re: US CPI comes in "hotter than expected"

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I haven't read through the wage data but, if the reports of employers cutting hours are accurate, then it would be surprising if employee earnings weren't reduced.

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MoM:

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Real average weekly earnings decreased 0.4 percent over the month due to the change in real average hourly earnings combined with a 0.3-percent decrease in the average workweek.

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YoY:

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Real average hourly earnings increased 0.5 percent, seasonally adjusted, from April 2023 to April 2024. The change in real average hourly earnings combined with no change in the average workweek resulted in a 0.5-percent increase in real average weekly earnings over this period.

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Again, the caveat here with YoY is that all the increase happened in 2023. There's been absolutely no increase thus far for 2024.