Average Hourly Wages
Wages continued to rise in September, though at a measured pace. Average hourly earnings for all employees on private nonfarm payrolls increased by 0.4%, or 13 cents, reaching $35.36. Over the past 12 months, wages have grown by 4.0%, reflecting steady but controlled wage inflation. For private-sector production and nonsupervisory workers, hourly wages rose by 0.3%, or 8 cents, to $30.33. This wage growth signals a competitive labor market but does not suggest wage pressures are out of control, which is critical for Federal Reserve policymakers monitoring inflationary trends.
Unemployment Rate
The unemployment rate dipped to 4.1% in September, down from 4.2% in August. Although this is still above the 3.8% recorded a year ago, the labor market appears to be improving. The total number of unemployed people stands at 6.8 million, a modest reduction from the prior month. While the unemployment…
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