The U.S. economy continues its modest growth trajectory, with non-farm payroll growing by 195,000 per month on average. The overall labor market remains tight, as indicated by the recent unemployment survey, which came in at 3.5%. On a regional basis, large cities in the south and west were stronger than similar cities in the north and midwest.
U.S. Wages and Salaries Growth
Wage growth adjustment for inflation has been averaging almost 5% since fall 2019. Rising wages confirm labor market tightness and add fuel to consumer product demand, both positive drivers for the U.S. economy.
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