Jobs Review Snapshot
Job creation continues to exceed that necessary to sustain the growth in the working-age population and to beat the expectations of forecasters. Improved, though modest by historical standards, wage growth indicates that a reserve supply of labor remains to sustainably propel U.S. economic growth. The 601,000 person surge in workforce participation is a very welcome development. The increase in the unemployment rate resulting from more people looking for work again also lessens pressure on the Federal Reserve to raise interest rates.
These results support the conviction that the U.S. economy has greater potential than critics thought was possible and validate the regulatory reforms and the Tax Cuts and Jobs Act enacted by Republicans.
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