Is the U.S. job market finally healthy enough to lift Americans' long-stagnant pay?
Employers have added a robust average of 206,000 jobs a month this year, more than enough to keep lowering the jobless rate over time.
Even if hiring falls far short of those numbers, the Federal Reserve is widely expected to raise the short-term interest rate it controls for the first time in nine years after its next policy meeting Dec. 15-16.
Some economists point to the lagging pay as evidence that the job market isn't as healthy as the low unemployment rate would suggest.
Jim O'Sullivan, chief U.S. economist at High Frequency Economics, says some of the income gains over the spring and summer likely reflected bonuses and other one-time payments.
Some economists argue that the recent wage increases haven't been large or consistent enough to justify a Fed rate hike.
"If lots of firms were expecting to do lots of hiring soon, they would have to push up their wages to attract those new workers, and we would start seeing stronger upward pressure on both wages and prices," said Andrew Levin, an economist at Dartmouth and former Yellen adviser.
