According to the February Employment Situation Report from the Bureau of Labor Statistics, nominal average hourly earnings rose by 3.4 percent over the past 12 months—the fastest nominal hourly wage growth since 2009, and the 7th straight month that year-over-year wage gains were at or above 3 percent. Prior to 2018, nominal average hourly wage gains had not reached 3 percent since April 2009.

Real wages (taking inflation into account) are also growing. Based on the most recent Personal Consumption Expenditures (PCE) price index data from December, inflation in the past year was 1.7 percent, and based on the most recent Consumer Price Index (CPI-U) price data from January, inflation in the past year was 1.5 percent (February inflation data is not yet available for either series).

Although the economy only added 20,000 jobs in February, falling short of market expectations, the average jobs growth in the past 12 months was a healthy 209,000 jobs and in the past 6 months averaged 190,000 jobs gained. Both the 12-month and 6-month averages remain above the 2017 annual average of 179,000 jobs per month. Read More

Related news: The Associated Press: “A Hot US Job Market Is Coaxing People in from the Sidelines”

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