The June number will be closely watched after a surprisingly poor showing in May, when the U.S. economy was initially reported to have added just 75,000 jobs. That number was revised even lower on Friday, to just 72,000. April’s number was revised down to 216,000 from 224,000. Economists surveyed by Econoday had been looking for a gain of 165,000 for June and for unemployment to remain steady at 3.6 percent. The June number will also be looked to as a barometer for the Federal Reserve’s monetary policy. Last month, the Fed signaled that it was ready to cut rates if the economy continued to show signs of slowing and inflation remained low. The stronger than expected number may create some hesitancy to cut rates. While the economy has continued to grow in the second quarter, it has shown signs of slowing from the rapid 3.1 percent rate of growth in the first three months of the year. Manufacturing has been a weak spot while consumer spending and the labor market have been strong. Economic weakness around the globe may also be weighing on the U.S. economy by reducing demand for U.S. exports. And uncertainty around trade may also be making businesses hesitant to invest and hire. With unemployment near 50-year lows, job growth has slowed. Employment growth has averaged 172,000 per month thus far this year, compared with an average monthly gain of 223,000 in 2018. But wage gains have gone the opposite direction. In June, average hourly wages were 3.1 percent above the year-prior level. Manufacturing jobs showed renewed strength, adding 17,000 jobs after four months of coming in flat. Construction jobs rose by 21,000. Transportation and warehousing added 24,000 jobs. Employment in health care increased by 35,000. Professional and business services added 51,000 jobs.
Sen. Kamala Harris is declaring herself the supporter of working families — but she is the lead Democratic sponsor on legislation which offers green cards to hundreds of thousands of Indian college grads who agree to take middle-class jobs sought by young American graduates. If Harris’ outsourcing law is adopted, the rush of Central Americans migrants at the southern border will be overshadowed by a huge rush of Indian college graduates walking into professional jobs throughout the United States. “It is impossible to understate the significance of this,” said Jessica Vaughan, policy director at the Center for Immigration Studies. Vaughan continued: A lot of people believe this is only for IT [professionals] but the potential impact goes way beyond IT – healthcare, accountants, and other professional jobs will be at risk. These are jobs which offered a gateway into the middle class for kids from families where the parents did not have white-collar jobs… American graduates are going to see their employment prospects severely restricted by Harris’ bill. This is “white-c0llar labor trafficking,” she added. “Working families need support and need to be lifted up,” Kamala Harris told the TV audience at the June 28 Democrat debate, adding: “Frankly, this economy is not working for working people. For too long, the rules have been written in the favor of the people who have the most and not in favor of the people who work the most. We have all been traveling around the country, I certainly have, I’m meeting people who are working two and three jobs … So when we talk about jobs, let’s be really clear. In our America, no one should have to work more than one job to have a roof over their head and food on the table.” Harris is the lead Democratic sponsor for the Fairness for High-Skilled Immigrants Act. The legislation is intended to help Indian graduates get roughly 120,000 green cards each year — or roughly five times as many green cards as they receive now. But Harris’ bill is a special-interest fix for a problem collectively created by the federal government, India’s government, CEOs, investors, and their hired foreign contract-workers. The huge career and financial cost of Harris’ fix will be imposed on young American graduates, including million of U.S. graduates who are likely to vote Democratic in 2020.
This is truly awful. Hopefully this dies in the Senate, and if not, hopefully President Trump vetos it if it ever makes to his desk. Kamala is such an obnoxious tool… For more, click on the text above.
The U.S. broke its record for time without an economic recession Monday as it began the 121st consecutive month of gross domestic product (GDP) growth since the 2008 recession. The recovery, which began in July 2009, turned 10 years old Monday, marking the longest stretch of economic expansion in modern U.S. history. After unemployment peaked at 10 percent in October 2009, the decadelong recovery drove the unemployment rate down to near record lows — 3.6 percent as of June. The economy has added jobs in every month since October 2010, while GDP growth has stayed solid, if not always remarkable, throughout the past 10 years. But even though the U.S. boasts strong top-line numbers after 10 years of expansion, millions of workers in hundreds of communities across the country have failed to feel the full benefits. The Federal Reserve sought to stimulate the economy with near-zero interest rates and billions in bond purchases after the 2007 financial crisis kicked off the recession in 2008. The Fed’s efforts are widely praised by left-leaning economists for stabilizing and rebooting the U.S. economy. But the Fed’s cheap money policies may have also driven income inequality to record levels. Low interest rates helped fuel a stock market rally and spikes in home prices that provided little income for those who lost their homes and savings in 2008, analysts say, but a boon for those who weathered the recession without dire costs. Wage growth has also lagged behind the sharp drop in unemployment, even as job openings outnumber available workers by close to 1 million, according to Labor Department estimates. And while the U.S. has added millions of jobs since the recession, they have primarily been positions in the service sector, doing little to lift communities that depended for decades on lost manufacturing jobs.
