Wage growth for non-supervisory and production workers in the private sector slowed down after the recession, but has picked up during President Trump's first term as the labor market has tightened.

Wages rise when unemployment is low and hiring is strong — and that employers are willing to pay more to attract workers.

Wage gains were steady for much of the Bush administration, fluctuating between two and four percent each year.

Then wage growth took a hit during the financial crisis, and gains were anemic for much of the Obama presidency. The Obama economic team referred to it as "the unfinished business" of his time in the Oval Office.

During the Trump presidency, wages have climbed and its now growing at more than 3 percent for the first time in a decade. The GOP tax cuts may have helped accelerate the trend, but economists also point to the tight labor market as a factor.