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U.S. wage growth exceeds 3% for the first time in nine years

MOLINE, Illinois -- Investment Advisor Mark Grywacheski joined us Monday, November 5 for Your Money on Good Morning Quad Cities.

The unemployment rate for October held firm at 3.7%, but the country's wage growth was reported at 3.1%. It's the first time since 2009, wage growth's exceeded 3%.

"For some perspective, the last ten years, wage growth has just averaged 2.3%," Grywacheski said Monday. "Job growth, wage growth, it was just an absolutely stellar report."

250,000 new jobs were added. That's many more than the 208,000 jobs that were expected.