(National Sentinel) Growth: During his first State of the Union Address on Tuesday, President Donald J. Trump credited the GOP tax reform and tax cut plan, along with his own reductions in red tape, for a year’s worth of historic economic growth.
But most of the president’s Democratic detractors have credited President Obama with the rise in economic growth, and while the economy has been on a steadily upward trend since the Great Recession of 2008, the last 12 months have seen meteoric gains in employment, the U.S. stock market, and retirement incomes.
And new economic data shows something else: More job growth and the fastest growth in wages since 2009.
As reported by Bloomberg:
U.S. hiring picked up in January and wages rose at the fastest annual pace since the recession ended, as the economy’s steady move toward full employment extended into 2018.
Nonfarm payrolls rose 200,000 — compared with the median estimate of economists for a 180,000 increase — after an upwardly revised 160,000 advance, Labor Department figures showed Friday. The jobless rate held at 4.1 percent, matching the lowest since 2000, while average hourly earnings rose a more-than-expected 2.9 percent from a year earlier, the most since June 2009.
The report puts the nation closer to maximum employment — one of the goals of the Federal Reserve — and sets a solid tone for hiring this year following continued gains in payrolls in 2017. That could be starting to generate a long-awaited, sustained pickup in wages and boost demand in this expansion, which may also get a lift this year from tax-cut legislation signed by President Donald Trump in December.
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