The Economist, November 14th, 2017: Blue-collar wages are surging. Can it last?
Has Mr Trump kept his promise to revive American manufacturing, mining and the like? A more probable explanation is that he came to office just as America began to run out of willing workers to fill all of its job vacancies. As unemployment has fallen, from over 6% in mid-2014 to 4.1% today, wage growth has gradually picked up.
That will not stop him from taking the credit should a tight labour market lift America’s spirits as the 2020 presidential election approaches. Rightly or wrongly, the biggest beneficiary of a sustained wage boom for workers may be a suited man sitting in the Oval Office.