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Jobs are aplenty, but Americans still cautious spenders
The waiting is the hardest part. The U.S. is producing new jobs at the fastest clip since the late 1990s. The unemployment rate has tumbled to 5.5% and is now close to prerecession levels. A raft of companies say it’s getting harder to find workers, cajoling even tight-fisted companies such as Wal-Mart to lift wages for their lowest-paid employees. And yet broadly speaking most workers still aren’t reaping the full benefits of an improved economy, at least in their weekly paychecks. Hourly wages continue to rise at a sluggish 2% annual pace instead of the 3% to 4% gains that are typical when the economy is firing ... (full story)
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