Economic Growth Remains Strong as Wage Growth Soars
Washington, D.C. (September 7, 2018)—The August jobs report released today by the Bureau of Labor Statistics shows a durably strong economy that has intensified the labor shortage, said the Job Creators Network (JCN).
“The American worker is really beginning to benefit from the pace of economic growth we’ve experienced over the past year as a result of tax cuts and deregulation,” said Alfredo Ortiz, JCN President and CEO. “Wages are rising at their quickest pace since the Great Recession and small businesses—a major employer in the U.S.—are flourishing.”
The labor report, released this morning shows that 201,000 jobs were added in August—bringing job creation since President Trump’s inauguration to over 3.8 million—and average hourly earnings have increased by 2.9 percent since this time last year. Moreover, the unemployment rate remained unchanged at 3.9 percent.
“However, this persistently strong economic growth is causing job creation to outpace the number of qualified workers—an environment that is especially harmful for small businesses. Luckily, the Trump administration is pursuing measures that will help quell this shortage of qualified labor by strengthening apprenticeship programs and encouraging attendance of trade schools.”