Employment

95,745,000: Record Number Not in Labor Force as Boomers Retire

The number of employed Americans has broken eight records since President Trump took office, but on the not-so-sunny side, the number of Americans not in the labor force also keeps increasing, breaking six records since Trump took office in January 2017. Last month, a record 95,745,000 Americans were counted as “not in the labor force,” meaning they are not employed and are not seeking a job, according to the Labor Department’s Bureau of Labor Statics. “This category includes retired persons, students, those taking care of children or other family members, and others who are neither working nor seeking work,” BLS said. With record numbers of people not in the labor force, the labor force participation rate has remained stubbornly low in recent years. In April, only 62.8 percent of the non-institutionalized, civilian population over the age of 16 was either working or actively looking for work. This compares with an all-time high of 67.3 percent in the first four months of 2000. In a March 2018 report, the Congressional Budget Office noted that a lower labor force participation rate is associated with lower gross domestic product and lower tax revenues. It is also associated with larger federal outlays, because people who are not in the labor force are more likely to enroll in federal benefit programs, including Social Security. This past January, the Congressional Budget Office projected that the labor force participation rate will continue to decline over the next 30 years from the current 62.8 percent to 61.0 percent in 2027 and to 59.2 percent in 2047. According to that report, “The continued retirement of the baby-boom generation is the most important factor driving down the overall participation rate.” The first Baby Boomers — people born between 1946 and 1964 — turned 65 in 2011.

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Black, Hispanic unemployment rates hit record lows in April

The unemployment rate for black workers hit the lowest on record in April, according to the latest jobs figures released by the Bureau of Labor Statistics Friday. The unemployment rate for black workers dropped to 6.6 percent, beating the previous record low of 6.8 percent set in December. The jobless rate for Hispanics fell to 4.8 percent, tying the record reached last year and in 2006. Meanwhile, unemployment for white Americans stood at 3.6 percent. “There’s a heck of a lot of good news in this report,” Kevin Hassett, chairman of the White House Council of Economic Advisers, said of the numbers on Fox Business. President Trump has trumpeted the historically low unemployment rates for minorities seen in recent months..

And well he should!  This is the news that CNN and MSNBC don’t want you to know about.  They’d rather focus on some Trump Tweet or Stormy Daniels (or her attorney); totally irrelevant fake news.

Winning: Private Sector Employment Exceeds Expectations – Again

The private sector has posted yet another successive month of job growth, bringing it to a straight six out of the first 15 months of Donald Trump’s presidency. According to payroll processor Automatic Data Processing and Moody’s Analytics, employers opened their doors to more than 204,000 new employees in April 2018 alone. Economists had previously told the Wall Street Journal that the market was expected to grow by about 190,000. April also marks the six straight month of job growth greater than 200,000. ADP Research Institute Vice President Ahu Yildirmaz said “the labor market continues to maintain a steady pace of strong job growth with little sign of a slowdown,” but claimed that “as the labor pool tightens it will become increasingly difficult for employers to find skilled talent.” On May 4, the U.S. Bureau of Labor Statistics will publish their own analysis. Economists expect them to report a growth of 195,000 nonfarm jobs, up from 103,000 in March 2018.

More great economic news in this Trump economy!   🙂

Wages Rise at Strongest Pace in Nearly a Decade

Compensation for American workers rose at the fastest annual pace since the third quarter of 2008, the Department of Labor said Friday. The employment cost index, which measures wages and benefits for civilian workers, rose 2.7 percent over the past year, according to the Labor Department. In the first three months of the year the index rose 0.8 percent, a strong showing. In the last quarter of 2017, the index rose 0.6 percent. The rising compensation figures indicate that low unemployment might be starting to give workers increasing bargaining power. When employers need new workers and unemployment is low, they are forced to offer better wages, benefits, and working conditions to lure workers out of their current positions. Alternatively, employers can petition the government to allow in more foreign workers to allow them to keep employment costs low. Private sector wages drove the increase, indicating that businesses were willing to pay more for workers. Private sector wages and salaries increased 2.9 percent in the January through March period, compared with an annual increase of 2.8 percent in the October through December period. Seventy percent of total compensation is in the form of wages and salaries. These rose 0.9 percent from the prior quarter, up from 0.5 percent.

“Rip-roaring” Job Market: Private payrolls grow by 241K in March vs. 205K estimate

Companies kept up the hiring pace in March, adding 241,000 positions as employment in construction and manufacturing surged, according to a report Wednesday from ADP and Moody’s Analytics. Economists surveyed by Reuters had been expecting the report to show that private payrolls had gained by 205,000. This was the fifth straight month that the ADP/Moody’s count showed private payrolls up by at least 200,000, though March saw a slight decline from the upwardly revised 246,000 in February. On a year-over-year basis, March 2018 nearly doubled the 122,000 total from the previous year. “The job market is rip-roaring,” Mark Zandi, Moody’s Analytics’ chief economist, said in a statement. “Monthly job growth remains firmly over 200,000, double the pace of labor force growth. The tight labor market continues to tighten.” Job gains were broad-based, spread across both business size and sector. Service providers added 176,000 while goods-producing industries contributed 65,000. Construction and manufacturing led the latter category, adding 31,000 and 29,000 respectively. On the services side, professional and business led with 44,000, while trade, transportation and utilities was next with 40,000. Health care and social assistance added 28,000 while leisure and hospitality grew by 26,000. Medium-sized firms, with 50 to 499 employees, were the top jobs producers with 127,000 new hires, while large firms added 67,000 and small businesses rose by 47,000. The ADP/Moody’s report comes two days ahead of the closely watched nonfarm payrolls report from the Bureau of Labor Statistics. Wall Street is looking for growth of about 185,000 and a decline in the unemployment rate to 4 percent from 4.1 percent.

More great news on the jobs front in this Trump economy!    🙂

Private-sector jobs grow by 235,000 in February, vs 195,000 expected: ADP/Moody’s Analytics

Job creation saw another powerful month in February, with companies adding 235,000 positions, ADP and Moody’s Analytics reported Wednesday. The total again defied Wall Street expectations, as economists surveyed by Thomson Reuters were expecting payrolls to grow by 195,000. Growth actually decelerated slightly, as January posted an upwardly revised 244,000 from the initially reported 234,000. February marked the fourth month in a row that private payrolls hit 200,000 or better. “The job market is red hot and threatens to overheat,” Mark Zandi, chief economist at Moody’s, said in a statement. “With government spending increases and tax cuts, growth is set to accelerate.” February saw broad-based gains that stretched across both the services and goods-producing sectors. Leisure and hospitality led industry groups with 50,000 jobs, while professional and business services contributed 46,000 and trade, transportation and utilities added 44,000. However, construction rose 21,000 and manufacturing notched 14,000 new positions. In all, goods-producing industries increased by 37,000 while all services-related businesses added 198,000.

More great economic news!!     🙂

BOOM! Economy Adds 228,000 Jobs

The U.S. economy added 228,000 jobs in November, exceeding economist expectations of 200,000 jobs. Unemployment held steady at 4.1 percent. Despite the strong job growth, inflations data was tepid. Earnings rose just 0.2 percent, less than the 0.3 percent expected. On an annualized basis, wage were up 2.5 percent compared with economist expectations of 2.7 percent. Manufacturing added 31,000 jobs, while health care added 30,000. The biggest gainer was “professional and business services,” which added 46,000 jobs.

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