Michael Gapen Says Treasury Markets Are Likely Responding to Wage Data

The video discusses how treasury markets are reacting to recent wage data revisions, highlighting discrepancies between supervisory and non-supervisory worker earnings. It explores the potential impact of one-off bonuses from tax cuts on wage data and suggests that markets are responding to unexpected wage increases. Additionally, the video notes stronger-than-expected performance in the goods sector, particularly in construction and manufacturing.

How do the supervisory and non-supervisory components differ in the wage data?

What was the main surprise in the employment side according to the text?