WASHINGTON, DC – U.S. Secretary of Labor Alexander Acosta issued the following statement regarding the January 2018 Employment Situation report:
“Our strong economy continues to grow, as 200,000 new jobs were added in January 2018. Since Election Day 2016, American job creators have added 2,553,000 new jobs. The unemployment rate remains at a 17-year low of 4.1%. Job growth in construction was strong in January, with 36,000 new jobs created.
“January saw the third consecutive monthly rise in the wage growth rate, with a 2.9% 12-month increase in average hourly earnings. December 2017 wage growth rate was revised up to 2.7%; November 2017 was 2.5%. This may be the start of a welcome trend in wage gains, and marks the highest percentage increase in average hourly earnings since 2009. Average hourly earnings data excludes bonuses.
“The reaction to the President’s landmark tax reform law has been overwhelmingly positive. Job creators across the nation have announced billions of dollars in bonuses, higher wages, and new benefits for employees. Many have also announced new investments in facilities and equipment. All of this is welcome news.”