot Chart illustrates, the US Fed should be encouraged by the recent 3.4% year over year increase in money wages, the highest since April of 2019.
And in the wake of the many signs of a generally tight labor market in the US, the fact that job creation has clearly tilted in the full-time direction and away from part-time work is also very encouraging.
Full-time employees have strong bargaining leverage compared to part-time workers.
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