Report: Worker Pay Rate Now Higher Than At Any Point Under Obama

President Trump took to social media on Tuesday evening to tout a new, glowing jobs figure: compensation for workers is now higher than at any point during the Obama administration.

Tack this new job figure to a lengthy list of successes which have occurred under Trump: historic levels of unemployment, a stock market which continues to hit record highs, a growing economy, rising consumer confidence, and more than 4 percent GDP.

Here’s more, per CNBC:

Compensation for workers rose to a nearly 10-year high in the second quarter as inflation pressures continued to percolate in the U.S. economy.

The employment cost index increased 0.6 percent for civilian workers in the three-month period ending in June, according to a Bureau of Labor Statistics release Tuesday. That brought the 12-month rate up to 2.8 percent, the highest level since 2.9 percent in the third quarter of 2008, amid the financial crisis and the Great Recession.

Tired of winning yet?

According to the report, the employment cost index draws from a sample analysis of 27,200 observations from nearly 6,600 private businesses and 8,000 observations from 1,400 government offices. The review showed wages and salaries rose half a percent for the quarter and 2.8 percent over the year. However, benefit costs increased 0.9 percent and 2.9 percent, respectively, CNBC reports.

— Advertisement —

Businesses in the private sector faired slightly better than government offices as private industry compensation rose 2.9 percent. This is a sizable increase from the 2.4 percent rise recorded in June 2017. Compensation for government officers increased 2.3 percent for the year, which dipped from the 2.6 percent gain it recorded in June 2017.

Various fields in the private sector were affected differently as sales and related jobs recorded a 3.5 percent gain and transportation and material moving rose 3.4 percent, CNBC reports. The smallest rise in employee compensation was in hospital work, at 2.2 percent.

Here’s even more:

The release comes ahead of Friday’s closely watched nonfarm payrolls report. Economists expect a gain of about 190,000 and a 2.7 percent increase in average hourly earnings. It also follows last Friday’s robust GDP release, which showed the economy grew 4.1 percent in the second quarter.

People online joined in with the president to praise the growth rate:


Please enter your comment!
Please enter your name here