WINNING: The American Wage Boom. “Raises for U.S. workers are creating very confident consumers.”
Compensation for U.S. workers grew at an accelerating rate in the third quarter, a sign a historically tight labor market is yielding better pay for employees…
The increase was led by improving pay for private-sector workers. Wages and salaries, which account for about 70% of total compensation, rose 3.1% from a year earlier for private-sector workers. That was the strongest year-over-year gain since the second quarter of 2008.
Total compensation for those workers increased 0.8% on the quarter and 2.9% from a year earlier… Worker compensation is now rising at a faster pace than prices. The consumer-price index rose 2.3% from a year earlier in September, the Labor Department said.
STILL NOT TIRED OF WINNING: U.S. workers see fastest wage growth in a decade, outpacing inflation.
h/t SG