That 50-year low in unemployment isn't helping worker paychecks.
However, there continues to be concern over whether the low jobless rate represents strength or is signaling an end-cycle peak.
"Even if you believe the headline, and ignore the cyclical weakness at your peril, the lack of wage growth is going to be a big problem for the 'resilient' consumer heading into the holiday shopping season, even with the delayed tariffs ," Rosenberg said in a note after the release of the jobs report.The New York Fed, for instance, conducts a reading every four months of worker wages and expectations called the Survey of Consumer Expectations Labor Market Survey.
Also, worker confidence continues to be strong, with the job leavers level of 14.6% of the labor force in September just a shade below its highest level in 17 years, according to government data.
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