This morning the Department of Labor announced strong numbers.
In September employers added 248,000 jobs and the unemployment rate fell to 5.9 percent — that’s the lowest since July 2008!
Hourly earnings rose as well although it sounds like they are at a snail’s pace. Naroff Economic Advisors’ economist Joel Naroff told USA Today, “The labor market is clearly tightening but there’s still no wage pressures. “When do businesses start dealing with labor shortages by raising wages?”
Plus, he highlighted the importance of strengthening the economy. “The only way we’re going to get stronger economic growth is if people have money to spend.” He anticipates wages picking up as we close out 2014.
In related news, the average workweek increased to 34.6 hours. For six consecutive months it had been hovering around 34.5 hours per week. What exactly does this one-tenth of an increase mean? Per the piece, increased hours can signify strong hiring ahead. Sounds pretty good to us!