U.S.: A Bright Job Picture Has Its Dark Side

Wage pressures are building, and a Fed hike seems unavoidable

Job insecurity? You've got to be kidding. In August, the unemployment rate dropped to a seven-year low of 5.1%. Annual wage growth accelerated to a six-year high of 3.6%. And payrolls, up 250,000 last month, are averaging 237,000 new slots per month this year. At that pace, the jobless rate could dip below 5% by yearend for the first time since the early 1970s.

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