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.
The Labor Department’s Bureau of Labor Statistics said the economy added 304,000 jobs last month, higher than analysts were expecting. The number of employed Americans, 156,694,000, was slightly below last month’s record (156,945,000), and the unemployment rate increased a tenth of a point to 4.0 percent. But the labor force participation rate increased a tenth of a point to 63.2 percent — the highest it’s been on President Trump’s watch. In January, the nation’s civilian noninstitutionalized population, consisting of all people age 16 or older who were not in the military or an institution, reached 258,239,000 (lower than it was last month). Of those, 163,229,000 participated in the labor force by either holding a job or actively seeking one. The 163,229,000 who participated in the labor force equaled 63.2 percent of the 258,239,000 civilian noninstitutionalized population.
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. 🙂
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. 🙂
The U.S. economy added 134,000 jobs in September below analysts’ expectations while the unemployment rate was 3.7 percent, the lowest since 1969. Analysts polled by Refinitiv (formerly Thomson Reuters) forecast that the U.S. economy would add 185,000 jobs in September with the unemployment rate ticking down to 3.8 percent. In August, the unemployment rate was 3.9 percent. Wages increased by 0.3 percent in September, taking the 12-month wage growth to 2.8 percent. “Another solid jobs report; not too hot and not too cold ,” Kate Warne, investment strategist at Edward Jones told FOX Business. Warne is not concerned about the lower-than-expected number of jobs created in September, noting revisions within the past two months, which in total put the number of jobs created, in line with expectations. The number of Americans active in the workforce was steady, with the labor participation rate coming in at 62.7 percent. Manufacturing, construction and health care sectors added jobs in September, while retail, leisure and hospitality lost jobs. With retail, leisure and hospitality susceptible to bad weather – it is possible Hurricane Florence is behind the lower-than-expected number. The yield on the 10-year U.S. Treasury note climbed following the jobs report, and was hovering around a 7-year high.
Another positive report in this Trump economy! 🙂
The number of Americans filing for unemployment benefits fell by more than expected last week. Initial claims for state unemployment benefits dropped 8,000 to a seasonally adjusted 207,000 for the week ended Sept. 29, the Labor Department said Thursday. Hurricane Florence, which hit North Carolina and South Carolina last month, affected claims, according to the Labor Department. The largest increases in initial claims for the week ending September 22 was in North Carolina. Claims in South Caroline rose by 2,830, the third largest rise behind Kentucky. Economists had forecast claims falling by 1,000 to 213,000 in the latest week. A year ago there were 265,000 new claims. Claims were new the recent low of 202,000, hit during the week ended September 15. That was the lowest level since November 1969. The previous week’s level was revised up by 1,000 from 214,000 to 215,000. The 4-week moving average, considered a more reliable gauge of the labor market because it smoothes out week to week volatility, rose to 207,000, an increase of 500 from the previous week’s revised average. The number of people receiving benefits after an initial week of aid fell 13,000 to 1.65 million for the week ended Sept. 22. Continuing claims are reported with a week delay. The four-week moving average of continuing claims fell by 15,250 to 1.66 million, the lowest level since October 1973. Jobless claims, which are a proxy for layoffs, have been closely watched for signs that trade disputes would be a drag on the labor market. Earlier this year, economists predicted that the steel and aluminum tariffs imposed by the Trump administration would cost 400,000 jobs. That prediction now looks way too pessimistic. The jobless claims data has no impact on the monthly employment report, which is scheduled for release on Friday. Bloomberg’s survey of economists sees nonfarm payrolls likely increased by 18o,000 in September after rising 201,000 in August. The unemployment rate is expected to fall one-tenth of a percentage point to 3.8 percent, an 18-year low first hit in May.
More great news in this Trump economy!! 🙂
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!! 🙂