Economy

Black Unemployment at Lowest Level in 17 Years

Unemployment among black Americans ages 16 years and over fell to 7.5 percent in May, its lowest level since December 2000. Black unemployment has been on the decline since February — falling from (February) 8.1, (March) 8.0, (April) 7.9, and (May) 7.5 percent, according to data from the Bureau of Labor Statistics. The national unemployment rate in May was 4.3 percent, its lowest level since May 2001. Unemployment for black Americans has historically hovered below their white counterparts. The Great Recession drove black unemployment near Great Depression-era levels, reaching 16.8 percent in March 2010. While most Americans were feeling the negative affects of the housing crisis, it was black lawmakers who were beginning to publicly blame President Obama for black America’s morass. In August 2011, Congresswoman Maxine Waters called the black unemployment rate “unconscionable.” A month later, Waters hammered President Obama for failing to “acknowledge the economic disaster in the African American community” while addressing his jobs agenda in the battleground state of Iowa. Days later, then-Congressional Black Caucus Chairman Emanuel Cleaver told reporters, “If Bill Clinton had been in the White House and had failed to address this problem, we probably would be marching on the White House.” In a campaign speech in North Carolina last October, then-candidate Trump offered a “new deal” to black Americans based on three pillars — “safe communities, great education, and high-paying jobs.”

…And so far, the man has delivered.  Yet, the dominantly liberal mainstream media isn’t reporting on this at all.  But, had this happened under Obama, we’d be hearing about it non-stop.  Again, the liberal media is exposed for its brazen hypocrisy.  This is great news for the black community!  And, it’s happening on Trump’s watch; NOT Obama’s.   🙂

Americans Laid Off by H-1B, Outsourcing to Rally at White House

Americans who saw their jobs taken by foreign guest workers on the H-1B visa and outsourcing schemes will rally outside the White House before President Trump’s meeting with India’s Prime Minister. Attorney Sara Blackwell, who represents Americans laid off due to the H-1B visa and outsourcing, has organized the “You’re Fired” rally, named after the recent 60 Minutes special that exposed how American companies hire cheaper foreign workers. “You got our vote, now we want a voice,” the flyer for the rally reads, as it addresses Trump. Every year, more than 100,000 foreign workers are brought to the U.S. on the H-1B visa and allowed to stay for up to six years. That number has ballooned to potentially hundreds of thousands each year, as universities and non-profits are exempt from the cap. With more entering the U.S. through the visa, Americans are often replaced and forced to train their foreign replacements. Outsourcing and offshoring of Americans has similarly been a detriment to U.S. workers.

Indeed!  This is an out-of-control program that needs to be reeled in substantially, or cancelled altogether.  Let’s hope Pres. Trump hears these protesters!  To read the rest of this article, click on the text above.

Economic Optimism Surges To Record High As Trump Gets Credit For The Economy

Would you believe that America is experiencing a new era of good feelings? While America seems bitterly divided over many political questions, the rising tide of economic good feelings that swept America in the wake of the election of President Donald Trump shows no signs of abating. And there is widespread agreement among Americans that the Trump administration deserves credit for America’s economy. The latest CNBC “All American Survey” finds that 30 percent of the public are both optimistic about the economy now and for the future, the second quarter in a row that present-future optimism scored so high. That’s the highest reading in the survey’s 10-year history. The previous high of 23 percent was hit in the March 2015 and December 2014 surveys. Optimism about the future remains very high. Thirty-eight percent say the economy “will get better” in the next year. That’s down from 40 percent in April and 42 percent in December, suggesting some of the post-election optimism is slipping. But it is well above the 25 percent registered in October, prior to the presidential election. It remains higher than any point since December 2009, when America was in the throes of the Great Recession. Similarly, the post-election surge of positive feelings about the current state of the economy has continued. Prior to the election, just 23 percent of Americans rated the economy “good.” That number rose to 31 percent in the December survey, to 36 percent in the April survey, and held steady at 35 percent in the latest survey. Those post-election numbers are the highest ever recorded in the survey. Far fewer Americans rate the current state of the economy as “poor.” In the pre-election survey, 30 percent gave the economy a poor rating–a result largely consistent with those throughout the Obama administration.

