In the past three months, the increase in non-farming jobs was the fastest since 1997. The economy seems to be moving full steam ahead, which is seen as the beginning of a healthy recovery. Moreover, U.S. workers are starting to extract higher wages from their employers. More and more workers are quitting jobs for better ones, forcing companies to consider boosting compensation.
The pickup, if sustained, would start to lift Americans’ living standards. A report from the Federal Reserve raised the likelihood that officials will move as early as June to raise short-term interest rates from near zero.