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The strong jobs report and wage growth could be a boost for President Donald Trump and the GOP heading into next week's midterm elections.
Wage growth is picking up, and the jobs report showed a new postrecession milestone for Americans' paychecks.
The low unemployment rate shown in Friday's jobs report added to evidence of a booming economy, now in a record eighth straight year of monthly job gains. It also showed the labor market continuing to tighten, perhaps eventually pressuring companies to pay workers more.
Bob Woodward book: Trump thought his tariffs were boosting jobs numbers — before any tariffs were imposed
President Donald Trump thought that his tariffs were helping the US job market before the tariffs were even imposed according to Bob Woodward's new book "Fear: Trump in the White House."
‘Let’s just remember when this recovery started’: Obama hits back at Trump taking credit for strong economy
Former President Barack Obama said that Republicans and President Donald Trump may be taking too much credit for the strength of the US economy. "So when you hear how the economy is doing right now let's just remember when this recovery started," Obama said.
The US jobs report released Friday showed that wages increased in August at their fastest year-on-year pace since the Great Recession. The report also showed that employers added more nonfarm payrolls than had been forecast, while the unemployment rate remained at an 18-year low of 3.9%.
President Donald Trump's tariffs are starting to take their toll on small businesses. Many firms are being forced to lay off workers to save money because of the increased price of imported goods.
The US manufacturing sector has added 327,000 jobs in the past 12 months, the highest number of jobs added in a 12-month period since April 1995. The boom comes after President Donald Trump promised to bring back US manufacturing.
The jobs report released on Friday showed that no group of companies saw bigger losses than retailers of sporting goods, toys, books, and music. Toys R Us filed for Chapter 11 bankruptcy protection last September, and announced in January that it was closing all its stores.
One signal July was strong can be found in the low number of people filing for unemployment benefits for the first time. Initial jobless claims were near a 50-year low in the week officials conducted their survey for the jobs report, and they haven't added up to more than 300,000 since March 2015.