Breaking News 1,763,000 jobs created in July. Wall Street was looking for 1.6 million.
Breaking News 1,763,000 jobs created in July. Wall Street was looking for 1.6 million.
After yesterday’s statement, Sleepy Joe Biden is no longer worthy of the Black Vote!
U.S. Economy Adds 1.8 Million Jobs in July, Unemployment Rate Fall to 10.2%
JOHN CARNEY 7 Aug 2020
FTA
The U.S. economy added 1.8 million jobs in July and the unemployment rate fell to 10.2 percent, providing reassurance that the labor market has kept up some of its post-lockdown momentum.
The numbers were better than anticipated. Economists had forecast an addition of around 1.5 million jobs and a decline in the unemployment rate to 10.6 percent from 11.1 percent last week.
The economy has added around 9.1 million jobs in the past three months. The increase in the ranks of employed workers shows that companies ramped up hiring as the economy reopened and consumers came back to stores, restaurants, and other businesses that had been shuttered in March and April. Despite the gains, employment in July was lower than its February level by 12.9 million, or 8.4 percent
The largest employment increases in July occurred in leisure and hospitality, government, retail trade, professional and business services, other services, and health care, the Bureau of Labor Statistics said in its monthly report on the employment situation in the U.S.
The leisure and hospitality sector added 592,000 jobs in July, accounting for about one-third of the gain in total nonfarm employment in July. Restaurants and bars
added 502,000 employees, following gains of 2.9 million in May and June combined. This was the hardest hit area during the pandemic lockdowns when many businesses were forced to shut their doors or saw demand plummet.
Manufacturing had a strong month, in large part because of the auto sector. Employment increased by 26,000. A gain of 39,000 in motor vehicles and parts was partially offset by losses in fabricated metal products, machinery, and computer and electronic products. Although manufacturing has added 623,000 jobs over the past 3 months, employment is 740,000 lower than in February, highlighting that the recovery has brought us less than halfway back to the pandemic starting point.
In a surprise, government employment rose by 301,000 in July. Typically, public-sector employment falls in July. Nonetheless, government jobs are still 1.1 million lower than the February level. It appears that some of the typical July declines happened earlier than usual this year due to the lockdowns.
Don’t know if you’ve seen this.
Chinese-born Yu Meng, Who Invested California Public Employees’ Retirement Funds in Blacklisted Chinese Military Suppliers, Suddenly Resigns
In March 2020, just weeks before California Gov. Gavin Newsom was “negotiating” a $1 billion mask deal with a Chinese company, National Security Adviser Robert O’Brien announced that the Trump administration was “looking at” investments in blacklisted Chinese military companies by the state’s public employees retirement system, known as CalPERS. There were also questions about the relationship between CalPERS’ Chief Investment Officer, Chinese-born U.S. citizen Yu Meng, and the Chinese Communist Party. CalPERS executives vigorously defended Meng, even posting a long defense of their investments in China on their website, but Meng suddenly stepped down Wednesday, effective immediately. In a press release posted after the end of business Wednesday, there was no reason given for Meng’s departure.
Secretary of State Mike Pompeo slammed CalPERS‘ investments in a February speech:
“The largest public pension fund in the country is invested in companies that supply the People’s Liberation Army that puts our soldiers, sailors, airmen, and Marines at risk.”
Just days after Pompeo’s remarks, Rep. Jim Banks (R-IN) highlighted Meng’s prior job (from 2015 to 2018) as Deputy Chief Investment Officer for China’s State Administration of Foreign Exchange (SAFE) in a letter to California Gov. Newsom and called for an investigation into Meng’s activities
CalPERS has been funneling retired public servants’ savings to companies that abuse human rights and supply the Chinese military. And it has done so at the behest of its CIO, Yu Ben Meng, a man enlisted in China’s Thousand Talents Program—which has been described by the FBI as one of China’s ‘non-traditional espionage’ programs. This poses a national security risk to every region of the United States. I hope Governor Newsom appreciates the gravity of the situation and speedily launches an investigation into Yu Ben Meng and CalPERS.”
Newsom ignored the letter and denied that Meng was a part of the Thousand Talents Program. But, in a February 25 Los Angeles Times article about Banks’ desire “to investigate Meng’s allegiance and win backing for a crackdown on government workers’ dollars flowing into Chinese companies,” the journalist and Meng both stated conclusively that Meng was affiliated with the TTP.
