Nonfarm payrolls: what about earnings? - Nomura

Analysts at Nomura explained that while average hourly earnings have accelerated somewhat over the past two years, there has been a slight leveling off since August 2016. 

Key Quotes:

"Given the most recent trend for average hourly earnings, we forecast a 0.23% m-o-m increase (2.71% y-o-y) for March. Strong readings from the past four months have likely induced some discouraged workers to re-enter the labor market, potentially introducing some drag on average hourly earnings."

"At the same time, recent data indicate that the pace of employer-toemployer transitions, a process in which a worker quits a current job for another, has slowed somewhat. Higher pace of employer-to-employer transition traditionally coincides with increasing wages as workers move to higher paying jobs."