America’s long-running economic expansion

THERE is often more fakery than truth in a tweet from President Donald Trump. But on one subject he is broadly right. America’s economy is in good shape. Business confidence is high. Jobs are plentiful. Last month non-farm companies added 228,000 workers to their payrolls. The unemployment rate is 4.1%, the lowest figure for more than a decade. The availability of jobs is drawing more of the working-age population into the labour force. Wages are growing in real terms with some of the biggest gains going to low-paid workers.