The unemployment rate stayed at 3.7 percent, a 49-month low. Unemployment rates dropped sharply for African-Americans, Asian-Americans and workers with only a high school diploma or less. Rates for other major groups of workers stayed unchanged.
Average hourly earnings grew 3.1 percent since last year, the same pace as last month and the fastest rate of wage growth since 2009. Earning Average hourly earnings for Americans are now at $27.35 an hour.
After the tepid pace of wage growth earlier in the recovery, the higher wage figure is welcome news for workers, even as it causes some economists to worry about inflation.
After the tepid pace of wage growth earlier in the recovery, the higher wage figure is welcome news for workers, even as it causes some economists to worry about inflation.
Workers without high school degrees haven't had the easiest time finding a job. But now, the strong labor market is lifting workers who never earned their high school or GED diploma, providing them with the best chances of scoring a job in at least a decade.
With core inflation below 2 percent, wages would have to increase a lot to have any effect on inflation. Even a big wage jump isn't really going to affect inflation that much.
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