U.S. wages rose at their fastest pace in eight years and the nation added 200,000 jobs in January, including 21,000 hires in healthcare businesses, according to a CNNMoney report.
Here are six reasons US wage growth is at its highest since 2009.
1. The unemployment rate stayed at 4.1 percent, which is the nation's lowest unemployment rate since 2000, the Labor Department said Friday.
2. Wages were up 2.9 percent compared with a year earlier, the highest pace since June 2009, and the Federal Reserve hopes wages will rise even faster — to three percent or more.
3. Economists expect the Republican tax law will continue to increase wages since several large corporations are giving their workers raises.
4. Overall wages also grew due to several states raising the minimum wage at the beginning of 2018.
5. There are more open jobs than there are employees to fill them in a strong job market, which forces employers to offer higher pay packages to attract and retain workers. The U.S. currently has around 6 million job openings, a near record high.
6. Although job gains in December and November were revised down by a cumulative 24,000 jobs than previously reported, the economy has added jobs for 88 consecutive months, the longest recorded streak. Additionally, the unemployment rate has moved from 10 percent in 2009 to 4.1 percent today.