Posted on 07/05/2019 11:20:12 AM PDT by xzins
A record 157,005,000 people were employed in June, the most since February and the 19th record of Trump's presidency, the Bureau of Labor Statistics reported on Friday.
And the economy added a strong 224,000 jobs in June, well above the estimate of 160,000.
The unemployment rate, the lowest in 50 years, ticked up a tenth of a point to 3.7 percent.
In June, the nation’s civilian noninstitutionalized population, consisting of all people age 16 or older who were not in the military or an institution, reached 259,037,000. Of those, 162,981,000 participated in the labor force by either holding a job or actively seeking one.
The 162,981,000 who participated in the labor force equaled 62.9 percent of the 259,037,000 civilian noninstitutionalized population. That's up a tenth of a point from May's 62.8 percent participation rate. The payroll taxes paid by people who participate in the labor force help support those who do not participate, so the higher this number, the better.
The participation rate reached a record high of 67.3 percent in early 2000; the highest it's been under Trump is 63.2 percent.
The number of Americans not in the labor force, meaning they did not have a job and were not looking for one, dropped by 158,000 last month to 96,057,000 but this number remains near historic highs, as the Baby Boom generation accelerates into retirement.
Among the major worker groups, the unemployment rates for adult men (3.3 percent), adult women (3.3 percent), teenagers (12.7 percent), Whites (3.3 percent), Blacks (6.0 percent), Asians (2.1 percent), and Hispanics (4.3 percent) showed little or no change in June.
The change in total nonfarm payroll employment for April was revised down from +224,000 to +216,000, and the change for May was revised down from +75,000 to +72,000. After revisions, job gains have averaged 171,000 per month over the last 3 months.
And wages continue rising: In June, average hourly earnings for all employees on private nonfarm payrolls rose by 6 cents to $27.90, following a 9-cent gain in May. Over the past 12 months, average hourly earnings have increased by 3.1 percent.
Federal Reserve Chairman Jerome Powell, in a June 25 speech, said the economy has performed "reasonably well" so far this year, with continued growth and strong job creation keeping the unemployment rate near historic lows.
But Powell also mentioned "some ongoing cross-currents," including trade uncertainty and incoming data about the strength of the global economy.
He said the Fed "will closely monitor the implications of incoming information for the economic outlook and will act as appropriate to sustain the expansion..." That could mean lower interest rates -- or not, if the employment and job numbers remain strong.
President Trump hailed the strong employment report on his way out of town Friday morning:
We had great numbers this morning -- I think 224,000 jobs. Those were really unexpectedly good. And our country continues to do really well -- really, really well, so we're very happy about it.
I think we are going to be breaking records. If we had a fed that would lower interest rates we'd be like a rocket ship. But we're paying a lot of interest and it's unnecessary. But we don't have a Fed that knows what they're doing. So it is one of those little things. But if we had a Fed that would lower rates, you would have a rocket ship.
When Obama, President Obama was here, he paid close to zero interest. I'm paying real interest. And yet our economy is much better than it's ever been. From Election Day we're over 50 percent increase, and we've made trillions and trillions of dollars -- with a T, trillions. So we're doing very well. But last night was spectacular....
Winning!
MAGA!
KAG!
Unexpected!
Isn’t that amazing!
There are so many unexpecteds the last decade that the people who are expert should be recognized as not expert at all.
They get it wrong, badly, whether low or high.
What exactly are they expert at???
If that’s the result of Russky collusion, you can kiss my Dostoevsky.
This continues the TENTH year of economic expansion, according to ABC radio.
LoL
bam told us he would have a “laser-like” focus on jobs. Lasers don’t focus, but the rest of it was a lie too. He deliberately and intentionally let the USA crumble, while he gave away our money, and brought in parasites to eat away what was left.
Math is definitely not my strong suit but I would love to know what the actual unemployment rate would be if the labor participation rate would be 67.3%.
