WEEKLY ECONOMIC UPDATE
May 14 – May 18

CHART OF THE WEEK

More Small Businesses are Giving Workers Raises

The NFIB (National Federation of Independent Business) survey data shows the net percentage of small businesses* raising worker compensation over the last three months has increased to 33%—a notable rise since the Tax Cuts and Jobs Act (TCJA) became law. See JEC Chairman Paulsen’s Wall Street Journal op-ed on how well tax reform is working. This reading is the highest since November 2000 and is tied for second highest in the indicator’s 34-year history.

*NFIB notes that the typical NFIB member employs 10 people.

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