The State of the Union Is…

State of the Union

When President Donald Trump takes to the House floor to deliver his State of the Union address this evening, we hope to hear a concrete plan to fund the government and make the economy work for those of us who work the hardest. But so far, his actions in office suggest otherwise. Ahead of the big speech, let’s break down his record.

Economy Gains 304,000 Jobs in January; Unemployment Rises to 4%

The U.S. economy gained 304,000 jobs in January, and the unemployment rate rose to 4%, according to figures released this morning by the U.S. Bureau of Labor Statistics. Wage growth of 3.2% is positive but insufficient to restore labor's share of national income, and too low to conclude that labor markets are tight. Because 19 states boosted their minimum wage, wages in leisure and hospitality (the bulk of whom are fast-food workers) gained 4.7% in wage growth, while in manufacturing wages only rose 2.4%. The Federal Reserve's Open Market Committee made the right decision to hold back on further rate increases.