A lack of wage gainshas been a major blemish on an economy that President Donald Trumphas called the strongest ever — and is currently being boosted byhis tax-cut stimulus. (Photo: Shutterstock)
American wages unexpectedly climbed in August by themost since the recession ended in 2009 and hiringrose by more than forecast, keeping the Federal Reserve on track tolift interest rates this month and making another hike in Decembermore likely.
Average hourly earnings for private workers increased2.9 percent from a year earlier, a Labor Department report showedFriday, exceeding all estimates in a Bloomberg survey and themedian projection for 2.7 percent. Nonfarm payrolls rose 201,000from the prior month, topping the median forecast for 190,000 jobs.The unemployment rate was unchanged at 3.9 percent, still near thelowest since the 1960s.
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