Combing through the data dump, two numbers stand out.
- Initial jobless claims fell to a 15-year low, at 262K vs 290K expected
- Wages rose slightly more than expected at 0.7% vs 0.6% forecast (and up 2.6% y/y)
I think it's premature to say it's a sign of legitimate wage inflation people will see what they want to see with this number (and that includes the Fed).
Employment cost index up 2.6% y/y
The US dollar is about 40 pips higher after the data, right across the board.