Strong Economy Forces Wages Up, Pushes Unemployment Down
Washington, D.C. (March 8, 2019)—The latest data from the Bureau of Labor Statistics reveals a fundamentally strong economy, said the Job Creators Network.
“Wage growth in February marked the fastest rate in a decade and the unemployment rate dropped to a near half-century low,” said Alfredo Ortiz, President and CEO of the Job Creators Network. “Not only is the unemployment rate remaining low and wages are on the rise, but a record number of Americans are now working and the labor force participation rate has hit a half decade high. It’s clear the economy remains fundamentally strong.”
According to the new Labor Department data, the unemployment rate dropped to 3.8 percent in February and wages rose by 3.4 percent year-over-year—the seventh straight month that wage gains were at or above 3 percent. Additionally 20,000 jobs were created last month—making the 3-month moving average a strong 186,000.
“However, that’s not to say there aren’t challenges facing the labor market,” continued Ortiz. “The U.S. economy is so strong that there are now 7.3 million unfilled jobs—more than the number of unemployed Americans. We need to focus on training these unemployed workers and those who have left the labor force to rejoin and fill these openings—which is a strategy that is already being pursued by Ivanka Trump’s workforce development initiative.”