Employment

U.S. Economy Adds 1.8 Million Jobs in July, Unemployment Rate Fall to 10.2%

The U.S. economy added 1.8 million jobs in July and the unemployment rate fell to 10.2 percent, providing reassurance that the labor market has kept up some of its post-lockdown momentum. The numbers were better than anticipated. Economists had forecast an addition of around 1.5 million jobs and a decline in the unemployment rate to 10.6 percent from 11.1 percent last week. The economy has added around 9.1 million jobs in the past three months. The increase in the ranks of employed workers shows that companies ramped up hiring as the economy reopened and consumers came back to stores, restaurants, and other businesses that had been shuttered in March and April. Despite the gains, employment in July was lower than its February level by 12.9 million, or 8.4 percent The largest employment increases in July occurred in leisure and hospitality, government, retail trade, professional and business services, other services, and health care, the Bureau of Labor Statistics said in its monthly report on the employment situation in the U.S. The leisure and hospitality sector added 592,000 jobs in July, accounting for about one-third of the gain in total nonfarm employment in July. Restaurants and bars added 502,000 employees, following gains of 2.9 million in May and June combined. This was the hardest hit area during the pandemic lockdowns when many businesses were forced to shut their doors or saw demand plummet. Manufacturing had a strong month, in large part because of the auto sector. Employment increased by 26,000. A gain of 39,000 in motor vehicles and parts was partially offset by losses in fabricated metal products, machinery, and computer and electronic products. Although manufacturing has added 623,000 jobs over the past 3 months, employment is 740,000 lower than in February, highlighting that the recovery has brought us less than halfway back to the pandemic starting point. In a surprise, government employment rose by 301,000 in July. Typically, public-sector employment falls in July. Nonetheless, government jobs are still 1.1 million lower than the February level. It appears that some of the typical July declines happened earlier than usual this year due to the lockdowns. In one negative note in the July report, the black unemployment rate remained basically unchanged at 14.6 percent for the month, although unemployment for most other population groups improved. Prior to the pandemic, black unemployment had fallen to record lows. Yet even with the retreat, the black unemployment remains below the 16.6 percent rate hit in the second year of the Obama administration. As well, the gap between black and white unemployment is narrower than was typical before Trump’s election, when black unemployment usually ran at twice the white rate. In fact, the black-white unemployment gap is at the narrowest it has ever been in data going back to the 1970s. And black gains in employment for the month were greater than those for whites and Hispanics. A report on private payrolls from ADP and Moody’s Analytics on Wednesday estimated that businesses increased their workforces by 167,000 million in July. The ADP reports have been wildly off in recent months, apparently unable to correctly anticipate the impact of the reopening of the economy. The initial estimate for estimate June was 2.4 million jobs, which was revised up to 4.3 million. Similarly, the estimate for May initially showed a loss of 2.76 million jobs, and had to be revised up to show a gain of 3 million. The Trump administration’s aid programs appear to have worked to stave off economic disaster in the face of the coronavirus pandemic. Direct relief payments to taxpayers and enhanced unemployment have kept incomes up despite the huge rise in unemployment, which in turn has boosted demand for consumer products. The Paycheck Protection Progam, which provides forgivable loans to small businesses that avoid layoffs, also seems to have supported employment and rehiring. Those programs, however, have largely run their course. The $600 a week enhancement to unemployment benefits expired a week ago. The Paycheck Protection Program was meant to support employment for just a few months and most of the funds are now exhausted. Negotiations to re-up the programs have stalled on Capitol Hill, although President Donald Trump has said he will use executive orders to maintain federal support for the economy if Congress cannot agree on a plan.

