US Average Hourly Earnings (Aug MM) 0.3% vs. Exp. 0.3% (Prev. 0.2%)

The modest acceleration from the prior month keeps the sequential wage trend consistent with gradual rather than stalled disinflation, a pattern the Federal Reserve has on previous occasions treated as compatible with patience rather than urgency in either direction. The distinction worth drawing is between the monthly rate and the annual rate: base effects can leave the year-on-year figure sticky even when the sequential run-rate is moderating, and policy officials have historically leaned on the three-month annualised pace as the cleaner read. The follow-ons are the revisions to prior months within the same report and how the print feeds the income side of the next consumption and PCE releases. As a consensus outcome, this is confirmation rather than information.