The August jobs report showed twice the expected job gains, but wage growth slowed to just 3.1% annually — the weakest in over five years. The episode explores when wages might catch up with inflation, the Fed's next move, American tourism to Europe's surge, farmers holding onto old machinery, and a mother of six returning to school to change her career.
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Highlights
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Strong job gains, weak wage growth
The economy added twice the expected number of jobs in August, but average hourly earnings rose only 3.1% annually — the slowest wage growth in over five years.
The mixed signals of strong job growth and weak wage growth create a dilemma for the Federal Reserve as it decides whether to continue raising interest rates.