Analysis by economist Dean Baker
The establishment survey showed an increase of 336k jobs in September. The prior two months’ numbers were also revised sharply higher, bringing the average for the last three months to 266k. In spite of the strong job growth, wage growth actually slowed somewhat, with the average hourly wage rising at just a 3.4 percent annual rate over the last three months. This is well below the average for 2018-2019, when inflation was under the Fed’s 2.0 percent target.
4 , respectively, from pre-pandemic levels.Index of Aggregate Hours Rises 0.2 PercentHours growth had been lagging employment growth somewhat, as the length of the average workweek had been getting shorter. These are roughly in line for September, with the index of aggregate hours rising at a 1.5 percent annual rate in the third quarter. With GDP growth likely to be over 3.
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