This is your monthly reminder that average hourly earnings are not wages, and wages are not labor costs. There is only a weak link from average earnings to inflation pressures from labor costs. Otherwise, it is US employment report Friday—a survey that has been declining in quality in recent years, but which is still a market obsession. Because the US Federal Reserve is a reactive institution, today’s report will impact monetary policy expectations. The skew in market forecasts is for a weaker number.