Americans are enjoying year-on-year wage gains above 3% for the first time in over a decade according to two economic reports this week, including a monthly jobs report that came in comfortably above expectations.

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Data: Federal Reserve Bank of St. Louis; Chart: Chris Canipe/Axios

September was the 97th consecutive month that the economy has created jobs. That's an all-time record. Fiscal policy is goosing the economy. The Treasury is going to have to borrow $1.34 trillion this year, more than double the number in 2017. Enjoy the good times while they last.

  • The Fed's economists expect an economic deceleration ahead. They're projecting 2.5% growth in 2019, 2% in 2020 and just 1.8% in 2021.

The big picture: This isn't purely an American story. Budgets are getting looser around the world.

This year's U.K. budget marked the official end of austerity. Finance Minister Philip Hammond is "basking in the largest sustained windfall from improved public finance forecasts since the Office for Budget Responsibility was created in 2010," per the Financial Times.

  • Hammond did warn that austerity could return in the event of a no-deal Brexit. It's not clear whether the Euroskeptic wing of his party believes him.

Italy's government intends to run a budget deficit of 2.4% of GDP next year, which is unacceptable to the EU.

  • Italy's sovereign bonds are now just one notch above junk-bond status, per Moody's.

The other side: The euro-area economy grew at the slowest pace in four years during the most recent quarter. And in the U.S., inflation has been running at more than 2% per year, which makes 3% wage gains rather unimpressive.

Go deeper: Wages rise, but so does inflation

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Updated 14 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 3 a.m. ET: 32,844,146 — Total deaths: 994,208 — Total recoveries: 22,715,726Map.
  2. U.S.: Total confirmed cases as of 3 a.m. ET: 7,078,798 — Total deaths: 204,497 — Total recoveries: 2,750,459 — Total tests: 100,492,536Map.
  3. States: New York daily cases top 1,000 for first time since June — U.S. reports over 55,000 new coronavirus cases.
  4. Health: The long-term pain of the mental health pandemicFewer than 10% of Americans have coronavirus antibodies.
  5. Business: Millions start new businesses in time of coronavirus.
  6. Education: Summer college enrollment offers a glimpse of COVID-19's effect.

Texas city declares disaster after brain-eating amoeba found in water supply

Characteristics associated with a case of amebic meningoencephalitis due to Naegleria fowleri parasites. Photo: Smith Collection/Gado/Getty Images

Texas authorities have issued a warning amid concerns that the water supply in the southeast of the state may contain the brain-eating amoeba naegleria fowleri following the death of a 6-year-old boy.

Details: The Texas Commission on Environmental Quality issued a "do not use" water alert Friday for eight cities, along with the Clemens and Wayne Scott Texas Department of Criminal Justice corrections centers and the Dow Chemical plant in Freeport. This was later lifted for all places except for Lake Jackson, which issued a disaster declaration Saturday.

Updated 9 hours ago - Politics & Policy

What they're saying: Trump nominates Amy Coney Barrett for Supreme Court

Judge Amy Coney Barrett in the Rose Garden of the White House on Sept. 26. Photo: Oliver Douliery/AFP via Getty Images

Democratic and Republican lawmakers along with other leading political figures reacted to President Trump's Saturday afternoon nomination of federal appeals court Judge Amy Coney Barrett to succeed Justice Ruth Bader Ginsburg on the Supreme Court.

What they're saying: "President Trump could not have made a better decision," Senate Majority Leader Mitch McConnell said in a statement. "Judge Amy Coney Barrett is an exceptionally impressive jurist and an exceedingly well-qualified nominee to the Supreme Court of the United States."