Last Friday, the latest employment record for September focused on the hectic week for the economic calendar which means well for those who are currently without work.
What does it mean when there’s more work available for Americans? As the number of employed individuals increase and the country’s unemployment rate continues to decrease, it’s likely that companies will need to offer high wages just for them to maintain and attract workers. This being said, more jobs would mean that consumers will have more buying power as well.
For everyone, optimists and pessimists, what’s lacking right now that more jobs have been made available is that the increase in wages paid to workers doesn’t seem to have increased. The increase is only around 2% every year.
Yes, the 3% economy is bouncing back after several years of 2% mediocre growth is very good news for everyone. Lots of analysts and economists are optimistic that wages will begin to increase with the shrink of the pool of surplus workers. In case the economists are wrong about their predictions, the country will not be able to go back soon enough to its 3.3% growth rate.