The news continues to be good when it comes to U.S. economics factors. In the latest news it has been reported that hiring has picked up as well as pay increases.
August figures on jobs and pay are in and the news is good. Hiring picked up in August and so did worker pay, registering the fastest wage growth since 2009 in an encouraging sign that wages may finally be moving higher after years of sluggish gains.
According to the Labor Department, there was a gain of 201,000 jobs in August. There has also been a rise in wages to go along with the job numbers. Wages for U.S. workers grew at 2.9 percent in the past year. The national unemployment rate remained at 3.9 percent, one of the lowest levels in half a century.
Experts believe that the increase in pay may be a sign that businesses are having to compete hard for workers. Many business leaders have complained they cannot find the workers they need, especially for skilled jobs like welders or computers coders.
The increase I pay was not unexpected but pay had been creeping up slowly for much of the recovery. That appears to be changing now that there are more job openings than unemployed Americans.
The biggest pay gains are coming to those who are changing jobs. Many millennials who have switched jobs are seeing double digit pay hikes which is an indication that the economy is starting to lift the fortunes of more workers and not just the top execs.
Of course, President Trump is pointing to this data to exemplify that he is delivering results and that his critics are wrong about him. Whether that is true or not is difficult to determine but if these kinds of numbers continue, critics will have a more difficult time disputing Trumps assertions.