U.S. workers can expect wage gains this year
With payroll job growth back on track after being negatively affected by the 2017 hurricane season, stronger wage gains are expected for U.S. workers this year, according to Bloomberg Law's Wage Trend Indicator™ (WTI).
"The tighter the labor market gets, the more wages have to go up for employers to attract and keep workers," says Kathryn Kobe, an economic consultant who maintains Bloomberg Law's wage trend index database.
U.S. payrolls bounced back in October 2017, expanding by 261,000 after an increase of only 18,000 jobs in September 2017 when the numbers were affected by hurricanes Harvey and Irma, the Department of Labor (DOL) reported in November 2017. The jobless rate decreased to 4.1 percent—the lowest since 2000. Labor markets reportedly are returning to normal or even benefiting from a surge in construction jobs in the affected states, Kobe says.