Fed's Kashkari: Wage growth is slowly picking up

The Minneapolis Fed President Neel Kashkari recently crossed the wires commenting on the nonfarm payroll report. Kashkari, a known-dove, stated that they were seeing the wage growth slowly picking up and added that he expected a higher NFP reading amid the low unemployment level.

Earlier in the session, the U.S. Bureau of Labor Statistics announced that the unemployment dropped to its lowest level in 18 years at 3.8% as the nonfarm payrolls increased by 223K, beating the market estimate of 188K. Further details of the report revealed that the average hourly earnings rose by 2.7% on a yearly basis to meet the market consensus.