3.6 Percent Unemployment, Wages Rising
A 3.6 percent unemployment rate is incredible, so it would be misleading to characterize the May labor employment report negatively. Wages continue to rise with 3.1 percent year over year gains continuing in May, meaning Americans have more money in their pockets even when measured against inflation. This is great news.
It is concerning that for the past four months employment growth in the manufacturing field has stalled, and it is incumbent upon Congress that they pass the USMCA trade agreement which will give a shot in the arm to the manufacturing surge from the first two years of the Trump presidency.
While some may nitpick about various aspects of today’s reports, the fact remains that America is working. Blacks, Hispanics, Asians, and Whites are all working. People are finding new jobs when they leave prior employers as evidenced by the time unemployed measurement in the household survey, and once again those who are working are making more money.
One interesting question will be answered by the mid-month state by state employment report. It is quite possible that job growth is being impinged by state lawmakers passing tax increases in states like Oregon trying to wring more dollars for the government out of a great economy, and in doing so creating localized job creation poison pills. We will know more later this month when that specific report comes out.
Having said all this, 3.6 percent unemployment rate with rising wages is great news for America’s economic future.
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Rick Manning (@rmanning957) is President of Americans for Limited Government (@LimitGovt).
Tags: Rick Manning, Americans for Limited Government, 3.6 Percent Unemployment, Wages Rising To share or post to your site, click on "Post Link". Please mention / link to the ARRA News Service and "Like" Facebook Page - Thanks!
Posted by Bill Smith at 2:00 PM - Post Link
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