Josh Wright of Bloomberg LP and formerly on staff at the Fed notes that there's no sign of wage inflation in the data:
So much for wage inflation: 0% this month. Particularly striking given the strong headline and lower participation. pic.twitter.com/9praVXBaOp— Josh Wright (@JWrightStuff) May 2, 2014
That's terrible news for people with jobs, but in a sense good news for people still looking for work since it means the Fed has no reason to raise interest rates at any point in the near future.