Economy Continues Upswing as Job Creation Surpasses Expectations and Wage Growth Remains White-Hot
Washington, D.C. (April 5, 2019)—The latest data from the Bureau of Labor Statistics provides proof that the U.S economy remains on solid footing, said the Job Creators Network.
“It’s clear that the U.S. economy is continuing to go to work for America’s small businesses and their millions of employees,” said Alfredo Ortiz, JCN President and CEO. “While the healthy job creation numbers reported this morning are a good sign the economy still has fuel in the tank, one of the other encouraging indicators is wage growth—which has performed extremely well over the past eight months.”
According to the new Labor Department data, 196,000 jobs were added in March and wages grew by 3.2 percent year-over-year—the eighth straight month of wage gains hitting or surpassing 3 percent. It’s also important to note that blue-collar wages continue to outpace those of supervisory workers as a result of the tight labor market.
Additionally, the unemployment rate remained near a record low at 3.8 percent and another report released by the Labor Department earlier in the week showed that the number of Americans filing for first-time unemployment benefits dropped to the lowest level since 1969.
“The progress seen in the economy continues to surprise many onlookers,” continued Ortiz. “But with the sound policies being implemented by the Trump administration, there’s no telling where the marathon of strong economic growth will end. Not only has the administration cut taxes for millions of Americans and small businesses, but thanks to a reduction in burdensome regulations, businesses are able to operate more freely. Moreover, important initiatives in the workforce development area are being pursued and will help equip Americans with the necessary skills to fill one of the millions of available jobs. ”