Fantastic! Wages are always a lagging metric. It’s good to see them rise.
Annual wage growth hit a nine-year high in the US last month as the economy created more jobs than expected.
Average hourly earnings rose by 0.4% in August, pushing the annual rate of increase to 2.9% – the fastest pace since June 2009.
Hiring in the construction sector and in professional services helped the economy to add 201,000 jobs last month.
The strong wage growth is likely to strengthen expectations of another rise in US interest rates later this month.
The US Federal Reserve, which has already raised rates twice this year, is due to meet on 25-26 September.
The dollar rose in response to the data. The dollar index – which measures the greenback against a group of major currencies – hit a two-day high.