Average Hourly Earnings by Country

Why compare Average Hourly Earnings across countries?

AHE is the wage number that moves USD on NFP day. A hot AHE print, particularly when the unemployment rate is low, signals wage-price spiral risk to the Fed and pulls forward hike expectations. Soft AHE alongside a soft headline gives the Fed room to ease and weighs on the dollar.

How to read the country list

Watch month-over-month for the FX reaction; year-over-year for the trend. Composition can swing AHE — a wave of low-wage hiring mechanically lowers the average. The Atlanta Fed wage tracker (median pay of continuous workers) corrects for this and is the cleaner trend signal.