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“As Long As This Continues, the Recession Will Remain at Bay”: Jobs Grow by 195K

The official Department of Labor estimate is out Friday. But this is an indicator. According to the Wall Street Journal:

The nonfarm private sector in the U.S. added over 50,000 more jobs in August than economists expected, helped by strong growth in midsize businesses and in the service sector.

The private sector added 195,000 jobs last month, according to the ADP National Employment Report. Economists polled by The Wall Street Journal were expecting 140,000 jobs.

Midsize businesses, or those that have between 50 and 499 employees, added 77,000 jobs. Those gains were followed by small businesses, or those with between 1 and 49 employees, which added 66,000 jobs. Large businesses, tagged as those with 500 or more employees, added 52,000 jobs.

August has seen the most growth in private-sector jobs since April when the sector added 255,000 jobs. The ADP Research Institute puts out its national employment report on a monthly basis working with Moody’s Analytics.

“Hiring has moderated, but layoffs remain low,” Mark Zandi, Moody’s Analytics chief economist said in prepared remarks. “As long as this continues recession will remain at bay.”

The gains for August were mostly in the service-providing sector, which added 184,000 jobs, according to the ADP report. The education and health services industry added 58,000 jobs, followed by leisure and hospitality’s 42,000 jobs. Trade, transportation and utilities added 39,000 jobs.

The goods-producing sector added 11,000 jobs, led by the manufacturing industry, which added 8,000 jobs. Construction added 6,000 jobs, but the natural resources and mining category hurt the goods-producing sector, losing 2,000 jobs.

Wage Growth in August was Fastest Since Mid-2009

No, that’s not the headline you see in the mainstream media. But that’s the headline from the latest Labor Department jobs report, which said that wages grew 2.9 percent in August from a year earlier while the economy generated 201,000 new jobs during the month.

I’m serious. Go look at the Washington Post and New York Times websites. You don’t even see an article on this near the top of the page. The headline right now at the Times is, “U.S. jobs report for August: Here are the takeaways.” Note the excitement!

Because finally, a president who is solving the problem of wages, which lagged throughout the Obama years.

The unemployment rate held steady at 3.9 percent, which is a pretty good place for it to be holding steady.

One bad note: the labor force participation rate declined 0.2 percent to 62.7 percent, suggesting some potential workers remain discouraged.

Job Openings Hit a Record High in April

The number of job openings in the country reached 6.7 million in April, a record for the 18 years the Department of Labor has been keeping score.

That’s an increase from appoximately 5.46 million openings when President Trump took office.

Many of the current openings are in the supposedly moribund manufacturing sector, which Trump had pledged to revive.

According to MarketWatch:

There were more openings for durable-goods manufacturing and information sector jobs, but decreases in finance and insurance. The quits rate stayed at 2.3%, matching a post-recession high. Economists say the quits rate is an important measure of labor-market confidence, as it shows a willingness for workers to leave for what are presumed to be better-paying jobs.

The MSM checked with Special Counsel Robert Mueller for comment, but there was no response.

Trump Keeps Promise as Manufacturing Jobs Soar

They said it couldn’t be done. They said we don’t make things in America anymore, because the Chinese will do it at slave labor rates.

I mean, you don’t want your iPhone to cost more than $1,000, do you? Make ’em work!

People said we’d have to move into hi-tech “sunrise” industries that would require everyone to get a college education – and of course, the government to pay for it. And we would be more centered on services. We could all just become attorneys!

But manufacturing jobs under President Trump are growing, by a lot, after declining under Barack Obama. Just maybe the theory that if you pay workers enough and combat unfair trade practices, we can bring back manufacturing in this country.

It was one of Trump’s key promises during the campaign, and it is being kept.

The economy added 18,000 jobs in the manufacturing sector in May, according to the latest jobs report from the Department of Labor, released Friday. Since January 2017, when Trump took office, 304,000 manufacturing positions have been created – a small city’s worth of jobs.

Now where is all the reporting and TV news about that? Buried beneath Robert Mueller’s Russia, etc. investigation, that’s where. Most national reporters live in Washington or New York and don’t know any factory workers and don’t think about them. They don’t give a crap about manufacturing unless it has to do with manufacturing their lattes.

Here’s the rest of today’s employment news, which I’ve assembled – um, manufactured – from dispatches from the Wall Street Journal:

The unemployment rate unexpectedly fell to 3.8% in May, matching April 2000 as the lowest reading since 1969. The U.S. added 223,000 new jobs in May, beating economist expectations of 190,000. Average hourly earnings rose by 8 cents to $26.92 in May. From a year ago, wages were up 2.7%–better than the 2.6% growth economists had forecast. The May jobs report brought another curious decline in the share of Americans working or looking for a job, with the labor force participation rate edging down to 62.7% from 62.8% in April.

