Staff Writer

October 7, 2024

U.S. workers saw their paychecks continue to grow in September, the Labor Department reported on Friday. Average hourly earnings rose by 0.4% for the month, reaching $35.36. Over the past year, wages have increased by 4%. Both figures surpassed economic forecasts, which had projected gains of 0.3% monthly and 3.8% annually.

With cooling inflation, broad-based employment, and a recent interest rate cut by the Federal Reserve, the economy is showing promising signs of stability. Wages are rising faster than prices, boosting purchasing power for many households and supporting consumer spending—a crucial driver of economic growth.

In the coming months, the Fed will continue to monitor these key performance indicators to guide the pace of any further interest rate adjustments.