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Jobs, wage growth RED hot in August as economy continues to expand

(National SentinelNo Ceiling: As Democrats shriek, scream, and posture to stall Judge Brett Kavanaugh’s eventual confirmation to the U.S. Supreme Court, POTUS Donald Trump — embattled by a hostile press and Deep State — continues to deliver on his promise to Make America Great Again.
Even as market jitters rise with the administration on the precipice of imposing an additional $200 billion in tariffs on Chinese goods, the August jobs and wage numbers have come in and they are nothing short of spectacular.

CNBC reports:

Long-awaited wage growth posted its biggest increase of the economic recovery in August while payroll gains beat expectations and the unemployment rate held near a generational low of 3.9 percent, according to a Bureau of Labor Statistics report Friday.

Average hourly earnings rose 2.9 percent for the month on an annualized basis, while nonfarm payrolls grew by 201,000. Economists surveyed by Reuters had been expecting earnings to rise 2.7 percent, payrolls to increase by 191,000 and the jobless level to decline one-tenth of a point to 3.8 percent.

The wage growth was the highest since April 2009.

One of the most stubborn economic indicators to rise has been wage growth, despite the fact that job growth has been so significant that many positions have gone unfilled because there aren’t enough workers to fill them.

Fox Business notes:




The Bureau of Labor Statistics estimated that there are 243,000 open construction jobs nationwide. The South Florida area has seen over 6,300 construction jobs added since May of last year, more than any other business sector, according to the Miami Herald.

The economic trends began under the GOP-held Congress and Trump administration have all been in one direction — up — as MarketWatch reports:

The increase in hiring in August was another solid gain that reflects broad strength in an economy that accelerated in the spring and showed little sign of slowing down toward the end of summer. 

The biggest news in the August employment report was a sharp increase in pay. The average wage paid to American workers rose by 10 cents, or 0.4%, to $27.16 an hour.

What’s more, the yearly rate of pay increases climbed to 2.9% from 2.7%, marking the highest level since June 2009.

The big elephant in the room is the escalating trade war with China. Dozens of business groups have appealed to the Trump administration to hold off on the imposition of a new round of tariffs that could amount to $200 billion.

The Washington Examiner reports:

About 150 business trade groups signed a joint letter to U.S. Trade Representative Robert Lighthizer Thursday urging that the Trump administration not go ahead with planned tariffs on $200 billion worth of Chinese goods. The administration is reportedly planning on instituting them as early as next week.

“Continuing the tit-for-tat tariff escalation with China only serves to expand the harm to more U.S. economic interests, including farmers, families, businesses, and workers,” the groups said in the letter. “Unilaterally imposing tariffs on hundreds of billions of dollars in goods invites retaliation and has not resulted in meaningful negotiations or concessions.”

If the administration moves forward with the new tariffs, the Chinese have warned they will respond.


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