The US employment report looms—for all its flaws (which are many), it still evokes excitement. Investors have two questions. Is the economy slowing? Will wage pressures create a fourth inflation wave? Payrolls data hints at the former—if the economy is not slowing the Federal Reserve might feel justified in allowing real interest rates to rise. The answer to the wage question is “no,” and average hourly earnings do not measure wages. Every time you use a self-service checkout, you push up average hourly earnings; your voluntary unreported labor replaces a low-paid worker.