![Key US Services Price Gauge Falls To Four-Year Low](https://i0.wp.com/heisenbergreport.com/wp-content/uploads/2023/05/BourbonLiquorGlassMay232023.png?fit=1152%2C683&ssl=1)
Key US Services Price Gauge Falls To Four-Year Low
Markets needed an offset on Wednesday.
According to ADP, the annual rate of pay growth for Americans switching jobs in March was a scorching 10%, nearly double the rate for so-called "job stayers."
Although no one trades on ADP's pay growth figures (it's a relatively new series, introduced alongside a methodological change in 2022), the read-through was potentially concerning: The hotter wage growth runs, the higher the risk of a wage-price spiral, particularly in the services sector.
Mercifu