Last month, 528,000 jobs were added to the market, doubling analysts’ expectations.
As jobs remained unfilled, employers boosted wages to propel growth, with the average wage up 5.2 percent in July from the same time last year.
With the job market returning to normal, employers are likely to see a pause in wage growth, providing needed relief for struggling businesses.
“The tightest labor market in postwar history has contributed to wage growth that continues to surprise to the upside, although there have been recent hints of moderation,” a group of Goldman Sachs Research analysts wrote. “However, the recent decline in job openings and a downward inflection in wage surveys are potential signs that the risk to profits from rising wages may have peaked.”
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