How Higher Wages For U.S. Autoworkers Could Help You Get a Raise, Too
Pay pressures are starting to build
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Cars are flying off U.S. dealer lots at the fastest pace since 2005, and after a decade of flat wages, the workers who make them are getting a raise, too. If such gains precede broader pay bumps in the labor market, Federal Reserve policy makers could have more evidence that the wage pressure they so desperately want to see is starting to build.
Sales of U.S. cars and light trucks ran at an 18.12 million annualized rate in October, the highest level since 2005, according to data from Ward's Automotive Group. Driven by low borrowing costs and cheap gasoline, the auto industry is on track for its strongest full-year performance since 2000.