More good economic news that we’re happy to report.  For more, click on the text above.   🙂

Blowout: The U.S. Economy Added 4.8 Million Jobs in June, Unemployment Fell to 11.1%

The U.S. economy added 4.8 million jobs in June and the unemployment rate fell to 11.1 percent, both better than expected. The economy has added around 7.3 million jobs in the past two months. The increase in the ranks of employed workers shows that companies ramped up hiring as the economy reopened and consumers came back to stores, restaurants, and other businesses that had been shuttered in March and April. Job growth was strong in restaurants and bars, reflecting the reopening of those establishments across the country, which added 1.5 million jobs, the Labor Department said Thursday. But employment remains 3.1 million below February’s level, the month before the pandemic hit the U.S. economy. Retail stores added 740,000. There were big gains in clothing stores, furniture stores, department stores, and auto dealerships. Despite the gains, total employment is around 1.5 million below February’s level. Manufacturing employment rose by 356,000 but is down by 757,000 since February. June employment increases were concentrated in the durable goods component, with the auto sector adding 196,000 jobs, accounting for over half of the job gain in manufacturing. Construction employment increased by 158,000 in June, following a gain of 453,000 in May. Employers added the jobs even as much of the country was beset by urban riots, looting of commercial districts, and marches by self-styled “black lives matter” activists calling for the defunding of police and the toppling of statues of political leaders from America’s past. Despite the increase in the number of employed workers, there are still tens of millions fewer Americans working today than February. Compared with a year ago, there are 12.957 million fewer jobs in the U.S. And a separate report on Thursday showed that over 1.427 million Americans were laid off last week, the fifteenth week in a row of one million-plus new claims for unemployment benefits but the thirteenth week in a row of declining claims. The previous week’s level of jobless claims was revised up by 2,000 from 1,480,000 to 1,482,000. Economists had been expecting around 3 million new jobs, although the range of estimates was unusually wide due to the unprecedented nature of the shutdown and reopening. Estimates ranged from 1.9 million jobs to more than 9 million. The unemployment rate was expected to fall to 12.4 percent from 13.3 percent. A report on private payrolls from ADP and Moody’s Analytics on Wednesday estimated that businesses increased their workforces by 2.37 million in June. The estimate for May, which initially showed a loss of 2.76 million jobs, was revised to show a gain of 3 million. The government’s nonfarm payroll data, which covers both private and public sector workers, showed the economy gaining 2.5 million jobs in May, far more than expected and indicating an accelerated pace of the recovery. The number of unemployed people who were out of the labor but rejoined in June rose by 711,000 to 2.4 million. The labor force participation rate increased by 0.7 percentage points in June to 61.5 percent, but is 1.9 percentage points below its February level. Total employment, as measured by the household survey, rose by 4.9 million to 142.2 million in June. The employment-population ratio, at 54.6 percent, rose by 1.8 percentage points over the month but is 6.5 percentage points lower than in February. Average hourly wages are up 5 percent compared with a year ago, although they fell 1.3 percent compared with May. Average wages often rise at times of mass layoffs when lower-paid employees are more likely to lose their jobs. The average workweek slipped from 34.7 hours to 34.5 hours. The number of unemployed persons who were on temporary layoff decreased by 4.8 million in June to 10.6 million, following a decline of 2.7 million in May. But this was more than offset by an increase in the number of permanent job losers, which rose by 588,000 to 2.9 million in June. It’s likely that some people who considered themselves only temporarily laid off now realize they have been permanently cut. The Trump administration’s aid programs appear to be working. Direct relief payments to taxpayers and enhanced unemployment have kept incomes up despite the huge rise in unemployment, which in turn has boosted demand for consumer products. The Paycheck Protection Progam, which provides forgivable loans to small businesses that avoid layoffs, also seems to have supported employment and rehiring. While some in Washington, D.C. may see the better than expected job figures as a reason to pull back on the aid or decline to extend enhanced unemployment benefits past their end of July expiration, a stronger case can be made for extending aid that has played such a crucial role in helping the labor market recover. Without the loans, relief payments, and unemployment enhancement, it is unlikely consumer demand would support such high levels of hiring. Withdrawing the support prematurely would risk a second-stage collapse in employment. White House economic adviser Larry Kudlow on Thursday said the moment for enhanced unemployment payments had passed. The administration is working on ways to modify the unemployment enhancement so that it does not create a disincentive to work by paying people more in benefits than they earned on the job. That could include stepping down the enhancement from $600 a week, which is paid on top of regular state unemployment benefits, to a lower level, perhaps $300 per week. Another possible solution explored by the administration would be to transform the enhancement into a “back to work bonus” that would continue to be paid when work resumed. Kudlow and others inside the White House have referred to this as a “re-employment bonus” that could replace the “unemployment bonus.” On Wednesday, President Donald Trump said he supported a fresh round of relief payments and indicated that he would increase their size from the $1,200 paid in the prior round. The monthly figures are constructed from data collected mid-month, in this case, the week ended June 12. As a result, they may not reflect any slowdown that may have been caused by a renewed surge of coronavirus infections and backtracking on reopenings in some states later in the month.

