From Seeking Alpha last week.
“Average hourly earnings rose 0.4 percent in December, pushing the 12-month change to 3.2 percent. AHE growth has been very slow compared to previous cycles, especially given the low unemployment rate, but has been accelerating recently. That is good news for employees but could be a problem for employers.
Combining payrolls with hourly earnings and hours worked, the index of aggregate weekly payrolls rose 0.9 percent in December and 5.2 percent from a year ago (see chart). This index is a good proxy for take-home pay and has posted relatively steady year-over-year gains in the 3 to 5 percent range since 2010, but has now been above 5 percent for 7 of the last 10 months. Continued gains in the aggregate-payrolls index is a positive sign for consumer income and spending, supporting continued economic expansion”