The Bureau of Labor Statistics (BLS) reported Friday the United States economy saw faster wage growth and 20,000 more jobs than the 180,000 originally expected.
Average hourly earnings rose at their fastest pace — 2.9 percent year-on-year — since 2009, according to Business Insider. Mark Hamrick, a senior economic analyst at Bankrate.com, said if wage growth inches up to 3 percent, markets might need to worry about an overheating economy.
“If that happens, then the markets will have to consider whether the economy is overheating — something we haven’t had to think about since the financial crisis and recession,” Hamrick said.
Nonfarm payrolls increased to 200,000 while unemployment remained 4.1 percent, a 17-year low. Job growth hit multiple industries including construction, manufacturing and food services.
Black unemployment — something President Donald Trump touted for improving under his administration — increased from a 6.8 percent record low in December to 7.7 percent in the new year.
Somebody please inform Jay-Z that because of my policies, Black Unemployment has just been reported to be at the LOWEST RATE EVER RECORDED!
— Donald J. Trump (@realDonaldTrump) January 28, 2018
While BLS didn't specify what prompted the wage and job growth, the news came as the president credited his tax and regulatory reform for U.S. economic growth:
Tremendous investment by companies from all over the world being made in America. There has never been anything like it. Now Disney, J.P. Morgan Chase and many others. Massive Regulation Reduction and Tax Cuts are making us a powerhouse again. Long way to go! Jobs, Jobs, Jobs!
— Donald J. Trump (@realDonaldTrump) January 24, 2018
But some, like Senate Minority Leader Chuck Schumer (D-N.Y.), suggested Trump should credit his predecessor, former President Barack Obama, for economic growth.
“Like many things in his life, [President Trump] inherited the healthy economy. Here are two words we won't hear President Trump say tonight about the economy — thanks, Obama,” Schumer said.