And, of course, you’ll never see that anywhere in the dominantly liberal mainstream media.  This is great news!  And, its news we need to pass along to everyone.  To read the rest, click on the text above.

Amazon to buy Whole Foods in $13.7B deal

Amazon (AMZN) stormed into the world of food retail Friday with a stunning announcement it will acquire Whole Foods Market (WFM), a move that sent shares of industry mainstays sharply lower as many fear an imminent disruption of the way consumers shop for groceries will continue to pressure margins and potentially upend existing business models. The $475 billion e-commerce giant will snap up the struggling supermarket chain for $42 per share in an all-cash deal valued about $13.7 billion including debt. “Whole Foods Market has been satisfying, delighting and nourishing customers for nearly four decades – they’re doing an amazing job and we want that to continue,” said Amazon CEO Jeff Bezos in a statement. Under the deal, Whole Foods will continue to operate stores under its independent brand and the company’s CEO and founder, John Mackey will remain in his position. Mackey said the partnership allows the Austin, Texas-based food retailer to continue efforts to bring high-quality foods to its customers across America. The deal, subject to approval by regulators and Whole Foods shareholders, is expected to close in the second half of this year. News of the acquisition sent Amazon shares up nearly 3%, their biggest gain since January as Whole Foods leaped 27% in their biggest rally since 2009 to $42.35. At the same time, data from Dow Jones showed investors wiped out roughly $55 billion form the market value of other grocery names including Walmart (WMT), Target (TGT), Costco (COST) and Kroger (KR), which cut its full-year earnings guidance on Thursday, extended losses, falling 13% Friday. Whole Foods, largely credited with igniting a large-scale shift in consumer purchasing trends to fresh and sustainably-sourced food offerings, has long been a target of takeover speculation as it continues to face mounting pressure from longtime industry players including Walmart (WMT) and Kroger (KR) as they aggressively move into the fresh and organic food space. In the most recent quarter, Whole Foods booked adjusted earnings of 37 cents a share on revenue of $3.72 billion as sales at stores open at least a year fell 2.8% while transactions declined 3%. aimed at overhauling its purchasing program and category management while also accelerating

Car shoppers shelling out hundreds more in down payments

U.S. auto sales have moderated this year, but here’s a positive sign for dealerships: Consumers are spending hundreds of dollars more on down payments. Car buyers are digging deep to pay more money up front and lower their monthly payments, according to a new report from Edmunds, the car-shopping platform. Down payments on new cars nearly hit a record high in May, rising to an average of $3,801. That’s an increase of $233, or 6.5%, compared to May 2016. Used vehicles also attracted higher down payments. The average buyer paid an additional $93 up front, a jump of 3.8%. With interest rates and sticker prices climbing, the increase in down payments has helped buyers make up the difference. Edmunds also noted that shoppers have more confidence in a stronger economy, which has encouraged them to spend more for a car with extra bells and whistles. “In our increasing credit-based culture where consumers are willing to finance everything from cellphones to vacations, more money up front shows car buyers aren’t completely sacrificing practicality in order to get the cars they really want,” Edmunds Executive Director of Industry Analysis Jessica Caldwell said. Consumers have also cut their monthly payments by taking advantage of longer loan terms. The average loan for a new vehicle hit 69.1 months in May, marking a 6.6% increase over the last five years.