Meantime, Trump is being accused of revealing the report with a tweet suggesting it might be positive.

From the Wall Street Journal:

President Trump’s tweet ahead of the jobs report caught some bond traders off guard and sparked conversation across trading floors. It was “something that I haven’t seen before, at least in my career, from the President,” said Michael Lorizio, a bond trader at Manulife Asset Management. Treasury yields rose after the tweet and ahead of the jobs report. The yield on the 10-year note was recently up 0.09 percentage point at 2.91%.

Meantime, black unemployment fell to the lowest point ever, dropping from the previous record low of 6.6 percent to 5.9 percent. Not bad for a white supremacist president, is it?

Economy Adds Only 138,000 Jobs in May

The U.S. economy added only 138,000 jobs last month, nearly 50,000 fewer than expected, but the unemployment rate fell to 4.3 percent, its lowest level in 16 years.

The labor force again shrunk in May, falling two-tenths of a point to 62.7 percent, close to the lowest level since the 1970s. A poor labor participation rate was one of the major criticisms launched by Republicans against Barack Obama.

Meantime, job increases were revised downward a total of 66,000 for April and March. Through May, employers have been added 162,000 jobs per month, a middling pace that is even slower than in 2016.

According to the Wall Street Journal, many economists think the labor market is reaching full employment, but companies are still not yet raising wages because of an uncertain business climate.

Trump staked his campaign on jobs, and he’ll have to do better on wages, positions added, and the labor force participation rate if he wants to claim that he is keeping his promises to create better and more jobs for American workers.


Hiring Slowed in August

Hiring slowed last month as employers added 173,000 jobs, according to the Department of Commerce, perhaps just a bit ahead of the number needed to keep pace with population growth.

The slackening growth now makes it unclear whether the Federal Reserve will raise interest rates as it had been expected to do in September.

Nevertheless, the unemployment rate declined to the lowest rate since 2008, dropping two tenths of a point to 5.1 percent.

Economists had expected an increase of about 220,000 jobs, which had been about the average for the year.

The labor force  participation rate remained at historic lows, with only 62.6 percent of Americans working or looking for work.

“The labor force participation rate remained stable,” said White House Council of Economic Advisors Chairman Jason Furman, as if that were a good thing.

Labor Participation at Lowest Level Since 1977

From the Wall Street Journal:

U.S. employers steadily added jobs in June, but wages were flat and the participation rate fell, suggesting pockets of weakness remain in the labor market.

Nonfarm payrolls rose a seasonally adjusted 223,000 in June, the Labor Department said Thursday. But revisions to the prior months showed weaker job creation this spring than initially estimated. Employers added 254,000 jobs in May, down from an initially reported 280,000. April’s gain was revised to 187,000 from a previously reported 221,000.

The unemployment rate, which is obtained from a separate survey of U.S. households, fell to 5.3% in June, compared to 5.5% the prior month. The rate is the lowest since April 2008, but reflects fewer Americans were looking for jobs.

Meanwhile, the share of Americans participating in the labor force fell to 62.6% in June from 62.9% in May. That rate was the lowest since 1977.

Economy Added 280,000 Jobs in May

The U.S. economy added 280,000 jobs in May, suggesting economic growth is rebounding from the contraction in the first quarter of the year. The unemployment rate crept up from 5.4 percent to 5.5 percent, but that was likely because more people were entering the job market as hiring increased.

Economists had been forecasting a gain of about 225,000 jobs.

Average hourly earnings also grew, by 0.3 percent, and previous months’ jobs gains were revised upward by 32,000.

Nevertheless, the labor force participation rate remained at historic lows, rising only a tenth of a percent to 62.9 percent.

U.S. Economy Added 223,000 Jobs in April

The U.S. economy added 223,000 jobs in April and the unemployment rate dipped a tenth of a percent to 5.4 percent, the Department of Labor reported this morning. The unemployment rate is now at a seven-year low, and the solid jobs growth amidst an economic slowdown in the last two quarters signals the economy may be… Continue Reading

Jobs Number a Vast Disappointment

In a sign the U.S. economy may be in trouble, hiring declined sharply in March, with employers taking on only 126,000 new workers, far fewer than anticipated. According to the Wall Street Journal: U.S. employers sharply slowed their hiring in March to the weakest pace in more than a year, the latest sign that the… Continue Reading

Why Employment is Really Declining

Every month, we get some kind of increase in the jobs numbers – often lackluster and barely ahead of population growth – and every month, the White House effuses that we’ve seen 20 months in a row of job growth while carefully adding, in case those without jobs start bitching about it, there’s more work to… Continue Reading