Wage Growth at a Near-Decade HighRetailers will be hoping higher wages and more jobs will translate into a strong holiday season.

[Collection]Shoppers will have more money in their pockets this holiday season. Wages grew 3.1 percent over the past year, the fastest pace in close to a decade, according to October jobs data from the Bureau of Labor Statistics. This was the first time that pay growth broke through 3 percent since the recession and fueled hopes among retailers for ramped up holiday spending. “The dual effects of increased jobs and higher wages set in motion households’ ability and presumed willingness to spend,” National Retail Federation chief economist Jack Kleinhenz said. While unemployment tumbled over the past year — it remained at a 49-year low of 3.7 percent in October — and the economy went from strength to strength, pay has been lagging — until now. That’s because companies are now trying to stand out to prospective workers amid an extremely tight labor market where vacancies top 7 million, surpassing the number of those actively seeing work. Economists expect this trend to continue as companies battle it out for seasonal workers. Amazon gave itself a head start this week, pushing up its minimum wage from $11 to $15. Stephen Stanley, an economist at Amherst Pierpont Securities, said: “Having finally reached 3 percent, the year‐over‐year wage gain will not

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