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Rising Wages Boost Growth Outlook

The labor market continues its record expansion! The US Economy added 156,000 jobs in December 2016.  Nationally, over 2.2 million jobs were added to the economy in 2016.  This represents the 75th month of consecutive job growth, the longest on record.  The tightening labor market finally achieved accelerated wage growth as average hourly earnings jumped 2.9 percent since December last year, the strongest pace of wage growth since the expansion began. Rising wages have been a missing piece in the current expansion and will enable households to increase consumption going into 2017, sustaining economic momentum and bolstering the retail sector.  Employment growth and and wage gains continue to be positive for apartment rental demand. To read the original article, click here.

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