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"The Federal Reserve’s decision today shows its confidence in the continued strengthening of the U.S. economy. After years of subpar performance, the economy finally grew at a 4.2 percent annualized rate last quarter; wages are rising, the unemployment rate is its lowest since 2000; consumer confidence is at its highest since 2000; small business optimism is its highest ever, and inflation remains low and stable. Pro-growth economic policies are working.”

Joint Economic Committee Chairman Erik Paulsen lauded news of strong job growth and rising wages in the August unemployment report by the Department of Labor:

"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."

Note: The U.S. Department of Labor reported today that the economy added 201,000 jobs in August and the unemployment rate was 3.9 percent. Average hourly private-sector earnings were up 2.9 percent over the previous year. In August, they were up 2.7 percent. The unemployment rate was 3.9 percent, unchanged from July.

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Opening a Joint Economic Committee hearing on the positive growth effects of the recent tax law, Chairman Erik Paulsen, R-Minn., pointed to the mounting evidence that the Tax Cuts and Jobs Act is moving the economy in the right direction. Wages, business investment, and optimism are growing at a fast pace, he argued.
“Another positive jobs report shows that the U.S. economy clearly had room to grow and that the Tax Cuts and Jobs Act was essential to sparking that growth. I am hopeful this momentum will be sustained despite the Administration’s new tariffs and the retaliation incurred, which make purchases more expensive for American families and threaten our newly rediscovered potential for robust economic growth. I will continue to advocate for the President to lower trade barriers so our manufacturers can hire here at home and thrive across the globe.”

WASHINGTON--In response to the Federal Open Market Committee's announcement of a planned interest rate increase, Chairman Erik Paulsen, R-Minn., said:

"With our economy growing strong thanks to measures like the Tax Cuts and Jobs Act and regulatory reform, I’m glad to see the Federal Reserve taking careful steps to maintain our economic momentum."