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WEEKLY ECONOMIC UPDATE

September 10 – September 14

CHART OF THE WEEK

A recent Wall Street Journal op-ed clearly illustrates how workers are benefitting from the strong economy and tax reform. Specifically, it shows how a typical married couple with no children receives a $2,501 increase (4.9 percent) in take-home pay over one year due to rising incomes and lower taxes.

This may contribute to employee job satisfaction, which is at the highest level since 2005.

A new Council of Economic Advisors report explains why commonly cited government wage measures understate wage growth and ignore the immediate benefit of the Tax Cuts and Jobs Act.

Chairman's Update

Regarding last week’s employment report, JEC Chairman Erik Paulsen (R-MN) commented:

"Job growth remains strong with solid gains in August, bringing us to nearly 1.7 million new jobs created since tax reform was enacted. Especially encouraging is that wages are rising at their fastest rate since mid-2009. More jobs and higher wages show these pro-growth policies are working and Americans are better off."

LAST WEEK

News & Commentary

U.S. adds 201,000 jobs as worker wages accelerate to nine-year high (MarketWatch)

Trump’s White House says wages are rising more than liberals think: They’re probably right (Vox)

U.S. jobless claims fall to near 49-year low (CNBC)

Bernie Sanders’s Half-Truth on Wages (Wall Street Journal)

U.S. Factory Sector Clocks Strongest Growth in 14 Years (Wall Street Journal)

A widely-watched gauge of service-sector activity grew robustly last month (Wall Street Journal)

JEC Hearing and Releases

The Positive Economic Growth Effects of the Tax Cuts and Jobs Act (Hearing)

U.S. on stronger economic footing thanks to tax reform (Chairman Paulsen’s Opening Statement)\

CEA Report

How Much Are Workers Getting Paid? A Primer on Wage Measurement