Jobs Report Shows US Economy Gained 850,000 Jobs In June

The U.S. added 210,000 jobs in November as the unemployment rate fell to 4.2%

Fewer and fewer Americans are filing for unemployment benefits as the economy recovers from COVID

The Labor Department reports employers added a better-than-expected 850,000 jobs to the U.S. economy in June.

Additionally:

• Average hourly earnings have risen 3.6% from a year ago, which continues the trend of the past two months.

• U.S. consumer confidence rose to 127.3 – a 16-month high.

• The stock market continues strong as the S&P 500 closed out the first half of the year at a record high of 4,297.50.

• The nonpartisan Congressional Budget Office said Thursday that the economy was on track to recover all the jobs lost in the pandemic by the middle of next year.

Unemployment Claims Drop Sharply To Lowest Level Of Pandemic

The U.S. added 210,000 jobs in November as the unemployment rate fell to 4.2%

Fewer and fewer Americans are filing for unemployment benefits as the economy recovers from COVID

Signs of progress as new unemployment claims dropped to their lowest level of the pandemic last week and retail sales surged 9.8% in March.

From the New York Times:

Jobless claims fell last week to their lowest level of the pandemic and the latest data on retail sales blew past expectations, renewing confidence in a dynamic economic revival.

About 613,000 people filed first-time claims for state unemployment benefits last week, the Labor Department said Thursday, a decrease of 153,000 from the previous week.

In addition, 132,000 filed for Pandemic Unemployment Assistance, a federal program that covers freelancers, part-timers and others who do not routinely qualify for state benefits. That was a decline of 20,000 from the previous week.

Read the full article here.

Unemployment Remains At 4.1% For Sixth Month In A Row

The March jobs report is out and, according to experts, its something of a disappointment.

The U.S. economy added just 103,000 jobs were added last month. Wall Street economists expected 185,000, according to Bloomberg.

For the 6th straight month the unemployment rate remained at 4.1%.

Average earnings per hour are up 2.7% compared to this time last year.

The January and February reports were revised down which resulted in 50,000 less new jobs than previously reported.

All of that said, the U.S. economy is showing itself to be in solid shape, as it has been now for 8 years.

This isn’t something new, something that Donald Trump has created. With 90 straight months now of positive growth, it’s notable that the first 76 of those months were heavy-lifting under the Obama administration coming out of the worst economic downturn since the Great Depression.

The good news is Trump’s policies haven’t had a negative effect as we continue on the same trajectory of the previous 7 years before him.

The bad news is wage growth is not being reflected in a way that most economists expect.

Republicans will always tell you jobs mean more money. And certainly having a job means having money.

But considering the healthy economic environment we’re seeing, employers are not passing that on to employees in the form of higher wages.

In light of the current employment market, an increase of only 2.7% in hourly wages is on the measly side.

We’ll see if the possible trade war with China has an impact on the U.S. jobs market in the next 6-8 months.

(source)