If there is a danger, it is that the report isn't capturing creative and hidden ways employers are boosting wages. I'm sure Greenspan has a sneaking suspicion that these kinds of things are happening and that they may at some point provoke a burst of wage inflation.
Given the absence of core inflation, it seems to me as good a time as any to pause and see what's happening for a few months rather than overshoot and risk a recession.
The good news for workers is that productivity growth cannot continue at this pace. Demand will translate into jobs very soon, and in fact I think it's happening right now.