Lots of Jobs, But Inflation Eroding Wage Gains

July's payroll employment in July blew past forecasts, and there were upward revisions to the prior two months, boosting payrolls back up to pre-pandemic levels and a new record high. The bad news is that the wage-price spiral is still spiraling and reducing the purchasing power of consumers:

(1) Payroll employment soared 528,000 in July, more than double the consensus forecast of 250,000, with both June and May changes revised higher for a net gain of 28,000.