No, that’s not the headline you see in the mainstream media. But that’s the headline from the latest Labor Department jobs report, which said that wages grew 2.9 percent in August from a year earlier while the economy generated 201,000 new jobs during the month.
I’m serious. Go look at the Washington Post and New York Times websites. You don’t even see an article on this near the top of the page. The headline right now at the Times is, “U.S. jobs report for August: Here are the takeaways.” Note the excitement!
Because finally, a president who is solving the problem of wages, which lagged throughout the Obama years.
The unemployment rate held steady at 3.9 percent, which is a pretty good place for it to be holding steady.
One bad note: the labor force participation rate declined 0.2 percent to 62.7 percent, suggesting some potential workers remain discouraged.