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Signs That American Workers Are Winning

Wage growth is going up and to the right.

A bevy of labor market indicators are all saying the same thing: There aren’t a lot of Americans looking for work, so those with jobs are starting to reap the benefit in the form of higher wages.

In a note to clients, Macquarie Capital Markets Ltd. Economist David Doyle highlights the growing pile of evidence that wage growth is “picking up steam.” In September, the annual growth in average hourly earnings of production and non-supervisory workers reached its highest level in more than six years.