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Faster wage growth shows the labor market has tightened to the point where the only way companies can get more workers is to pay them more
Workers almost always ask for raises. It looks like they are starting to get them.
August was another strong month for employment. The Labor Department on Friday reported the economy added another 201,000 jobs, while the unemployment rate held steady at a low 3.9%. But the biggest news was an unexpected jump in average hourly earnings that pushed wages up 2.9% from a year earlier. That compared to a 2.7% gain in July, and marked the strongest growth since 2009.