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The spike witnessed in wages in the US reflects job losses among low-wage workers rather than a labour market recovery, San Francisco Federal Reserve President Mary Daly argued in a recently-published research paper.

Additional takeaways

“Wage growth readings give false signals on the labour market.”

“Severe disruptions in the labour market remain.”

“Evaluating the labour market requires a broad dashboard of indicators.”

Market reaction

The US Dollar Index, which tracks the greenback’s performance against a basket of six major currencies, largely ignored these comments and was last seen losing 0.24% on the day at 92.08.

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