We got some wage growth after a flat month

Wages grew in July after coming in flat in the prior period.

Average hourly earnings grew 0.2% month-over-month (+0.2% expected) and 2.1% (+2.3% expected) year-over-year in July, according to the latest jobs report.

Average weekly hours worked clocked in at 34.6.

This was one of the most crucial components of the jobs report, which showed that the US economy added 215,000 jobs, versus 225,000 expected. The unemployment rate held steady at 5.3%.

Wage growth came in flat in June. And last week, the employment cost index report showed that wages grew 0.2% in the second quarter, the smallest quarterly level in over 30 years.

The read on wage growth is also critical for the Federal Reserve, which is 'data-dependent.'

"We think the Fed would take comfort from a pickup in wages, as the level of wage growth provides a useful cross-check on the amount of slack remaining in the labor market," wrote Goldman Sachs economists in a note Thursday.