AI Data Insight
In Q3 2026, US manufacturing average hourly earnings climbed to $36.87, breaking the flat trend of the previous quarter and hitting a new record high. Although overall employment data was weak and overall wage growth fell below market consensus during the same period, the structural shortage of skilled labor continues to drive up manufacturing costs. In the short term, wages are expected to remain volatile at high levels, while in the medium term, attention should be paid to the potential impact of the Federal Reserve's policy pivot on the labor market.