WASHINGTON – U.S. wages recorded their biggest annual increase in nearly a decade, as overall job growth made new gains in October, according to figures from the U.S. Labor Department. As the labor market tightens, there are expectations that the Federal Reserve will move to raise interest rates by December.
Unemployment, meanwhile, has dropped to a nearly 50-year low, at a rate of 3.7 percent. More than 700,000 Americans entered the labor force in October, which economists say points to confidence in the job market. The strong reports in the labor market counter weaker housing and business spending data.