Listening to CNBC and Bloomberg TV, you might have gotten the impression that Hurricanes Harvery and Irma created such extensive damage (they did) that there would be labor shortages and a big rise in real wages.
Actually, both real hourly earnings and real weekly earnings YoY fell to under 1%.
There was a small pick-up “inflation” with core inflation remaining the same as in August: 1.7% YoY.
Even with two destructive hurricanes, all we can generate is 1.7% YoY?
But as expected, auto sales were elevated with households and businesses replacing their water-damaged vehicles.
Why did they name the hurricane Jose? Hurricane Janet would have been more appropriate.