The US economy continues to soar under President Trump and the Republican-controlled Congress, with wages reaching their highest levels since the “Great Recession” of 2009 under former President Barack Obama.
According to Bloomberg, the US economy added over 200,000 private payroll jobs in January with the jobless rate hovering at just 4.1%. Most significant, US wages hit benchmarks not seen since the market meltdown of 2009.
The new statistics show the economy “could be starting to generate a long-awaited, sustained pickup in wages and boost demand in this expansion, which may also get a lift this year from tax-cut legislation signed by President Donald Trump in December,” writes Bloomberg.
“The jobless rate held at 4.1 percent, matching the lowest since 2000, while average hourly earnings rose a more-than-expected 2.9 percent from a year earlier, the most since June 2009,” the site adds.
The upward swing comes as major American corporations -such as Walmart, Disney, AT&T, Home Depot, American Airlines, UPS, FedEx, and others- announce their plans to raise wages, expand benefits, and reinvest billions in the US following the recently passed GOP tax cuts.