If it seems you are paying staff more lately, it’s probably because you are. Wages for all U.S. workers rose by 2.9% between September 2017 and September 2018, according to new Labor Department figures.
Hourly compensation rose at a 3.5% rate during the July through September period, up from the 1.9% pace seen in the spring.
“Average wages are finally starting to pick up, especially for some lower-skilled positions,” said Joseph Brusuelas, chief economist with consulting firm RSM US.
In all, the economy added 250,000 jobs during October. At the same time, the unemployment rate stayed at 3.7%, its lowest number in 49 years.