Survey of Employment, Payrolls and Hours (May)

May's payroll survey data, which showed solid gains in average weekly earnings and employment, indicate that second-quarter wages and salaries increased by close to 7.0% annualised, more than double the pace recorded in the first quarter. This is certainly consistent with our view that a pick-up in consumption growth contributed more strongly to GDP growth of 1.7% in the second quarter.

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