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Representative David Schweikert - Vice Chairman

More Benefits for More Americans

More Benefits for More Americans

WEEKLY ECONOMIC UPDATE

September 24 – September 28

CHART OF THE WEEK

Workers Enjoying More Benefits  

 

The benefits share of total compensation is at an all-time high of 31.7 percent. Private-sector employee benefits increased by 3 percent in June from a year earlier. Cash bonuses unrelated to job performance reached a record high of 7.6 percent of total benefits in June. Tax reform has enabled hundreds of firms to offer bonuses, better benefits, and pay increases.

- At least six million workers received bonuses, better benefits, or pay increases directly due to tax reform.
Paid leave increased 4 percent in June from a year earlier.
- Employer layoffs and discharges recently hit a record low.
- Employee job satisfaction is at the highest level since 2005.

LAST WEEK

JEC Hearing 

Examining the Rise of American Earnings and Living Standards (Wednesday, 10:45am, 216 Hart Senate Office Building)

LAST WEEK

News & Commentary

Wages Are Growing Faster Than You Think (Wall Street Journal)

Jobless claims fall to the lowest in nearly 49 years (CNBC)

U.S. Consumers Brighten, Upbeat About the Future (Wall Street Journal)

The Corporate Tax Cut Is Paying for Itself (Wall Street Journal, op-ed by Stephen Moore, a witness at JEC’s upcoming hearing)

Household net worth climbs by $2.19 trillion, driven by stock market, house prices (MarketWatch)

 

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