Inflation Friday: Despite Hurricane Hoopla, “Inflation” Remains Subdued (Real Wages YoY Decline)

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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%.

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There was a small pick-up “inflation” with core inflation remaining the same as in August: 1.7% YoY.

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Even with two destructive hurricanes, all we can generate is 1.7% YoY?

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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.

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