The job market continues to look strong again following another good report, which has unemployment holding steadily below 4 percent, and most economists consider these stats to be indicative of a fully employed economy.
The report showed that the economy gained jobs last August, marking the 95th months in a row of job gains. Not only are people employed, but the report indicated they are also seeing wage growth that hasn’t been seen since 2009.
A more neoliberal economy stoked by Republican tax cuts and deregulations helped make it possible for the economy to add 201,000 jobs during August, with the unemployment rate at a low not seen in about 18 years.
The actual rise in average annual wages was 10 cents, bringing up to $27.16, a 2.9 percent increase.
The good news comes on the heels of what’s already been what economists consider a historic run.
“This picture underscores that the US economy is solid, the US economy is gaining strength,” Quincy Krosby, chief market strategist at Prudential Financial said.
Krosby attributed a lot of the gains to enthusiasm over tax cuts and deregulation across the board.
“It is remarkable to see steady, positive news regarding job growth month after month,” Labor Secretary Alexander Acosta said in a statement.
Professional business services in particular added a lot of jobs.
Healthcare companies added 33,000 jobs, with construction, and mining jobs also saw big increases.
The Jewish Voice has been reporting on the economy under this administration and how some key policies could affect the state of the economy. Tariffs on imported steel seems to be having some positive effects domestically, especially for US Steel. Not only has the company’s profits gone up, but they say that the forecast remains optimistic.
The longtime company said its quarterly profits increased almost 40 percent. Now that the company raised its full-year profit guidance, US Steel is getting the market excited by touting what it expects to be a tripling of profit.
The tariffs helped domestic steel prices increase by 5 to 10 percent during the quarter of focus. Prices of its US-made steel rose 5 percent to 10 percent in the quarter. As shipping increases revenue too, US Steel expects its steel tube business to start turning a healthy profit in coming months.
The tariffs at play here slap 25 percent fees on the majority of imported steel, with the same applying to aluminum imports at a rate of 10 percent. After making a lot of noise about other countries ripping off America, President Donald Trump sent a message heard ‘round the world when he announced the tariffs in February that rattled allies around the globe.
By: Marsha Maltese
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