https://www.wsj.com/articles/the-growth-dividend-for-workers-1541201213
Don’t think tax reform and deregulation matter for working people? Consider the evidence from Friday’s gangbuster jobs report for October that showed the tangible dividend for workers from faster economic growth resulting from better economic policy: More jobs to choose from and higher pay to boot.
That’s the essence of the news that the marvelous machine called the American economy created 250,000 new jobs last month, including 246,000 in private industry. Average hourly wages rose again and are now 3.1% above a year ago, the fastest increase in a decade. (See the nearby chart.) This is the growth dividend that Republicans promised if the dead weight of Barack Obama’s policies could be lifted from the backs of American business and workforce.
The economy has now added 218,000 jobs on average over the last three months, up from 210,000 over the last year, as the unemployment rate held steady at 3.7%. That’s remarkably strong labor growth for an expansion that is nine years old at what some economists claim is already full employment.
Apparently thousands of Americans have been waiting for the right job, or a better paying one, because the civilian labor force grew by 711,000 in October and four-fifths of them found jobs. Job growth was especially robust in leisure and hospitality (42,000), health care (35,600), manufacturing (32,000) and transportation and warehousing (24,800).
Hurricane Florence, which struck the Carolinas in September, has caused some noise in the data. But the big job gains in October offset tepid payroll growth in September. Labor force participation ticked up 0.2 percentage points last month to 62.9%, which is at the higher end of its range in recent years.