A new report shows November’s hourly wages grew at their strongest rate in nearly a decade when the nation was recovering from the Great Recession.
The Wall Street Journal reported wages were up 3.1 percent in November compared to the same month last year. That matched October’s rate, which was the best since June 2009.
This good news for workers occurred at the same time the U.S. continues to enjoy its lowest unemployment rate since December 1969 of 3.7 percent.
— Charlie Bilello (@charliebilello) December 7, 2018
The Republican Party touted the wage growth number in a tweet, saying President Donald Trump’s economic policies are yielding results.
.@realDonaldTrump’s economic policies are resulting in higher wages for Americans:
-Avg. hourly earnings rose by 3.1% over last year
-Nov. marked the 2nd straight month with year-over-year wage growth exceeding 3%
-Prior to that, wages had not grown this fast in nearly a decade
— GOP (@GOP) December 11, 2018
The president’s top economic adviser, Larry Kudlow, told CNBC last week that he does not believe job growth has peaked.
“This has been a blue-collar recovery,” he said. “The best blue-collar job performance since the mid 1980s.”
Kudlow also said the tax cuts passed by the Republican Congress last December are having their intended results
“We’re at a really good spot, if you ask me. I hear all this pessimism coming off Wall Street,” Kudlow said. “We’re getting tremendous increases in growth. We’re running 3 percent year-on-year. No one thought that was possible, and we’re there.”
Kudlow said the country’s Gross Domestic Product has grown at about 3 percent for seven quarters, and will be over 3 percent for the year for the first time since 2005.
“We’re producing very significant growth, with virtually no inflation. Inflation is coming in under the Feds’ target,” Kudlow said.
Politico noted that predictions that Trump’s trade moves would dampen job growth have not proven true at the national level.
“CEOs and CFOs are all talking about how the tariffs are hurting them,” said Dan North, chief economist at Euler Hermes North America. “It hasn’t started flowing through with employment. We’re definitely seeing it flow through in profits, though.”
Trump has sought to allay those fears, particularly with regard to China.
Very productive conversations going on with China! Watch for some important announcements!
— Donald J. Trump (@realDonaldTrump) December 11, 2018
“Very productive conversations going on with China! Watch for some important announcements!” the president tweeted on Tuesday.
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