Perhaps the most encouraging news in the latest jobs report is evidence of a modest acceleration in wage growth. The average hourly wage increased by 2.9 percent over the last year. That compares to a 2.7 percent year-over-year rise in July, but it is too early to assume a clear trend. The year-over-year increase was 2.8 percent in July of 2016. The rate of increase, taking the average of the last three months compared with the prior three months, is slightly more rapid at 3.06 percent.

Interestingly, the pay gains are not especially strong in areas where employers have been complaining about labor shortages. The average hourly wage in construction was up 3.3 percent over the last year, but the gain was 3.5 percent back in September of 2016. Wages in manufacturing have risen by just 1.8 percent over the last year. For more, check out the latest Jobs Byte.