Even the left-wing Washington Post is noting that Americans’ wages are improving faster under Trump than they ever did under Obama. So, you know the economy is better than ever.
According to the Post, today’s growth rate is the best since 2009:
August was the 95th straight month the U.S. economy added jobs, with a robust 201,000 job gains, the Labor Department reported Friday, while wages for U.S. workers grew at 2.9 percent in the past year. The national unemployment rate remained at 3.9 percent, one of the lowest levels in half a century.
The higher pay is a sign that businesses are having to compete hard for workers. Many business leaders have complained they cannot find the workers they need, especially for skilled jobs like welders or computers coders.
In fact, the economy is so strong that employers are suddenly finding themselves in a position of trying to figure out ways to keep workers from quitting for better jobs. This is something that employers haven’t had to worry abut for well over a decade.
During all of Obama’s years, workers were so afraid to lose their job that they would bear any indignity, real or perceived. But things are so good now that workers are less willing to stick around if they think they can get a better deal with another employer.
As the paper noted:
“Wage growth is definitively accelerating. Employers are now struggling to fill open positions and have no choice but to raise wages quickly,” said Mark Zandi, chief economist at Moody’s Analytics. “Everything points to strong wage growth going forward.”
Naturally, being the left-wing Washington Post, the paper then tries to cause fear by saying that we now have to worry about the economy “overheating.”
But, while it is true that such cycles always turn at some point, today there is absolutely no sign that any such “overheating” is going to hit us any time soon.
Indeed, the news is all good right now, especially for the middle class:
After years when most of the wage gains were going to the top earners, middle-class families are finally seeing some significant gains, said Martha Gimbel, research director for the Hiring Lab at Indeed.com.
“Wage gains are largely hitting workers in low-wage and middle-class industries, which is incredibly exciting,” said Gimbel. “Industries we typically associate with middle-class workers like real estate, residential building management and food manufacturing are seeing gains.”
This year is on track to be the best for job gains since 2015. The U.S. economy averaged 207,000 jobs a month so far this year, a healthy pace that indicates companies continue to grow and don’t anticipate a downturn anytime soon.
Yes, the era of Trump is fully erasing the terrible Obama years.
Making America Great Again, baby!
Follow Warner Todd Huston on Twitter @warnerthuston.
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