Much needed good news!!  And, what’s great is just how WRONG the dominantly liberal mainstream media predicted it would be.  Scroll down to see how that idiot Rachel Maddow blew it.  It’s a beautiful thing, lol.  For more on this story, click on the text above.     🙂

MSNBC’s Rachel Maddow predicted that June’s jobs report would be ‘absolutely terrible’

MSNBC host Rachel Maddow may have read the tea leaves wrong as she boldly predicted that June’s jobs report would be “absolutely terrible.” Ahead of the release of the latest jobs report, which showed that 4.8 million jobs were added to the U.S. economy last month, the liberal icon offered a dire warning at the end of her show Wednesday night. “Because Friday is the federal holiday honoring the Fourth of July, we’re actually gonna get the jobless numbers, the unemployment for the month of June a day earlier than we would otherwise expect them,” Maddow told her viewers. “Brace yourself. It’s going to be absolutely terrible, but we should have those as of tomorrow morning.” Well, the jobs report wasn’t “absolutely terrible” after all. The nearly 5 million jobs that were added resulted in the unemployment rate dropping to 11.1 percent from the previous 13.3 percent. Economists expected the rate would be 12.3 percent with an increase of just 3 million jobs amid the recovery from the shutdowns brought upon by the coronavirus outbreak. Maddow emerged as MSNBC’s biggest star amid the Russia investigation, almost exclusively dedicating her primetime show on the latest developments she suggested would lead to evidence of collusion between the Trump campaign and the Kremlin. However, ever since Special Counsel Robert Mueller concluded his investigation, Maddow’s ratings have plummeted.“The Rachel Maddow Show,” which is MSNBC’s most-watched program, finished the month of May behind five different Fox News programs in total viewership, including non-primetime shows “The Five” and “Special Report with Bret Baier.” Maddow’s performance in May was even more alarming among the key demographic of adults age 25-54, where she averaged 455,000 viewers to finish tied for No. 7 in cable news, behind five different Fox News shows and even one program on MSNBC’s fellow liberal network CNN. Maddow has been outside the top five cable news programs among total viewers and outside the top six in the demo for four consecutive months. Maddow has shed demo viewers for three straight months at the same time America has seen an unprecedented news cycle filled with everything from a global pandemic to rampant joblessness to the tragic death of George Floyd in police custody.

It’s truly amazing Rachel Maddow has even one viewer.  She comes across as this erudite, smarter than everyone else, arrogant, liberal elitist…and the thing is..  She is spectacularly stupid, and wrong about almost everything.  This is just the latest example of her being oh so wrong, that we’re very happy to document here for you.  You’re welcome.       🙂

Hidden Figures: Black Employment Expanded in May

What’s the best-kept secret about the labor market in May? Probably the expansion of black employment. The number of African Americans holding jobs expanded to 16,523,000 from 16,240,000 in May. That 283,000 rise was more than ten time the rise of the population, so it involves a real expansion of employment among African Americans. Both black men and black women gained jobs. Black male jobholders increased by 170,000 to 8.97 million. Black female jobholders rose by 102,000 to 10.97 million. Those are record-high gains for each category. So why did Bloomberg and others report these record-high job gains as if they were losses? “Trump Invokes Floyd on Job Data Even as Black Unemployment Soars,” a Bloomberg headline proclaimed. The black unemployment rate did rise slightly in May, ticking up from 16.7 to 16.8. But that was because the reopening of the American economy drew more African Americans into the workforce, increasing it by 377,000 workers. That raised the workforce participation rate from 58.6 percent to 59.6 percent. The unemployment rate is the percentage of workers who say they want work but cannot find it. Even with no change in employment, it can fall if people stop looking for jobs, becoming what economists call “discouraged workers.” And it can rise if more people look for work, which is what happened in May for African Americans. In other words, the black unemployment rate rose for the best possible reason: because more African Americans were finding jobs, drawing even more into the workforce. That is how President Donald Trump could have explained to PBS Newshour White House correspondent Yamiche Alcindor that this is “a victory” It’s also notable that even with the expansion of the workforce, African American unemployment dropped to 15.5 from 16.1. It rose among black women from 16.4 to 16.5 and black teenagers from 28 percent to 34 percent. Of course, African American employment has still suffered horrendously under the coronavirus shutdowns. Back in February, the participation rate had risen all the way to 63.1 percent. The unemployment rate had fallen 5.8 percent. A total of 19.73 million African Americans held jobs. So the economy has a long way to go to rebuild black employment. But May was a good month for black employment and the beginning of the recovery rather than another step-down.

