NY Fed: Various measures of labor compensation point to increased firming of wage growth

The Federal Reserve Bank of New York recently published its latest report titled "U.S. Economy in a Snaphot," with key quotes found below.

• Real consumer spending rose fairly solidly in July, although below the robust pace observed in the second quarter. 
• Business equipment spending rose moderately in the first half of 2018, a slower pace than in 2017.
• Housing activity indicators remained soft in July.
• Payroll growth was robust in August, but was revised downward for both June and July.
• The latest readings of various measures of labor compensation point to increased firming of wage growth.
• Core PCE inflation continued to run at a level roughly consistent with the FOMC’s longer-run objective.
•  The broad trade-weighted dollar index increased modestly.