Economics
U.S. Wage Growth Eclipses Mortgage Rate for First Time Since 1972
- Average pay rises 3.8% in October versus mortgage rate of 3.7%
- Combination will limit the debt burden for American households
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The U.S. economy reached an important milestone in October that ought to put it on a more sustainable footing going forward: wage growth eclipsed mortgage rates for the first time since 1972.