Posted on 06/05/2015 6:33:02 AM PDT by SeekAndFind
Blunting worries about the American economy’s momentum after a stretch of lackluster growth this year, the government reported on Friday that employers added a hefty 280,000 jobs in May, well above the average monthly totals logged over the last year.
The official unemployment rate ticked up to 5.5 percent, as more Americans returned to the labor force and returned to actively looking for work. At the same time, hourly wages rose 0.3 percent last month, finally providing workers with some long-awaited gains.
United States markets were expected to open lower on concerns that the strong report would provide further reason for the Federal Reserve to raise short-term interest rates later this year from their near zero level.
Although the report provides just a snapshot of the economy and is subject to revision, analysts are looking at this freshest set of figures to help pierce the confusion over whether the economy’s contraction of 0.7 percent during the first quarter of 2015 was a blip, partly a casualty of the harsh winter, or evidence of a more fundamental slowdown.
“This is a confirmation that the economy is performing well and the first quarter was an aberration,” said Carl Tannenbaum, chief economist at Northern Trust.
He added that he was heartened by the growth in wages, which have now risen 2.3 percent over last year. “It’s good for workers and also a sign that capacity in the labor market is being utilized more fully.”
(Excerpt) Read more at nytimes.com ...
What was that about chocolate rations?
Ah, unemployment goes UP under Obama, and the boot lickers at the Times portrays it as GOOD NEWS.
What else to expect?
More fake numbers, which shall be “revised” in a month or so.
Meanwhile, the pool of able-bodied adults continues to grow, and the total now on food stamps reaches higher and higher levels monthly. Does NOBODY ever come off the government EBT cards?
Best economy in the history of the world!!!
Oh. Wait. They're series?
Also, if you add up all the claims of "jobs added" (or lost) over bammy's reign of terror...and look at the census bureau's estimates on population growth...even at the current low labor force participation rate the economy has not kept up. Sure, the economy has experienced some net growth from '08. (in jobs) but no where near enough to keep pace with population growth. By definition the unemployment rate has to be higher - we've added more people than jobs. bammy's administration's numbers just do not add up. They are lies.
The monthly “Fun With Make Believe Numbers”
If we get a good conservative administration in 2017, a lot of this stuff will be examined and found to be bogus. The only question then will be whether or not to prosecute OZero and his administration.
Where is the people-on-food-stamps chart? Isn’t that the real hockey stick chart?
Wait 3 weeks til the adjusted figures come out.
Less than 63 percent of adults are employed.
I'm going to have to re-take my statistics and economics classes, because I just can't understand how it works that the unemployment rate drops when no one is working.
The official unemployment rate ticked up to 5.5 percent, as more Americans returned to the labor force and returned to actively looking for work
So, more people returned to the labor force as unemployment rose? The song "Oh Susanna" has fewer contradictions than employment reporting.
RE: I just can’t understand how it works that the unemployment rate drops when no one is working.
Well, the first question to ask is this — WHO DO THEY CONSIDER UNEMPLOYED?
We already know that those who are not looking or have given up looking for a job are NOT considered in the unemployment rate, so there’s one issue right there.
““This is a confirmation that the economy is performing well and the first quarter was an aberration,” said Carl Tannenbaum, chief economist at Northern Trust.”
Dear Northern Trust,
Time to find yourselves a new chief economist. The one you got now is too stupid for words.
Sincerely,
People who won’t be doing business with a company that employs idiots in upper management
The NYT's spin is revealing though, "At the same time, hourly wages rose 0.3 percent last month, finally providing workers with some long-awaited gains.
So if you make $20/hr, you will bringing home an $.06 per hour. Oh yea, good times are here again!
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