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Federal Reserve

Signs of steady US economy: Rising pay and solid job market

Americans' pay is up, fewer people need unemployment aid, more are buying new homes and business spending is rebounding.

A flurry of data released Wednesday signaled that the fundamentals of the U.S. economy remain solid, if unspectacular, three weeks before the Federal Reserve will likely begin raising interest rates.

Consumers appear relatively confident in the economy and may be poised to spend a decent chunk of their rising incomes during the holiday shopping season. In addition, businesses are stepping up their investment in machinery and equipment, removing a persistent drag on the economy.

The steady consumer and business demand in the United States is powering...