Working-class Americans are benefiting in such a way that their salaries are increasing faster than those of their bosses, under the booming economy of President Donald Trump.
This difference in favor of workers is due to successful measures taken by the Trump administration, which have brought unemployment down to the lowest levels in 50 years, according to an analysis by The Wall Street Journal (WSJ).
In particular, the factors that help generate this situation are the high supply of jobs, the increase in the search for talent, and the increases in minimum wages.
The salaries of these workers registered increases of 4.5% between November 2018 and November 2019, while the salaries of the 25% of the highest salaried workers increased by 2.9%, according to the WSJ, which cited data from the Federal Reserve Bank of Atlanta.
The gains made by workers through the increase in their wages are widely reflected in other sectors of society, as shown by the results of a survey published by CNN. Thus, almost 76% of the participants believe that the economy is “very good or simply good.” Likewise, 80% say that the economy is doing well.
These approval ratings for the economy are the most favorable in almost 20 years, the WSJ said.
Similarly, the data provided by Secretary of Labor Eugene Scalia, on the statistics recorded in November, are conclusive: according to his data, the private sector added 266,000 jobs and lowered the unemployment rate to 3.5%, equaling a historical low in the last half-century.
“The 3.5% unemployment rate coincided with the September 2019 rate, a level that has not been achieved since 1969,” said Scalia.
From another perspective, November 2019 marks the 21st consecutive month in which the unemployment rate has been equal to or less than 4% in the United States.
Also, wages have grown at 3.0% or more for 16 consecutive months, the report published on Dec. 6 said.
According to economics journalist Christopher Rugaber, the economy is expanding and jobs and incomes remain secure.
Since President Trump took office in January 2017, 6.6 million jobs have been created.