Employment

Record 155,576,000 Employed in June; 10th Record for Trump

“Our economic policy can be summed up in three very simple but beautiful words,” President Donald Trump told a rally in Montana Thursday evening: “Jobs, jobs, jobs,” he said. On Friday, the Labor Department’s Bureau of Labor Statistics said the economy added 213,000 jobs in June, a strong number; the number of employed Americans, 155,576,000, set its tenth record of the Trump presidency; but the number of unemployed Americans (which includes people who are actively looking for jobs) increased by almost half-a-million. The unemployment rate increased two tenths of a point to 4.0 percent. In June, the nation’s civilian noninstitutionalized population, consisting of all people age 16 or older who were not in the military or an institution, reached 257,642,000. Of those, 162,140,000 participated in the labor force by either holding a job or actively seeking one. The 162,140,000 who participated in the labor force equaled 62.9 percent of the 257,642,000 civilian noninstitutionalized population, a slight increase from last month’s 62.7 percent. Overall, the labor force participation rate has been trending down since its record high of 67.3 percent in the first quarter of 2000. According to the Congressional Budget Office, “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 certain federal benefit programs.” While the participation rate remains stagnant, the number of Americans not in the labor force – those neither working nor looking for a job – remained stubbornly high last month, at 95,502,000, partly because members of the Baby Boom generation are retiring in increasing numbers. This number has increased seven times since Trump took office. Among the major worker groups, the unemployment rates for adult men (3.7 percent), adult women (3.7 percent), and Asians (3.2 percent) and Blacks (6.5 percent, up from a record low of 5.9 percent) increased in June. The jobless rate for teenagers (12.6 percent), and Whites (3.5 percent) showed little or no change over the month. In June, a record 27,077,000 Hispanics were employed, and the unemployment rate for this group, 4.6 percent, has never been lower. Average hourly earnings for all employees on private nonfarm payrolls rose by 5 cents to $26.98 last month. Over the year, average hourly earnings have increased by 72 cents, or 2.7 percent. The change in total nonfarm payroll employment for April was revised up from +159,000 to +175,000, and the change for May was revised up from +223,000 to +244,000. With these revisions, employment gains in April and May combined were 37,000 more than previously reported.

More great jobs numbers in this Trump economy!!    🙂

American Job Openings Now Outnumber the Joble

The U.S. had more job openings this spring than unemployed Americans. For the first time since such record-keeping began in 2000, the number of available positions exceeded the number of job seekers, the Labor Department said Tuesday, a shift that is rippling across the economy and affecting the behavior of employers and workers. U.S. job openings rose to a seasonally adjusted 6.7 million at the end of April, a record high, and more than the 6.3 million Americans who were unemployed during the month. Openings had exceeded the available labor pool beginning in March, according to revised figures released Tuesday. The figures are the latest sign the U.S. is facing a historically tight labor market. The jobless rate ticked down further in May to a seasonally adjusted 3.8%, the lowest since April 2000, the Labor Department said last week. The last time the rate was lower was in 1969, when young men were being drafted into the Vietnam War. The labor market is forcing employers to rethink their approach to hiring, said Terri Greeno, owner of an Express Employment Professionals office in Crystal Lake, Ill. She is asking clients if they are being realistic in their demands for workers with clean criminal histories and higher levels of education. “Is it a health and safety issue? If not, you have to ask if those demands are really related to the outcome on the job,” Ms. Greeno said. “When the unemployment rate is this low, you’re really competing for workers who already have jobs.” Her staffing firm is taking extra steps to fill light industrial and office jobs, reaching out to 45,000 people it has placed in positions in the past 15 years and asking if friends or family would be willing to take on work. “This is a very tight labor market,” said Adam Kamins, a senior economist at Moody’s Analytics. “Most everyone who wants a job has one.” For workers, that’s good news. On the other hand, a tighter labor market presents several challenges to businesses. If they can’t find workers to meet the demand for their products, they can’t help the economy grow. They may instead opt to close the restaurant early or not run a third shift at the factory. Firms may need to pay more to attract workers, and some already are. That raises costs and would cut profit margins if higher prices can’t be passed on to customers. If prices are raised, that stokes stronger inflation, which already has been accelerating in recent months. Federal Reserve policy makers are watching closely. Emergence of worker shortages and stronger inflation could signal the economy is overheating, raising the need to lift interest rates more aggressively than the slow, moderate path they have signaled. For now, the market is opening up possibilities for those who have struggled in recent years. Geremy Mincey, 26 years old, had bounced between temporary jobs since dropping out of college seven years ago, working at factories, fast-food restaurants and even as the mall Easter Bunny. He would often go months between paychecks. Earlier this year, he landed a temporary job as a saw operator at Williams Metals and Welding Alloys in Birmingham, Ala. Last month, the firm asked him to take a full-time position with health benefits and retirement savings. “I feel like I broke the cycle,” he said.

More great economic news!!  For more, click on the text above.    🙂

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.

For more, click on the text above..

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!    🙂