Figure released today showed wage growth in America was lower than predicted, questioning the proximity of a rate hike by the Federal Reserve and causing a weakening in the dollar.

Wage growth is a key factor that the Fed takes into account when considering raising rates; these figures may well might knock a rate increase back to December or even the beginning of next year.

Wages grew by 0.2% in the second quarter according to the latest employment cost index. Expectations were for the report to show wages rise to 0.6% in the second quarter, after a 0.7% increase in the first.

These figures show wages growing at their slowest pace in 33 years, clear evidence that stronger hiring isn’t generating higher incomes for most Americans.