94,983,000 Americans Not in the Labor Force in May

A disappointing report from the Labor Department’s Bureau of Labor Statistics on Friday: The economy added 138,000 jobs in May, fewer than analysts were expecting; and after setting three straight monthly records, the number of unemployed Americans dropped by 233,000 to 152,923,000. The unemployment rate ticked down a tenth of a point to 4.3 percent, near historic lows. But the number of Americans not in the labor force – meaning they are neither working nor looking for work – increased by 608,000 to 94,983,000 in May, close to the record high of 95,102,000 in December 2016. The not-in-the-labor-force number includes retirees, students, homemakers, the disabled, and others who have stopped looking for work for whatever reason. The nation’s labor force participation rate – the percentage of the 16-and-older civilian non-institutionalized population that is either employed or actively seeking work – dropped two-tenths of a point to 62.7 percent in May. The higher the percentage, the better, since people who participate in the labor force contribute the payroll and other taxes that help support many of those who do not work. The participation rate hit a record high of 67.3 percent in early 2000, plunging to a 38-year low of 62.4 percent in September 2015. “The economy is starting to come back, and very, very rapidly,” President Donald Trump said on Thursday, as he announced that the United States will withdraw from the Paris climate accord because it costs too much money and would kill millions of American jobs. BLS says in the first five months of 2017, the economy has added a total of 810,000 jobs (fewer than the million Trump mentioned on Monday). Job gains for March and April were revised downward in the May report and are well below the strong gains of January and February. Job gains for the most recent month occurred in health care and mining. (Employment in mining has risen by 47,000 since reaching a recent low point in October 2016, with most of the gain in support activities for mining.) In May, the nation’s civilian noninstitutionalized population, consisting of all people age 16 or older who were not in the military or an institution, reached 254,767,000. Of those, 159,784,000 participated in the labor force by either holding a job or actively seeking one. The 159,784,000 who participated in the labor force equaled 62.7 percent of the 254,767,000 civilian noninstitutionalized population. In May average hourly earnings for all employees on private nonfarm payrolls rose by 4 cents to $26.22. Over the year, average hourly earnings have risen by 63 cents, or 2.5 percent, BLS reported.

Some mixed signals here..  On the one hand the number of Americans NOT in the labor force DID go up for the first time in several months.  BUT, we’re at historic lows for unemployment in this Trump economy.  So, still a ways to go in the participation rate.  But, definitely making progress in unemployment overall.

DELINGPOLE: That Paris Speech Just Made Trump Great Again

Under promise and over deliver. As a businessman, Trump knows that those are the rules. And as president that’s just what he did today in his inspirational speech about pulling out of the Paris climate agreement. It was inspirational because it articulated better than any world leader has ever done before why environmentalism is in fact such a harmful creed. Rather than get bogged down in the “science” of climate change — an elephant trap so arranged by climate alarmists to make anyone who disagrees with them look ignorant or “anti-science” — he cut to the chase and talked about the important stuff that hardly ever gets mentioned by all the other politicians, for some reason: the fact that the climate change industry is killing jobs. He talked about “lost jobs; lower wages, shuttered factories.” He listed what the effects of implementing the Paris Agreement would be, by 2040, on key sectors of the US economy: Paper down 12 percent Cement down 23 percent Iron and steel down 38 per cent Coal down 86 percent It was simple and it was brilliant. Here was Trump talking to his voter base, feeling American workers’ pain and telling them [he didn’t actually say this but this was the message]: “I won’t abandon you. I won’t sell you down the river, whatever the global elite may want and however much they try to bully me. You people come before all this green crap.” And it also has the virtue of being true. Sure the actual figures may be guesstimates, but there’s no question that the tenor of his argument is quite accurate: climate regulation like the Paris agreement makes energy more expensive, slows economic growth and kills jobs, especially in the heavy industrial and fossil fuel sectors. This argument ought to be low hanging fruit to any half way intelligent politician: it’s such an obvious way of connecting with the workers. Yet Trump is the only one who has ever said it. And hearing him say it was a reminder of why it was that he won the presidential election. He connects with his people in a way that so many politicians just don’t. Compare and contrast with the other world leaders: Merkel, May, Macron, Trudeau, Turnbull — not one of those charlatans dares tell the truth about the global climate change industry, that it’s a racket which achieves nothing but simply transfers wealth from Western nations to countries like India and China. The other clever thing about that speech, of course, is that he’d kept us guessing to the last. Me included. I thought he was going to fudge it much more than he did; that he’d end up compromising to please Ivanka. But with this speech on Paris, President Trump has delivered. Just when even some of his fans were starting to doubt him, he has made his presidency great again.

Agreed!!  And, well said, James.  James Delingpole is responsible for that spot-on assessment on today’s speech by the President.  Excellent!!   🙂