Survey of Employment, Payrolls and Hours (Apr.)

April's payroll survey data, which showed a strong increase in average weekly earnings and a modest gain in employment, point to solid second-quarter wages and salaries growth of around 5.0% annualised, up from 2.9% in the first quarter. This supports our view that second-quarter annualised consumption growth improved to around 1.5% from the paltry 0.9% in the prior quarter.

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