Indeed..  Definitely good news!

Blowout: U.S. Economy Added 273,000 Jobs in February

The great American jobs creation machine is firing on all cylinders, with February’s jobs figures showing far more strength than expected and both January and December being raised higher than previously reported. The U.S. economy added 273,000 jobs in February and the unemployment rate ticked down to 3.5 percent, the government said Friday. Economists had forecast 175,000 nonfarm payroll growth and the unemployment rate to tick down slightly to 3.5 percent from 3.6 percent the prior month. Average hourly earnings were up by 3 percent compared with a year ago. The average workweek climbed a bit to 34.4 hours. December’s estimate of payroll growth was revised upward by 37,000 to 184,000. January’s number was revised up by 48,000 to 273,000. That adds a total of 85,000 more jobs than had previously been reported putting the three-month moving average at 243,000 jobs The labor market has been a bright spot for the American economy in recent months, with unemployment at or near 50-year lows and the economy continuing to add hundreds of thousands of jobs month after month. The strength of the labor market has boosted consumer sentiment and consumer spending, keeping the pace of economic growth stronger than in many of the other major economies around the world. The coronavirus is widely expected to slow economic growth this year, although the impact may be short-lived if the outbreak is contained or fizzles out after a few months. The Labor Department said there was no sign that the outbreak had hurt employment in February. The strength of the labor market, however, may bolster the economy’s ability to withstand the pressure.

Wow!!  More great news in this Trump economy!!   🙂

Jobs Growth Explodes Higher, Adding 312,000 Jobs in December, Far More than Expected

Job creation boomed in December. U.S. economy added 312,000 jobs in December and the unemployment rate rose to 3.9 percent, according to data released Friday. Economists had expected nonfarm payrolls to rise by 176,000 and the unemployment to hold steady at 3.7 percent. The previous month was revised up as well. November, initially reported at a lower than expected 155,000 jobs gain, was revised up to 176,000. October’s gain went from 274,000 to 237,000. That adds up to a net gain of 58,000 from the previous tallies. The labor market has been one of the bulwarks of the economy, remaining strong even while financial markets have gone wobbly. Average hourly earnings rose 0.4 percent, more than the 0.3 percent expected. A month earlier, wages grew 0.2 percent. Compared with a year earlier, wages were up 3.2 percent, handily beating consumer price increases. The annual gain tied with October’s for the best since 2009. The average work week rose 0.1 hour to 34.5 hours. The rise in unemployment was due to nearly 400,000 Americans entering the workforce. The labor force participation rate rose by two-tenths of a percentage point. It’s likely that higher wages and plentiful jobs are luring people back into the workforce. The revival of American manufacturing continued in the final month of 2018. The economy added 32,000 factory jobs for the month, including 19,000 positions added in the durable goods sector. That brings total new manufacturing jobs to 284,000 in 2018, a 37 percent rise from the previous year. And it was a jolly season for retail, which added 24,000 jobs for the month. Compared to last year, retail employs 92,0-00 more jobs than a year ago. Construction jobs also came in strong, despite many fears about a slumping housing market. The industry added 38,000 jobs, lifting the annual total to 280,000, 12 percent higher than the prior year. Restaurants and bars decked the halls with new positions, adding 41,000. Health care was the strongest sector for the month, with 50,000 new jobs.

