California's historic hiring slowed down in September as the state added 47,400 new jobs.
WASHINGTON (AP) — Wages jumped in the three months ending in September by the most on records dating back 20 years, a stark illustration of the growing ability of workers to demand higher pay from companies that are desperate to fill a near-record number of available jobs.
With more jobs available than there are unemployed people, government data shows, businesses have been forced to work harder to attract staff.
The 1.5% increase in wages and salaries in the third quarter is ahead of the 1.2% increase in inflation during that period, economists said.
In the year ending in September, wages and salaries soared 4.2%, also a record gain.
According to the Federal Reserve Bank of Atlanta , in September job-switchers saw their pay jump 5.4% compared with a year earlier.
Data from the Indeed job listings website shows that employers are still posting huge numbers of available jobs. »