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American workers are getting a much-needed raise.
The July jobs report is the latest piece of data showing a booming recovery from last year’s COVID-19 pandemic. The US economy added nearly a million jobs and the unemployment rate fell much more than expected to 5.4%.
The good news doesn’t stop there. Workers are also getting paid more. Average hourly wages for all private sector employees rose 4.0% between July 2020 and July 2021, well above the 2019 average year-over-year growth rate of 3.1% in what was then considered a strong labor market. Not a single sector details ⇒
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