Great news!!  For more on how well we’re doing with manufacturing jobs, scroll down about three articles.    🙂

American Economy Added The Most Manufacturing Jobs in Over 20 years

Donald Trump has delivered on a key promise that many economists said was impossible: manufacturing jobs boomed in 2018. The manufacturing sector added 284,000 positions over 2018, its best year since 1997. The revival of American manufacturing was a cornerstone of Trump’s 2016 campaign promise to Make America Great Again. Many economists derided the idea that manufacturing could boom in the U.S., insisting that a combination of automation and globlization meant that factory jobs were gone for good. Some even accused Trump of attempting to “con” the American people with promises of manufacturing jobs. Perhaps the highest profile attack on Trump’s manufacturing jobs promise came from then-President Barack Obama. “Well, how exactly are you going to do that? What exactly are you going to do? There’s no answer to it,” Obama said. “He just says, ‘Well, I’m going to negotiate a better deal.’ Well, what, how exactly are you going to negotiate that? What magic wand do you have? And usually the answer is, he doesn’t have an answer.” Obama’s skepticism is perhaps understandable. On the campaign trail in 2012, Obama pledged to create 1 million manufacturing jobs in his second term. Instead, the U.S. economy added only 549,000 jobs in manufacturing over the following four years. In his final year in office, manufacturing employment actually contracted. For an administration staffed by people who regarded themselves as the smartest economics minds on the scene, the failure to revive manufacturing jobs likely made it seem like an impossible task. In fact, in Obama’s entire eight-year term, the economy never added as many manufacturing jobs as it did last year. In Obama’s very best year, the economy added 211,000 manufacturing jobs–and that was building from a very low base because so many jobs had been destroyed by the Great Recession. The 2018 performance is all the more remarkable because it was not a rebound from a recession. In fact, last year the economy added 207,000 manufacturing jobs. To put it into perspective, Trump’s economy added nearly as many manufacturing jobs in its first two years than Obama’s economy added in his entire second term. The manufacturing jobs boom also defies the predictions that tariffs and trade disputes would weigh on domestic manufacturers outside of steel and aluminum. Instead, manufacturing added jobs at a faster clip than the broader economy. And far from being crushed, data in January shows that export manufacturing has not only continued to grow but the rate of growth is accelerating. These are good jobs making lasting products. About two-thirds of 2018’s new manufacturing jobs are in durable goods, which includes machinery, autos, airplanes, and other big-ticket items. Economists will no doubt spend years figuring out exactly what gave rise to the Trump manufacturing boom and why so many forecasts were so far off-base. No doubt trade policy, tax cuts, and regulatory reform all played a role. But a good deal of the manufacturing revival is likely based on something less tangible but no less real: the revival of hope. People who believe we can “make America great again” are hiring, starting new businesses, and returning to the workforce. Maybe Obama’s “magic wand” comment was not so far off. But he should have called it a MAGA Wand.

HAHA!  Exactly!!  Thanks to John Carney for bringing us that piece.  Just more great news in this Trump economy!!      🙂

156,562,000: Record Employment for 12th Time Under Trump

The economy is the second most important issue for registered voters as the midterm election nears, a new Gallup Poll says. And there was very good economic news on Friday, as the Labor Department’s Bureau of Labor Statistics rolled out the October employment report — the final one before next week’s midterm election. The number of employed Americans has never been higher. The 156,562,000 Americans employed in October is the twefth record set under President Donald Trump. In October, the number of employed men age 20 and up — 80,405,000 — set the 12th record since Trump took office; and likewise, for the 12th time, the number of employed women age 20 and up set a record, reaching 70,909,000 in October. The unemployment rate held at 3.7 percent, the same as September, which is the lowest it’s been in decades — since the end of 1969. And the Hispanic unemployment rate, 4.4 percent, has never been lower. The unemployment rate for African-Americans, 6.2 percent, remained near the all-time low of 5.9 percent set in May. On top of those numbers, the economy added a whopping 250,000 jobs last month. After revisions, job gains have averaged 218,000 over the past 3 months. (“Wow!” Trump tweeted on Friday morning. “The U.S. added 250,000 Jobs in October – and this was despite the hurricanes. Unemployment at 3.7%. Wages UP! These are incredible numbers. Keep it going, Vote Republican!”) The number of Americans not in the labor force dipped to 95.8 million, down from last month’s record high; and the labor force participation rate increased two-tenths of a point to 62.9 percent, a move in the right direction. Among the major worker groups, the unemployment rates for adult men (3.5 percent), adult women (3.4 percent), teenagers (11.9 percent), Whites (3.3 percent), Blacks (6.2 percent), and Asians (3.2 percent) showed little or no change in October. In October, average hourly earnings for all employees on private nonfarm payrolls rose by 5 cents to $27.30. Over the year, average hourly earnings have increased by 83 cents, or 3.1 percent. In October, the nation’s civilian noninstitutionalized population, consisting of all people age 16 or older who were not in the military or an institution, reached 258,514,000. Of those, 162,637,000 participated in the labor force by either holding a job or actively seeking one. The 162,637,000 who participated in the labor force equaled 62.9 percent of the 258,514,000 civilian noninstitutionalized population, the same as August.

