The U.S. is in a period of prosperity as job growth hits the highest in 9 years. This is quite a remarkable accomplishment considering 10 years ago we were in a terrible recession. According to the US Labor Department, wages grew at about 3.1% in October, which is greater than 2.8% from September. Last month, the U.S. economy added over 250k jobs, leaving an unemployment rate of 3.7%.
However, other factors must be considered. The Federal Reserve last raised interest rates in September, bringing it to between 2%-2.25%, the 8th rise since 2015. The Fed does state that the U.S. economy is stable enough to absorb the rate rises as inflation is a possible side effect. Other politicians say that this data may look good, but should also be considered against health care costs rising. Trump has also criticized the Fed's actions, blaming them for recent turbulence in the stock market.
What does this mean? This is good news for President Donald Trump, who is using this information as a means of promoting his agenda and administration. Among economists, there exists the consensus that this does point to the strength in the U.S. economy and should quell some worries about potential weaknesses in the trade and housing sectors.
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