As an escape from the constant drumbeat of negative news propagated by the mainstream media, FH is happy to report more good economic news for working Americans.
JOBS
The ADP jobs report today notes there were 227,000 jobs created last month, the biggest gain since February and better than economists’ expectations for an increase of 189,000.
New jobs included 61,000 in Trade, Transportation & Utilities, 17,000 in Construction and 17,000 in Manufacturing.
Under the Trump administration, the average number of jobs created in the past 12-months is now 208,000 per month.
WAGES
Today the Labor Department’s Employment Cost Index report showed Civilian sector wages and salaries for civilian workers jumped 0.9 percent in the third quarter after climbing 0.5 percent in the prior period. That pushed the annual increase in wages and salaries to 2.9 percent, the biggest gain since September 2008.
Private sector wages and salaries rose 0.8 percent in the third quarter after increasing 0.6 percent in the prior period. They were up 3.1 percent in the 12 months through September, the biggest increase since the second quarter of 2008.
“The economy is in great shape with lots of jobs and more money in workers’ paychecks and this should help bolster the outlook even as the financial markets stumble,” said Chris Rupkey, chief economist at MUFG in New York.