Wow!  More great news in this Trump economy!!  For more, click on the text above.   🙂

US unemployment rate lowest since 1969

The U.S. economy added 134,000 jobs in September below analysts’ expectations while the unemployment rate was 3.7 percent, the lowest since 1969. Analysts polled by Refinitiv (formerly Thomson Reuters) forecast that the U.S. economy would add 185,000 jobs in September with the unemployment rate ticking down to 3.8 percent. In August, the unemployment rate was 3.9 percent. Wages increased by 0.3 percent in September, taking the 12-month wage growth to 2.8 percent. “Another solid jobs report; not too hot and not too cold ,” Kate Warne, investment strategist at Edward Jones told FOX Business. Warne is not concerned about the lower-than-expected number of jobs created in September, noting revisions within the past two months, which in total put the number of jobs created, in line with expectations. The number of Americans active in the workforce was steady, with the labor participation rate coming in at 62.7 percent. Manufacturing, construction and health care sectors added jobs in September, while retail, leisure and hospitality lost jobs. With retail, leisure and hospitality susceptible to bad weather – it is possible Hurricane Florence is behind the lower-than-expected number. The yield on the 10-year U.S. Treasury note climbed following the jobs report, and was hovering around a 7-year high.

Another positive report in this Trump economy!    🙂

Jobless Claims Plunge by More than Expected to Near 49 Year Low

The number of Americans filing for unemployment benefits fell by more than expected last week. Initial claims for state unemployment benefits dropped 8,000 to a seasonally adjusted 207,000 for the week ended Sept. 29, the Labor Department said Thursday. Hurricane Florence, which hit North Carolina and South Carolina last month, affected claims, according to the Labor Department. The largest increases in initial claims for the week ending September 22 was in North Carolina. Claims in South Caroline rose by 2,830, the third largest rise behind Kentucky. Economists had forecast claims falling by 1,000 to 213,000 in the latest week. A year ago there were 265,000 new claims. Claims were new the recent low of 202,000, hit during the week ended September 15. That was the lowest level since November 1969. The previous week’s level was revised up by 1,000 from 214,000 to 215,000. The 4-week moving average, considered a more reliable gauge of the labor market because it smoothes out week to week volatility, rose to 207,000, an increase of 500 from the previous week’s revised average. The number of people receiving benefits after an initial week of aid fell 13,000 to 1.65 million for the week ended Sept. 22. Continuing claims are reported with a week delay. The four-week moving average of continuing claims fell by 15,250 to 1.66 million, the lowest level since October 1973. Jobless claims, which are a proxy for layoffs, have been closely watched for signs that trade disputes would be a drag on the labor market. Earlier this year, economists predicted that the steel and aluminum tariffs imposed by the Trump administration would cost 400,000 jobs. That prediction now looks way too pessimistic. The jobless claims data has no impact on the monthly employment report, which is scheduled for release on Friday. Bloomberg’s survey of economists sees nonfarm payrolls likely increased by 18o,000 in September after rising 201,000 in August. The unemployment rate is expected to fall one-tenth of a percentage point to 3.8 percent, an 18-year low first hit in May.

More great news in this Trump economy!!      🙂