Jobs

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.

Great economic news!!  To read more, click on the text above.  Excellent!!  🙂

Hiring Rebounded in October, Unemployment Rate Fell to 4.1%

The U.S. jobless rate fell to a 17-year low in October and employers hired at a strong pace, showing the labor market bounced back from recent hurricanes. Nonfarm payrolls rose a seasonally adjusted 261,000 in October, the Labor Department said Friday. September’s payroll data, initially reported as the first drop in seven years, were revised to show employers actually created 18,000 new jobs that month, extending the economy’s streak of job gains to a record 85 straight months. The pace of job creation in the U.S. remains solid despite the hit to the economy from Hurricane Harvey, which battered Texas in late August, and Irma, which hit Florida in early September. Job gains have averaged 162,000 over the past three months, a modest slowdown from a 185,000 average over the past two years. The unemployment rate fell to 4.1% in October, its lowest level since December 2000. The unemployment rate, which changed little over the course of 2016, has barreled down from 4.8% at the start of this year…

More great economic news in this Trump economy!  Excellent!!

Trump Admin Tightens H-1B Guidelines to Keep American Workers from Being Replaced by Foreign Labor

A new directive by President Trump’s administration seeks to prevent American workers from being replaced by foreign labor by making it increasingly difficult for foreign nationals to continuingly have their guest worker visas renewed. A memo issued by the United States Citizenship and Immigration Services (USCIS) agency, is just one step in pro-American worker reforms occurring in the H-1B visa industry. Every year, more than 100,000 foreign workers are brought to the U.S. on the H-1B visa and are allowed to stay for up to six years. That number has ballooned to potentially hundreds of thousands each year, as universities and non-profits are exempt from the cap. With more entering the U.S. through the visa, Americans are often replaced and forced to train their foreign replacements. Under new guidelines, though, USCIS will vet foreign workers currently holding U.S. jobs as if they were first-time applicants, a departure from previous agency practices where foreign workers already in the U.S. were readily given green lights to remain in the U.S. “This new policy is in line with the Trump administration’s goal to protect American workers from discrimination and replacement by foreign labor,” pro-American immigration group NumbersUSA said in a post about the new guideline. “This new policy will make sure that only qualified H-1B workers will be allowed to stay in the U.S. and will help crack down on visa fraud and abuse.” Under the H-1B visa, foreign workers are brought to the U.S. by corporations who often time replace Americans.

Excellent news!!

Fewest Jobless Claims Since 1973 Show Firm U.S. Job Market

Filings for unemployment benefits plunged last week to the lowest level since 1973 as workers affected by hurricanes Harvey and Irma continued to return to their jobs, Labor Department figures showed Thursday. The larger-than-projected decrease in claims probably reflected difficulty adjusting for the Columbus Day holiday. At the same time, the report showed further declines in claims in hurricane- affected states. The storms initially led to a spike in applications in Texas and the southeastern U.S. in late August and early September. The latest period also encompasses the reporting week that the Labor Department surveys for its October employment figures. Claims are at the lowest level in more than four decades, indicating employers have little desire to cut staffing levels amid a shortage of qualified workers.

More great news in this Trump economy!!    🙂

Unemployment claims fall to lowest level in 43 years, despite hurricanes

The total number of laid-off workers receiving unemployment benefits fell to 1.89 million at the end of September, the Department of Labor reported Thursday, the lowest such mark in nearly 44 years. And new claims for unemployment benefits dropped 15,000 to 243,000 in the first full week of October, according to the agency, as the job market bounces back from hurricane damage even faster than forecasters expected. Low new jobless claims are a good sign. They indicate that layoffs are rare, and accordingly that job creation is strong. Unemployment benefits are available for up to 26 weeks in most states. Fewer people are now receiving benefits of all duration than at any time since December of 1973, when the total workforce was much smaller. That is a reflection of the strength of the jobs market, and the availability of new positions for laid-off workers. Prior to the landfall of Hurricanes Harvey, Irma, and Maria, claims had been running at ultra-low rates. With Texas and Florida now recovering, new claims again appear to be sinking to levels that indicate robust job creation. First-time claims in the states most affected by the storms are still high, but have fallen in recent weeks. “The data suggest that payrolls will bounce back quickly after last month’s hurricane-related weakness and that the underlying trend in employment growth remains strong — more than strong enough to keep the unemployment rate declining,” noted Jim O’Sullivan, chief U.S. economist for High-Frequency Economics. Economists calculate that new claims below the 300,000 mark indicate that unemployment will remain stable or fall. Good claims numbers, which are released weekly, are one of the factors that will reassure officials in the Trump administration and at the Federal Reserve that the jobs recovery is intact, even though the hurricanes generated net job losses in September. Minutes from the Fed’s September monetary policy meeting, released Wednesday, suggested that the central bank still sees the economy as healthy enough to justify raising rates again this year.

..which of course kinda stinks if you’re wanting to buy a new car or home.   But, otherwise, this is overall great economic news!!   🙂

63.1%: Participation Rate Reaches Trump-Era High; Record Number of Employed

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.

Study: Maryland County Would Lose 47,000 Jobs by 2022 if It Raises Minimum Wage to $15

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.