Labor Market Inches Towards Full Employment—Wages Rise
Washington, D.C.—Today, the Job Creators Network (JCN) is highlighting the economic growth reported by the Bureau of Labor Statistics. The report reveals that 200,000 jobs were created in January and the unemployment rate remains low at 4.1 percent. The strong economic growth the U.S. has experienced over the past year has moved the labor market closer to full employment—which essentially means that most people who desire a job have a job.
The tightening of the labor market will force wage levels upwards as companies compete for available workers. Today’s report reveals that current wage growth is the strongest it’s been since the Great Recession and the recently implemented Tax Cuts and Jobs Act further promotes that upward movement. In fact, roughly 80 businesses have publicly announced employee wage hikes—with over half of them increasing entry-level pay to $15 an hour or more.
Alfredo Ortiz, JCN President and CEO, released the following statement:
The economy is booming and as the effects of the tax cuts are further captured by businesses and filtered down to all Americans, the economy will continue to expand. Small businesses from across the country are taking advantage of the rapid growth and prosperity by hiring new people, raising wages, expanding employee benefits, and growing their businesses. While some elite politicians may label these benefits as “crumbs,” they’re helping everyday Americans afford childcare, blunt housing expenses, and keep up with the rising costs of healthcare.