Peoria County, Illinois -once the headquarters of major equipment corporation Caterpillar- has seen a “major boost” in manufacturing jobs returning to the region; “fattening wages” and shoring up a once-healthy economy.
According to the Chicago Tribune, the central Illinois county is seeing a resurgence of its local economy, with officials confirming a stunning 24% increase in average weekly wages since the first quarter of 2018.
“Peoria saw a 24 percent jump in average weekly earnings in the first quarter of 2018, compared with the same period a year earlier, the steepest increase by far among the 349 largest counties in the nation, according to data released Wednesday by the Bureau of Labor Statistics. Manufacturing wages in Peoria county, which rose by $1,802 a week, or 61 percent, fueled the jump,” writes the Tribune.
“We have seen a real bounce back, especially in the manufacturing sector, and those are good-paying jobs and we have lots of them available,” said Chris Setti, CEO of the Greater Peoria Economic Development Council.
Read the full story at the Chicago Tribune.
GREAT AGAIN: $2 TRILLION Added to US Economy Under President Trump
The United States Stock Market has added over $2 trillion to the American economy since President Trump won the 2016 presidential election; smashing expectations and further signaling a robust recovery following years of stagnant growth under Barack Obama.
According to CNBC, the S&P 500 stock index grew by $2.04 trillion since Donald Trump defeated Hillary Clinton last November; soaring after the election on renewed hopes of significant tax reform and the reduction of burdensome regulations imposed by Trump’s predecessor.
The largest gains were seen in information technology, financial services, healthcare, and materials.
President Trump now sets his sights on reforming the nation’s complicated and outdated tax code, a key campaign promise to deliver tax relief to millions of American families and businesses.
“People are in wait-and-see mode in terms of tax reform. We get a bit of a pop every time it gets mentioned, but I think the market is in a bit of disbelief,” said one market strategist.
Analysts also credit President Trump’s pledge to rebuild the American military with the massive rise in stocks associated with Defense contracts, reporting some businesses have seen growth of 30% since the US election last fall.
GREAT AGAIN: April Jobless Claims PLUMMET to 45-Year Low
Jobless claims in early April dropped by over 9,000 applications to just over 230,000; reaching levels not seen in the United States since the mid 1970s.
The new data shows America’s unemployment claims are at a 45-year low as the labor market continues to roar to life under President Trump and the Republican-controlled Congress.
According to Market Watch, the strong report shows companies across the country complaining about a “shortage of labor” as more and more Americans go back to work.
“Layoffs are near a 45-year low and show no sign of rising. Companies increasingly complain about a shortage of skilled labor with the unemployment rate at a 17-year low of 4.1%, making it harder for them to fill a record number of job openings,” writes Market Watch.
“With labor so hard to find, the bar for letting people go is very high, so layoffs will remain a close to their current levels for some time yet,” said a chief economist.