Congressman Bob Latta (R-Bowling Green) is highlighting economic numbers released from the Labor Department today that show that wages and salaries for private-sector workers have grown 3.1% over the last year, the largest jump since the second quarter of 2008. This comes a day after consumer confidence reached its highest level in nearly two decades and a week after 3rd quarter GDP growth showed that the U.S. is on pace for the best year of annual growth since 2005.
“After touring businesses and talking to employees around Ohio’s 5th District the past few months, it comes as no surprise to me that wage growth is the highest it’s been in a decade,” said Latta. “Businesses are investing in new equipment, expanding their facilities, and paying higher wages in order to keep and attract workers. Many point to the passage of the Tax Cuts and Jobs Act and the reduction of government red tape as the reason for the upturn. It’s clear that these efforts are having an effect, and it’s resulting in more money in the pockets of Ohioans – both from tax relief and increased pay. It’s shocking that there are some out there that want to undo all of these policies, raise taxes on small businesses and the middle class, and grow the regulatory state. It’s more important than ever that we stay the course with an economic approach that is working and making a difference for Ohio families.”