Wages and Salaries Beat Expectations, Hit 10-Year High

U.S. workers get fastest wage increase in a decade — if you ignore inflation

In the private sector, compensation climbed almost 3 percent over the a year ago, wages and salaries jumped 3.1 percent and benefits 2.5 percent, the department reported. Wages and salaries for American workers in the private sector rose 0.8 percent over the past three months, while state and local government workers saw 0.9 percent more pay since July, according to data released Wednesday by the Bureau of Labor Statistics.The uptick exceeded expectations from analysts and outpaced the 0.5-percent gain in pay between April and June of 2018.

The employment cost index, which tracks the hiring cost for US employers quarterly, rose 0.8 percent during the third quarter, beating the estimated 0.7 percent that economists surveyed by Refinitiv ahead of Wednesday's release predicted.

Private sector wages and salaries rose 0.8% in Q-3 after increasing 0.6% in the prior frame.

The smallest wage growth, 1.6 percent, was in natural resources, construction, and maintenance jobs.

Following a robust third fiscal quarter, wages and salaries in the USA are up by 0.9 percent this month so far - 3.1 percent this year - which is the highest level in a decade. Benefits grew 2.6 percent in the year ending in September, versus 2.4 percent in the prior year.

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Benefits for all workers increased 0.4% in Q-3 after rising 0.9% in Q-2. The ECI is widely viewed by policymakers and economists as one of the better measures of labor market slack. He added that the gains are a "testimonial to the robust employment picture is the broad-based gains in jobs across industries".

President Donald Trump has taken credit for the strong economy and frequently likes to tout low unemployment and solid job growth when he is on the campaign trail ahead of the midterm elections. It is also considered a better predictor of core inflation.

The unemployment rate fell to 3.7% in September, the end of the third quarter. The Conference Board, which produces the gauge, attributed the positive assessment to a strong labor market.

Average hourly earnings are forecast rising 0.2 percent in October after advancing 0.3 percent in September.

Economists and investors expect the Fed to continue gradually raising interest rates, including a December increase that would be the year's fourth. It is not a solicitation to make any exchange in commodities, securities or other financial instruments.

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