The September jobs report was a big disappointment. Behind the weaker-than-expected payroll gains (+142,000 vs. expectations for +201,000) was something even more discouraging: a lack of wage growth. But in a note to clients on Tuesday, Drew Matus at UBS writes that when you adjust wages for inflation, Americans actually are getting paid more.

Topics:  drew matus   ubs   as matus    for   san francisco fed   john williams   additionally   firms    initial    job    and    see    the fed    now   watch   fed's bullard   september    but   us   matus    matus    here   fed   wages   inflation   report   nominal   earnings   real   gains   jobs   average   labor   market   growth   economy   hourly   accelerated   writes   year   slowing   month   decelerated   energy   workers   

 

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