Wage Growth in the U.S. at Fastest Pace Since 2009
The October jobs report was solid, despite fewer jobs being created than forecast, says one economist.
The government says 161,000 new jobs were created in October, and workers got paid more. Average hourly wages have risen 2.8% in the past twelve months, which is the fastest pace since 2009. While economists had forecast job growth of 175,000, the report was still solid, according to Gus Faucher, deputy chief economist at PNC Financial Services. He pointed out that more jobs were added in the last two months than first reported, and the unemployment rate dropped to 4.9%. He spoke with TheStreet's Rhonda Schaffler.
