unemployment

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.

Record 153,513,000 Employed in July; 62.9% Labor Force Participation

President Trump was awake early on this “employment report” Friday, tweeting about jobs, regulation-busting, and consumer confidence, among other things. A few hours later, the Labor Department’s Bureau of Labor Statistics said the economy added 209,000 jobs in July; the number of employed people jumped by 345,000 to 153,513,000 in July, setting a third straight monthly record; the number of Americans counted as not in the labor force, meaning they don’t have a job and are not looking for one, dropped for a third straight month to 94,657,000; and the nation’s unemployment rate also dropped a tenth of a point, to 4.3 percent. The labor force participation rate, held down in part by a wave of Baby Boomer retirements, was 62.9 percent in July, slightly better than it has been in recent months, but still close to its 38-year low of 62.4 percent in September 2015. (The record high was 67.3 percent in 2000.) In July, the nation’s civilian noninstitutionalized population, consisting of all people age 16 or older who were not in the military or an institution, reached 255,151,000. Of those, 160,494,000 participated in the labor force by either holding a job or actively seeking one. The 160,494,000 who participated in the labor force equaled 62.9 percent of the 255,151,000 civilian noninstitutionalized population.

More great news in this Trump economy!  To read the rest of this article, click on the text above.  Excellent!   🙂

Black Unemployment at Lowest Level in 17 Years

Unemployment among black Americans ages 16 years and over fell to 7.5 percent in May, its lowest level since December 2000. Black unemployment has been on the decline since February — falling from (February) 8.1, (March) 8.0, (April) 7.9, and (May) 7.5 percent, according to data from the Bureau of Labor Statistics. The national unemployment rate in May was 4.3 percent, its lowest level since May 2001. Unemployment for black Americans has historically hovered below their white counterparts. The Great Recession drove black unemployment near Great Depression-era levels, reaching 16.8 percent in March 2010. While most Americans were feeling the negative affects of the housing crisis, it was black lawmakers who were beginning to publicly blame President Obama for black America’s morass. In August 2011, Congresswoman Maxine Waters called the black unemployment rate “unconscionable.” A month later, Waters hammered President Obama for failing to “acknowledge the economic disaster in the African American community” while addressing his jobs agenda in the battleground state of Iowa. Days later, then-Congressional Black Caucus Chairman Emanuel Cleaver told reporters, “If Bill Clinton had been in the White House and had failed to address this problem, we probably would be marching on the White House.” In a campaign speech in North Carolina last October, then-candidate Trump offered a “new deal” to black Americans based on three pillars — “safe communities, great education, and high-paying jobs.”

…And so far, the man has delivered.  Yet, the dominantly liberal mainstream media isn’t reporting on this at all.  But, had this happened under Obama, we’d be hearing about it non-stop.  Again, the liberal media is exposed for its brazen hypocrisy.  This is great news for the black community!  And, it’s happening on Trump’s watch; NOT Obama’s.   🙂

94,983,000 Americans Not in the Labor Force in May

A disappointing report from the Labor Department’s Bureau of Labor Statistics on Friday: The economy added 138,000 jobs in May, fewer than analysts were expecting; and after setting three straight monthly records, the number of unemployed Americans dropped by 233,000 to 152,923,000. The unemployment rate ticked down a tenth of a point to 4.3 percent, near historic lows. But the number of Americans not in the labor force – meaning they are neither working nor looking for work – increased by 608,000 to 94,983,000 in May, close to the record high of 95,102,000 in December 2016. The not-in-the-labor-force number includes retirees, students, homemakers, the disabled, and others who have stopped looking for work for whatever reason. The nation’s labor force participation rate – the percentage of the 16-and-older civilian non-institutionalized population that is either employed or actively seeking work – dropped two-tenths of a point to 62.7 percent in May. The higher the percentage, the better, since people who participate in the labor force contribute the payroll and other taxes that help support many of those who do not work. The participation rate hit a record high of 67.3 percent in early 2000, plunging to a 38-year low of 62.4 percent in September 2015. “The economy is starting to come back, and very, very rapidly,” President Donald Trump said on Thursday, as he announced that the United States will withdraw from the Paris climate accord because it costs too much money and would kill millions of American jobs. BLS says in the first five months of 2017, the economy has added a total of 810,000 jobs (fewer than the million Trump mentioned on Monday). Job gains for March and April were revised downward in the May report and are well below the strong gains of January and February. Job gains for the most recent month occurred in health care and mining. (Employment in mining has risen by 47,000 since reaching a recent low point in October 2016, with most of the gain in support activities for mining.) In May, the nation’s civilian noninstitutionalized population, consisting of all people age 16 or older who were not in the military or an institution, reached 254,767,000. Of those, 159,784,000 participated in the labor force by either holding a job or actively seeking one. The 159,784,000 who participated in the labor force equaled 62.7 percent of the 254,767,000 civilian noninstitutionalized population. In May average hourly earnings for all employees on private nonfarm payrolls rose by 4 cents to $26.22. Over the year, average hourly earnings have risen by 63 cents, or 2.5 percent, BLS reported.

Some mixed signals here..  On the one hand the number of Americans NOT in the labor force DID go up for the first time in several months.  BUT, we’re at historic lows for unemployment in this Trump economy.  So, still a ways to go in the participation rate.  But, definitely making progress in unemployment overall.

Unemployment Falls to a 28-Year Low in Age of Trump

As the whole of the old media establishment talks daily about unproven claims that Donald Trump colluded with the Russians to get elected, a bigger story has quietly been unfolding, and now it can be reported that in this new age of Trump, the unemployment numbers have fallen to a 28-year low. Since May, the claims for unemployment benefits are down to the lowest level in 28 years, the Department of Labor reported Thursday, according to the Washington Examiner. Federal reporting shows that the number of unemployed workers is now at 19 million, the lowest since March 1998 when the U.S. workforce was much smaller. Furthermore, the number of continuing claims are down to 1.95 million, the lowest since 1974. The most recent numbers put unemployment at 4.4 percent, a number that economists once considered “full employment.” Indeed, this percentage is already below where the Federal Reserve thought it could go during a healthy economy. The latest news comes after several past reporting periods showing a growing economy. In March, for instance, economists expected nonfarm payrolls to grow by 190,000, compared with 227,000 in January. But by the reporting period, authorities were surprised to find the economy added 235,000 jobs, far higher than expected.

More great news on the jobs front in this Trump economy!!  🙂