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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.

Expand chart
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

Go deeper

Ina Fried, author of Login
3 mins ago - Technology

Google's parent shuts down effort to deliver Internet via balloons

Image: Loon

Alphabet is shutting down Loon, one of its "moonshots" which aimed to deliver Internet service via high-altitude balloons.

Why it matters: The effort was one of several approaches designed to get high-speed connectivity to some of the world's remote spots and also proved useful in the aftermath of disasters that shut down traditional infrastructure.

Dave Lawler, author of World
19 mins ago - World

What has and hasn't changed as Biden takes over U.S. foreign policy

Photo Illustration: Brendan Lynch/Axios. Photo: Chip Somodevilla/Getty Images

President Biden swiftly recommitted the U.S. to the Paris climate pact and the World Health Organization, but America's broader foreign policy is in a state of flux between the Trump and Biden eras.

Driving the news: One of the most striking moves from the Biden administration thus far was a show of continuity — concurring with the Trump administration's last-minute determination that China had committed "genocide" against Uyghur Muslims.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Health: New coronavirus cases down, but more bad news ahead — Fighting COVID-19's effects on gender equality.
  2. Politics: Biden unveils "wartime" COVID strategyBiden's COVID-19 bubble.
  3. Vaccine: NYC postpones vaccine appointments following shipment delays — Private companies step in to fill vaccine logistics vacuum.
  4. World: Biden will order U.S. to rejoin World Health OrganizationBiden to bring U.S. into global COVAX initiative for equitable vaccine access.