Posted on 12/06/2019 7:56:20 AM PST by karpov
There are a lot of good things to say, and few bad things to say, about the November employment numbers that were published Friday morning.
Employers added 266,000 jobs, a blockbuster number even after accounting for the one-time boost of about 41,000 striking General Motors workers who returned to the job. Revisions to previous months’ job counts were positive. The unemployment rate fell to 3.5 percent, matching its lowest level since 1969.
Other numbers were less evocative of a boom time. The share of the adult population in the labor force ticked down, and average hourly earnings continued growing at only a moderate pace, up 3.1 percent over the last year — but it feels churlish to complain when the big-picture numbers are so good.
Still, there is a bigger lesson contained in the data, one that is important beyond any one month’s tally of the job numbers: that the American economy is capable of cranking at a higher level than conventional wisdom held as recently as a few years ago. As the economy continues to grow well above what once seemed like its potential, without inflation or other clear signs of overheating, it’s clearer that the old view of its potential was an extremely costly mistake.
The mainstream view of the economics profession — held by leaders of the Federal Reserve, the Congressional Budget Office, private forecasters and many in academia — was that the United States economy was at, or close to, full employment.
In January 2017, for example, nearly three years ago, the Congressional Budget Office forecast a 4.7 percent unemployment rate as far as the eye could see, and it projected that the United States labor force would consist of 163.3 million in 2019.
(Excerpt) Read more at nytimes.com ...
Boy oh boy, that Obama Economy sure is on fire, said nobody ever.
“Trump” does not appear in this article”
They can not accept, or even recognize him, as President of the New and Improved America. Much give him any credit.
“Experts” are wrong about a whole helluva lot.
That is what America is learning in the Trump Era.
Experts live in a perpetual state of surprise. Seeing sunlight in the morning is the first of many unexpected events throughout the day.
Bottom line:JEALOUSY is driving the TRUMP Derangement Syndrome.
Krugman still bummed, big time.
So called “full employment” is a totally arbitrary number. Back in the day and all the way up to this time (apparently) the labor force was considered to be at full employment when the jobless rate was around 6% or a bit less.
Like they say, liars figure and figures lie.
I’m beginning to believe that by “expert”, sources like NYT mean “senior propagandist”.
As the economy continues to grow well above what once seemed like its potential, without inflation or other clear signs of overheating, it’s clearer that the old view of its potential was an extremely costly mistake.
...
That’s because inflation is not caused by economic growth or workers getting raises.
Look at Zimbabwe and Venezuela where inflation is very high. It’s damage to the supply side of the economy that causes inflation along with government debt.
I think the real lesson is that the left and elites have long worked to restrain and throttle the economy so they could control the masses by handing out government benefits, and so the elites could benefit from lower wages.
Elitist control of government, and the resulting sell out of regular working folks, is being exposed by Trump. It verifies the accuracy of this quote:
“The comfort of the rich depends upon and abundant supply of the poor.” - Voltaire
Rich elites have learned to manipulate that equation through control of government and its policies. I don’t at all begrudge wealth honestly gained. I do bear resentment against those who step on others to gain their wealth. That is ill gotten gain.
Low energy prices, lower taxes and less regulation. Courtesy of the man whom they’re trying to impeach for nothing.
The labor market and unemployment rate have fallen into a pit of rare circumstances....where optimism is highly charged.
Take up Huntsville Alabama...with the past two months of 2.1-percent unemployment. If you just have a high school diploma, fill out a resume, and pass a drug test....you can get a $12-to-$15 assembly or industrial job in the area. Add to this...the big incoming industry has yet to open up their factory (2020 is the big year) and the mayor is hyped up to go find more companies to move into the area. They might actually get the unemployment rate below .9-percent in a year.
No kidding, if this had happened during Obama regime, it would be O_B_A_M_A Economy in 4” high letters title.
We are of one mind on this issue. Essentially, using government, rich folks are stealing from poor folks and the working class. Both parties enable this.
Frankly, just who are these damn experts that make up the numbers to fit the DC Narrative. I am fed UP with so many people who are considered “EXPERTS” or “WITNESSES”...they are TROLLS who are so full of themselves, and think they are SOMEBODY IMPORTANT. Sick of it@!
Obama looks unexpected, even clueless.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.