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6 months ago
September Delivers Solid Wage Gains
Even as inflation continues to cool, Americans are still getting solid pay increases.
Wages were up 4% year over year in September, an acceleration from the 3.8% rate in August. Average hourly earnings for all employees on private nonfarm payrolls rose 0.4% month over month from August to September. The average hourly wage was $35.36 last month.
Wages increased even as the average workweek edged down by 0.1 hour to 34.2 hours last month.
“The fact that inflation is easing at the same time means productivity growth is strong, and that should keep the Fed on track for more rate cuts – an added tailwind for the economy and markets,” writes Sonu Varghese, global macro strategist at Carson Group.
