Jobs

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.   🙂

6.3%: Black Unemployment Rate Second-Lowest Ever

The midterm election is about “safety and jobs,” President Trump told a campaign rally in Montana Thursday night. He said the economy is “booming like never before,” and on Friday, the unemployment report brought the president more good news: the unemployment rate for African Americans, 6.3 percent, is the second lowest on record (it was 5.9 percent in May); and job-growth remains strong. For Hispanics, the unemployment rate increased two-tenths of a point from last month’s record low of 4.5 percent. And the overall unemployment rate remained at a low 3.9 percent. The number of jobs added — 201,000 — exceeded analysts’ expectations. (After revisions, job gains have averaged 185,000 for each of the last three months.) After three straight record-setting months, the number of employed Americans dropped by 423,000 in August, to 155,542,000 from last month’s all-time high of 155,965,000. This number has set 11 records since Donald Trump took office. In August, the nation’s civilian noninstitutionalized population, consisting of all people age 16 or older who were not in the military or an institution, reached 258,066,000. Of those, 161,776,000 participated in the labor force by either holding a job or actively seeking one. The 161,776,000 who participated in the labor force equaled 62.7 percent of the 258,066,000 civilian noninstitutionalized population, slightly below last month’s 62.9 percent participation rate. The participation rate remains stubbornly low as a growing number of people leave the labor force, led by baby-boom retirees. BLS noted that the percentage of Americans not in the labor force — meaning they neither have a job nor are looking for one — increased to a record 96,290,000 in August. Among the major worker groups, the unemployment rates for adult men (3.5 percent), adult women (3.6 percent), teenagers (12.8 percent), Whites (3.4 percent), and Asians (3.0 percent) showed little or no change in August. And there’s positive news on wage growth: In August, average hourly earnings for all employees on private nonfarm payrolls rose by 10 cents to $27.16. Over the year, average hourly earnings have increased by 77 cents, or 2.9 percent.

More, continued, great news in this Trump economy!!     🙂

Layoffs Just Reached a Half-Century Low

The number of Americans filing applications for new unemployment benefits fell at the end of August to a nearly five-decade low. Initial jobless claims, a proxy for layoffs across the U.S., declined to a seasonally adjusted 203,000 in the last week of August, the Labor Department said Thursday. This is the lowest level of unemployment benefit applications since the end of 1969. Though data can be volatile from week to week, the four-week moving average of claims, a steadier measure, also fell to a 49-year low, signaling overwhelming tightness in the U.S. labor market. “Job openings are plentiful, and the competition for skilled workers is intensifying,” said Jim Baird, chief investment officer at Plante Moran Financial Advisors. “Employers are remiss to trim their respective workforces, particularly in an environment in which attracting and retaining workers is tougher.” Jobless claims have remained low in recent years, as the labor market continues to strengthen and managers face difficulty finding qualified employees. U.S. employers added 157,000 jobs and the unemployment rate fell back to 3.9% in July, hovering near the lowest level since April 2000, according to the Labor Department’s latest jobs report. Meanwhile, the number of open jobs this spring exceeded the number of unemployed Americans seeking work for the first time in records going back to 2000. The appearance of plentiful job openings is pulling people from the sidelines who may have been discouraged from looking earlier in the expansion, but businesses have engaged in extraordinary measures to recruit talent. One manufacturer recruited at a high school parents’ night, and a plumbing company began offering an on-site tap flows with craft beer to keep workers content. Meanwhile, some firms have turned to automation and other technology to ramp up output to meet demand. Thursday’s jobless claims report is one of several sets of economic data pointing to late business-cycle strength in the economy. Economic growth in the second quarter was the strongest since 2014, and the manufacturing industry appears to be hitting a second wind, clocking the strongest growth in 14 years. The recent spurt of growth has led some analysts to argue the Federal Reserve may be allowing the economy to run too hot, while others think inflation isn’t yet strong enough to warrant a major change in monetary policy. The Fed has penciled in two more rate increases this year, just as price increases appear to be hovering around 2%, the Fed’s target. “At this point, you have to take the Fed at its word,” Mr. Baird said. “The employment picture matters, but so does inflation. Unless and until inflation accelerates at a pace that exceeds their expectations, the Fed appears likely to stay on their current path.”

More great news in this Trump economy!!     🙂

Jobless Claims Lower than Expected, Four Week Average Hits Lowest Level Since 1969

The number of Americans filing new applications for state unemployment benefits rose by less than expected last week, suggesting that the labor market is still very vigorous. New claims rose by just 3,000 to a seasonally adjusted 213,000 last week, the Labor Department said Thursday. After three consecutive weeks of declines, economists had forecast a rise to 214,000, according to Bloomberg. Jo0bless claims are an indication of layoffs and have been closely watched this year for signs that trade disputes might weigh on the U.S. labor market. So far, there are no signs that tariffs have cost the U.S. economy any jobs. The four-week moving average of claims, which smooths out weekly volatility and is considered by many economists to be a more reliable gauge of conditions, fell by 1,500 to 212,250. That is the lowest level since December 1969, according to the Labor Department.

Excellent news!!     🙂

Study: 20X as Many U.S. Jobs Created from Trump Tariffs than Jobs Lost

There are 20 times as many American jobs that have been created in the last six months thanks to President Trump’s tariffs on imported foreign goods than jobs that have been lost. Research by a Coalition for a Prosperous America (CPA) finds that the number of U.S. jobs gained because of Trump’s tariffs on imported steel, aluminum, solar panels, and washing machines exceeds the number of U.S. job losses because of the tariffs by a staggering 20-to-1 ratio. As Breitbart News reported, the CPA research has found that over the last six months, there have been about 11,100 U.S. jobs created due to Trump’s protective tariffs. On the other hand, there have been about 514 job losses directly tied to the tariffs. “We keep hearing stories about the sky falling because of President Trump’s strong hand in enforcing existing US trade laws,” CPA Chair Dan DiMicco, who worked on Trump’s transition team, said in a statement. “But the past six months have shown impressive job creation in skilled, high-wage sectors against only very negligible, accompanying job losses.” The most notable increases in job gains due to the tariffs were in the domestic steel and aluminum jobs. In the steel industry, alone, nearly 5,000 manufacturing jobs have been created. In the aluminum industry, a little less than 3,000 manufacturing jobs have been created thanks to Trump’s tariffs. Though Trump’s tariffs have been incredibly popular — specifically with American business owners, U.S. workers, and GOP voters — the Chamber of Commerce, free trade lawmakers, and the billionaire GOP donor Koch brothers have all attempted to stop the job-created tariffs. Since 2001, free trade with China has cost millions of Americans their jobs. Between 2001 and 2015, about 3.4 million U.S. jobs were lost due to the country’s trade deficit with China..

More great economic news!!  The Trump Administration really needs to promote this!!    🙂