5 must-reads about this booming economy

Sep 07, 2018 | Communications •

The August jobs report is in, and our economy is still booming! Thanks to Republican policies like tax reform and smarter regulations, the American people are Better Off Now than they were two years ago. Here’s what we’re seeing:

  • 201,000 new jobs added in August
  • 4 million new jobs created since November 2016
  • 3.9 percent unemployment – still at a historic low
  • Highest wage growth since April 2009

But you don’t just have to take our word for it! Check out these five must-reads:

Bloomberg | U.S. Wage Gains Pick Up to 2.9% While Payrolls Rise 201,000

American wages unexpectedly climbed in August by the most since the recession ended in 2009 and hiring rose by more than forecast, keeping the Federal Reserve on track to lift interest rates this month and making another hike in December more likely.

Average hourly earnings for private workers increased 2.9 percent from a year earlier, a Labor Department report showed Friday, exceeding all estimates in a Bloomberg survey and the median projection for 2.7 percent. Nonfarm payrolls rose 201,000 from the prior month, topping the median forecast for 190,000 jobs. The unemployment rate was unchanged at 3.9 percent, still near the lowest since the 1960s.

Full Story


CNBC | US jobless claims fall to near 49-year low

The number of Americans filing for unemployment benefits fell to near a 49-year low last week, pointing to sustained labor market strength that should continue to underpin economic growth.

Initial claims for state unemployment benefits dropped 10,000 to a seasonally adjusted 203,000 for the week ended Sept. 1, the lowest level since December 1969, the Labor Department said on Thursday. Data for the prior week was unrevised.

Full Story


WSJ | Youth Unemployment Rate at 52-Year Low

Of Americans between 16 and 24 years old actively looking for work this summer, 9.2% were unemployed in July, the Labor Department said Thursday, a drop from the 9.6% youth unemployment rate in July 2017. It was the lowest midsummer joblessness rate for youth since July 1966.

Full Story


Heritage | America’s Record-Setting Economy Makes It Boom Time for Workers

After years of slow wage growth, slow economic growth, stagnant job creation, and declining business investment, all of these measures are improving and fast.

We’re in the midst of the longest-running period of businesses adding new jobs. More job openings are a sign of a healthy economy, one in which employees have the upper hand.

Because of this, workers report the highest job satisfaction since 2005, and those who aren’t happy are voluntarily leaving for better opportunities at the highest rate ever recorded.

Full Story


New York Times | Workers Hardest Hit by Recession Are Joining in Recovery

The least educated American workers, who took the hardest hit in the Great Recession, were also among the slowest to harvest the gains of the recovery. Now they are a striking symbol of a strong economy.

The unemployment rate for those without a high school diploma fell to 5.1 percent in July, the Labor Department reported Friday, the lowest since the government began collecting data on such workers in 1992. At the economy’s nadir in the summer of 2009, the unemployment rate for high school dropouts hit 15.6 percent, more than three times the peak unemployment rate for college graduates.

Full Story