US citizens have plenty to cheer about as the flagging economy is finally growing at a steady pace and wages have grown at their fastest pace since nine years as per recent US Labor Department figures. According to latest data shared with public, wages in October grew at a rate of 3.1 % representing growth from last month’s rate of 2.8 %as 250,000 new jobs were added last month and the jobless rate remained low at 3.7 percent. This report is likely to be part of debate and political discussions due to upcoming congressional elections.
President Donald Trump shared the figures on Twitter with American public and asked people to “Vote Republican” in view of the “incredible employment figures. The White House had a brief chat with reporters and asked them to promote the encouraging figures about economy and jobs among their readers. Senate Democrat Chuck Schumer however tried to redirect voter attention from these figures stating that while these are good they should be considered with other realities like rising healthcare rates due to Republican policies. In the face of healthcare costs these numbers have very little meaning.
The encouraging numbers have brought cheer to people as it shows that nation’s economy is finally on the path of recovery though weakness is still prevalent in sectors like housing and trade. The rise in number of working people shows growth of confidence in labor market while increase in wage levels shows that robust hiring is starting to bring benefits to average public. As per reports the average hourly wages in October were at $27.30 showcasing strongest rise since 2009. In the last three months around 218,000 jobs have been added to the economy every month with healthcare sector adding 36,000, manufacturing sector adding 32,000, leisure and hospitality adding 42,000 and construction sector pitching in with 30,000 as it is growing the slowest.