One of the criticisms of our booming economy that we've heard a lot is that wages for ordinary people aren't rising. That complaint is a little harder to make as of today.
According to a new Labor Department report, the wages and salaries of Americans have made the biggest jump in a decade. CNBC summarizes the DOL report:
- Wages and salaries rose 3.1 percent in the third quarter, the biggest increase in a decade, according to the Labor Department.
- Overall compensation costs were up 2.8 percent, ahead of Wall Street expectations.
- Wages have been the missing piece in the economic recovery, though the Fed has been raising rates to guard against future inflationary pressures.
The unemployment rate is at 3.7 percent, the lowest it has been since 1969.
The DOL report isn't the only good news. ADP and Moody's show that private payroll growth at 227,000 in October was higher than Wall Street expectations.
Ronald Reagan asked, in his one and only debate with Jimmy Carter, "Are you better off than you were four years ago."Most people weren't. It was a zinger that helped Reagan win.
It will be interesting to see how this economic news plays into the midterm elections, when there are so many issues that generate emotion and the President's personality is such a factor for so many.
Read CNBC's entire story.