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.
Great economic news!! To read more, click on the text above. Excellent!! 🙂
Hurricanes Harvey and Irma are long gone, and despite dire predictions, they did not dampen the September jobs report in most key areas. The Bureau of Labor Statistics on Friday said the labor force participation rate of 63.1 percent reached a high for the year in September, up two-tenths of a point from August. The number of employed Americans reached 154,345,000 in September, setting a sixth record since January. As the number of employed Americans reached an all-time high, the number of unemployed Americans in September — 6,801,000 — hasn’t been this low since May 2007. The already low unemployment rate dropped another two-tenths of a point to 4.2 percent last month. That is the lowest since early 2001. BLS noted that the recent hurricanes had “no discernible effect on the national unemployment rate.” The number of Americans not in the labor force declined a bit in September to 94,417,000. The record, set in the final full month of the Obama presidency, stands at 95,102,000 Americans not in the labor force.
Some excellent news!! Sure there are some mixed stats. But, on balance, Americans have much to be optimistic about in this Trump economy. To read the rest of this article, click on the text above.
A Maryland county could lose an estimated 47,000 jobs by 2022 if it chooses to raise the minimum wage to $15 an hour, according to a new study released Tuesday evening. The Washington Post reports that the study, which Montgomery County Executive Isiah Leggett (D) commissioned, found that the majority of positions that would be eliminated were low-wage jobs. Leggett decided to move forward with the study after he vetoed a minimum wage increase in January. In explaining his decision to veto the minimum wage increase, he said the wage hike would devastate the economy in Montgomery County. PFM, the Philadelphia-based consulting group that carried out the study, found that a minimum wage hike to $15 would lead to a $396.5 million loss of income in Montgomery County by 2022. The loss of income would come from businesses deciding to lay off employees, cut hours and benefits for those that remain, and nix plans to hire new workers and open new locations. “We can’t minimize some of the impacts outlined here,” said Leggett, responding to the study’s results. “Even if it’s not 47,000 jobs lost, even if it’s half that, those are some startling numbers. You can’t discount it all.” County council member Marc Elrich, however, remains unconvinced of the study’s findings. Elrich proposed a bill that would raise the minimum wage in Montgomery County to $15 by 2022 a week before the study was due. He called the PFM study “nonsense,” saying it was impossible to predict how a wage increase would impact the future. Elrich also claimed that the study was biased because employers would be more likely to respond negatively. PFM’s study was conducted from April to June using electronic surveys, phone, and in-person interviews with business and nonprofit owners and community leaders. Several studies on minimum wage hikes conclude that they are bad for business — both for employers and employees. A Harvard Business School study from April found that minimum wage laws increase the chance that non-elite restaurants will go out of business. A June study from the University of Washington found that Seattle’s minimum wage hike is cutting employees’ salaries by $125 a month.
Raising the minimum wage arbitrarily is a foolish thing. But, it’s trendy and popular in big cities and blue states where Dems are in control. So, kudos to Mr. Leggett (D) in Montgomery County, Maryland for putting common sense ahead of a failed liberal Democrat agenda item. Wages should be determined by the free marketplace; NOT some politician or silly, however popular, ballot initiative.