Last month, average hourly earnings up 2.8% over year. We should see acceleration but have seen just a little.
Continues longest streak of monthly job growth on record = 97 months! Job growth turned positive Oct 2010. Longest streak of private-sector job growth too, since Apr 2010. Revisions net 0.
Boomer retirements push LFPR down 0.25-0.3 pp/yr. So staying still is a kind of progress.
Average workweek hours for private sector ticked up 0.1 hr to 34.5, same as a year ago. For frontline workers (production & nonsupervisory) stable at 33.7 hrs, same as last month & even Sept '12.
This month's estimate up to 3.1% growth over the year. In line with estimates from other sources.
Long-term unemployment little changed at 1.4 million, same as last month.
Americans stuck in part time jobs but would prefer full time, unchanged at 4.6 million.
Marginally attached 1.5 million, same as a year ago.
Dec 2017 #TCJA added $1.5 trillion new debt & created some expensive fiscal stimulus that is giving us a temporary bump.
Also, one real piece of economic policy change in last 2 years: Dec 2017 #TCJA tax law having 2 effects:
1. Debt-fueled, expensive fiscal stimulus,
2. huge bump to company owners' profits.