Consensus: U.S. July average hourly earnings YoY +3.5% (prior +3.5%; survey range 3.4–3.6). Citigroup and a few forecasters at 3.4%; Standard Chartered, Oxford Economics and BNP Paribas at 3.6%. Reuters expectation +3.5%. Monthly consensus +0.3% (prior +0.3%; range +0.2–+0.3). Citigroup, JP Morgan and Nomura among forecasters at +0.2%; most large banks including Bank of America, UBS, Morgan Stanley, Goldman Sachs and Barclays at +0.3%. Reuters expectation +0.3%.