In other words could one translate a labor participation rate of 67.3% and a total number employed of 162,981,000 to a actual unemployment estimate.
IMO, we should have over 190 million people working in the U. S.
The numbers grow partly because of good policy. They also grow because the number of people who are of working age, expands.
From 1960 to the year 2000, the number of people employed in this nation grew at a steady pace. That pace was about 9.75% per four years.
Starting in 2001, the pace grew the next four years by about -1%. The next four years it grew about about 0.75%. During the Bush years, our number of workers actually shrank. I’m doing this from memory, so I may be off by a bit. There may have been limited growth of 0.5% (perhaps a little more) for the two terms. It was nothing like what average growth had been for forty years. Under Obama’s first term, this same thing took place. There was very little growth, on the order of 1%.
Surprisingly, the lowest figures during that previous forty years came under the first Bush presidency, GHWB.
By now if normal growth had taken place, we would have around 195 million workers engaged in this nation.
Our economy took a massive hit. Trump is moving things forward, but I once did a study on how many people turn 21 each year in this nation.
The figure is in excess of 300,000 per month.
This means that to keep pace, we should be adding over 300,000 jobs per month. In that manner, we would keep the same percentage of our populace working.
We aren’t meeting that number, which means a smaller percentage of our populace is working each month.
I’m not mentioning this to dog Trump. I’m just trying to address the reality of the job situation in this nation.
We are employing more people all the time, but it is still not as many as we should be.
I think Trump has done a good job, so once again this isn’t to criticize him. It’s just to point out there’s lots of room for improvement.
‘member when ‘unexpected’ used to imply “didn’t reach projections” rather than exceeded?
https://www.urbandictionary.com/define.php?term=Unexpectedly
unexpectedly
The favorite adverb of major news organizations when describing dreary economic news since 2009. It is believed to have originated around May 19, 2009, when Reuters reported “new U.S. housing starts and permits unexpectedly fell to record lows in April . . . denting hopes that stability in the housing market was imminent.” Has since been incorporated into the style book of the Associated Press, as well as other journalistic entities.
Anticipated to remain in the forefront of economic reporting until the end of 2016, when it will “unexpectedly” disappear from the landscape.
“The pace of expansion in the U.S. manufacturing sector unexpectedly slowed in March, according to an industry report released on Monday.”—Reuters, 4/1/13
“U.S. manufacturing unexpectedly contracted in November, falling to its lowest in over three years ...”—Reuters, 12/3/12
“Previously owned U.S. home sales unexpectedly dropped in March as a lean supply of properties kept the industry from generating a stronger recovery.”—Bloomberg, 4/22/13
” Employers added fewer jobs than forecast in November and the unemployment rate unexpectedly increased ...”—Washington Post, 12/3/10
Evil, stupid liberals ignore this news.
There are alot of unfilled jobs as well. I wonder how many the employed pay for through taxes...and of those, how many legitimately need the assistance.
If we weren’t importing illegal and legal aliens who use welfare at a higher rate than Americans, we’d be decreasing the dependency ratio and thus saving Social Security.
Census confirms: 63 percent of ‘non-citizens’ on welfare, 4.6 million households
https://www.washingtonexaminer.com/washington-secrets/census-confirms-63-percent-of-non-citizens-on-welfare-4-6-million-households
Between income and related tax revenues from the employed and the billions coming to the Treasury from tariffs, this would be a good time to make a dent in that fiscal deficit, no?
I haven’t looked but I’ve got to believe this all translates into record revenues coming into the Treasury.
Fiscal discipline is easier (I didn’t say easy!) when the pie is expanding.
I know what you mean. Certainly worth considering...
Open jobs... true...
Giving any kind of credit to the president is forbidden.
J
How many people are reaching 65 each month and leaving the workforce.? Many of those 300K are replacing retiring workers, so there need not be 300K new jobs per month to employ those turning 21.
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