An interesting assessment from the “left-leaning” The Hill publication.
Job seekers, beware. The Better Business Bureau (BBB) is warning of fake job postings, scam recruiter emails and work-at-home schemes. According to the bureau, these scams often begin with an email or text Opens a New Window. from a supposed employer asking you to apply for a job or help wanted ad, often using real company names or government agencies. Some victims of the scam reported doing fake interviews through a video chat service, the agency said. It added that job offers without an interview are also more likely to be a scam. The agency warned these fake companies could charge you upfront for training or ask for your personal and banking information Opens a New Window. for a credit check or to set up direct deposit. They could also ask you to buy expensive supplies or equipment, or the company could claim you were “accidentally” overpaid and ask you to wire back the difference. “No legitimate job would ever overpay an employee and ask for money to be wired elsewhere,” the agency warned. “This is a common trick used by scammers.” The BBB advised keeping an eye out for jobs that are more likely to be scams such as secret shopper or work-from-home positions or jobs that don’t need special training or have generic job titles. “If the job posting is for a well-known brand, check the real company’s job page to see if the position is posted there. Look online; if the job comes up in other cities with the exact same post, it’s likely a scam,” the bureau said. The BBB also recommended getting details confirmed in a contract before paying a job recruiter to help you get a job. “Be cautious sharing personal information or any kind of pre-payment,” it said. “Be careful if a company promises you great opportunities or big income as long as you pay for coaching, training, certifications or directories.”
The number of Americans filing applications for new unemployment benefits plunged lower last week even as trade tensions between the U.S. and China escalated. New claims for state unemployment benefits declined by 16,000 to a seasonally adjusted 212,000 for the week ended May 11, the Labor Department said on Thursday. Initial jobless claims are a proxy for layoffs. The low number of claims suggests that rising tariffs and retaliation by China have not hurt American workers. Claims were expected to decline to 219,000 from the elevated levels seen in the prior three weeks. The four-week moving average of initial claims, which smoothes out week-to-week volatility and is looked at as a more reliable measure of the labor market, rose 4,750 to 225,000 last week. Continuing claims, which are announced with a week delay, fell 28,000 to 1.66 million for the week ended May 4. The four-week moving average of ticked up 1,500 to 1.67 million.
Back in 2016 when Donald Trump declared in a speech at the New York Economic Club that his economic plan would create 25 million new jobs over the next decade, many economists scoffed. After years of economic expansion, even a sluggish one, the idea that the economy could add the 208,000 jobs each month needed to hit that goal struck many as far-fetched. Many thought we would be lucky if job creation kept up with population growth, creating around 90,000 jobs per month. But the economy is outperforming expectations–and helping President Trump fulfill his job promise. The economy created an average of 223,000 per month in 2018. And with January’s mammoth 304,000 non-farm payroll gain, the three-month moving average hit 241,000 jobs. During the course two years of the Trump presidency, the economy has added 4,879,000 jobs. That puts Trump just 121,000 jobs behind being exactly on target to create 25 million jobs over 10 years, a 2.48 percent gap. As January’s numbers demonstrated, that could be made up in a single month.
You cannot argue with the numbers. No matter what the dominantly liberal mainstream media tells you, or how they try to spin it, the Trump economy has been on fire. 🙂
Foreign-born workers are continuing to make significant employment gains over native-born American workers, the latest federal job data reveals. For the month of January, foreign-born workers increased their labor participation rate year-to-year nearly nine times as much as native-born Americans. Likewise, foreign workers enjoyed nearly four times the job growth in January as American workers. While the foreign worker population increased about 3.4 percent year-to-year, the American worker population increased less than 0.9 percent over the same period. Even in unemployment data, foreign-born workers are vastly outpacing American workers. For January, foreign-born workers saw their unemployment rate drop 4.46 percent compared to this time last year. For native-born American workers, the unemployment rated dropped, but at a much slower pace, with a year-to-year decrease of about 2.22 percent. Though President Trump campaigned to decrease overall illegal and legal immigration to the U.S., regulatory curbs to immigration laws have not actually reduced the number of legal immigrants arriving in the country every year. About 1.5 million foreign nationals arrive in the U.S. annually, as well as the 1.5 million foreign workers occupying high-paying, white-collar American jobs at any given time. In December, November, October, and September of last year, foreign-born workers continuously made larger gains over American citizens in monthly employment and unemployment totals. While legal immigrants continued being admitted to the U.S. to take blue-collar working-class jobs and many white-collar, high-paying jobs, there remains 6.5 million Americans who are unemployed, 12.9 percent of whom are teenagers, and 6.8 percent of whom are black Americans. Overall, about remain about 1.3 million U.S. workers have been jobless for at least 27 weeks, accounting for about 19 percent of the unemployed population. Roughly 5.1 million workers are working part-time but want full-time jobs, and 1.6 million workers want a job, including 426,000 workers who are discouraged by their job prospects.