Tag: unemployment

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Unemployment Inches Up In August As Job Growth Misses Expectations

Unemployment ticked up to 4.4% in August as the economy only added 156,000 jobs, missing the mark of an estimated 180,000 jobs.

Via CNBC:

Economists surveyed by Reuters had been expecting payrolls to grow by 180,000 in August and the unemployment rate to hold steady at 4.3 percent. A broader measure that includes discouraged workers and those holding part-time jobs for economic reasons also was unchanged at 8.6 percent.

In addition to missing estimates, previous months’ job totals also were cut. June was revised down from 231,000 to 210,000 while July fell from the initially reported 209,000 to 189,000, the Bureau of Labor Statistics said.

Wage growth also was weak for the month, with average hourly earnings up 0.1 percent for an annualized rate of 2.5 percent. The average work week declined by 0.1 hour to 34.4 hours.

Donald Trump likes to tout his “job-creating” ability. But, just for giggles, let’s compare the number of jobs added to the economy this year and last year during the same time period when Barack Obama was prez:

• 1st 8 months of 2016: 1,548,000

• 1st 8 months of 2017: 1,405,000

Now, if math serves me correctly, there were 148,000 more jobs created in the first 8 months of 2016 than 2017.

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Trump’s Flip-Flops On “Hoax” Unemployment Numbers

Last year, then-candidate Donald Trump called unemployment numbers “one of the biggest hoaxes in modern politics.”

Today, only five months into his presidency, she told the world “the unemployment rate is at a very, very low level.”

The “hoax” numbers are now magically real?

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Unemployment Drops To 4.4%

Please note the curve downward throughout almost all of President Obama’s 8 years in office.

Throughout the campaign, Donald Trump called this metric of measuring unemployment “fake.”

Now that he’s president he calls them “real,” taking credit for the good news.

Via CNN:

The unemployment rate dropped to 4.4%, its lowest level since May 2007.

America added a solid 211,000 jobs in April, far surpassing the disappointing 79,000 jobs gained in March, according to Labor Department figures released Friday.

“It’s a very strong report,” says Michael Arone, chief investment strategist at State Street Global Advisors. “We’re nearing full employment in the US economy.”

The low unemployment rate captures how far the US economy has come since the Great Recession ended in 2009, when unemployment hit 10%.

Many economists say the US is now at or near “full employment,” meaning the unemployment rate won’t go down significantly more. It’s a state, where employers have to pay up to hire, because it becomes hard to find workers. That’s why wage growth is expected to pick up.

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Trump: Unemployment Numbers May Have Been Phony In The Past, But “Very Real Now”

After years of knocking unemployment reports from the Department of Labor Statistics as “phony,” President Trump has a brand-new outlook now that he’s in the White House.

“Don’t believe these phony numbers,” Trump told supporters early last year. “The number is probably 28, 29, as high as 35 [percent]. In fact, I even heard recently 42 percent.”

But when White House spokesman Sean Spicer was asked about the past versus present on the topic of unemployment today, Spicer replied, “I talked to the President prior to this, and he said to quote him very clearly. ‘They may have been phony in the past, but it’s very real now.’”

Watch below.

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GOP: Last February’s 242K New Jobs Was “Disappointing” But Feb 2017’s 235K Is “Great”

The latest jobs report is out from the Department of Labor Statistics and the good news is the effects of the Obama years continues as the U.S. economy added 235,000 jobs, and unemployment fell to 4.7%

The Trump administration, of course, immediately attempted to take credit for the stats. As everyone knows, President Trump’s economic policies have barely begun implementation. Plus, it takes months for policies to begin to affect the economy in a broad, significant manner.

I would note the fact that this February’s numbers (235K) are very similar to the last two February’s stats – February 2015 (238K) and February 2016 (237K). Kind of hard for Trump to take credit when we’re basically on the same track; no real change of direction here.

And then there’s the fact that just last year, Trump called this very same metric for unemployment “phony.”

On February 9, 2016, Trump said in New Hampshire, “Don’t believe those phony numbers when you hear 4.9 and 5 percent unemployment. The number’s probably 28, 29, as high as 35. In fact, I even heard recently 42 percent.”

But, just to show how the Republicans have been spinning job stats for years, take a look at GOP Congressman Kevin Brady’s statements on both February 2016’s jobs report and this year’s.

Funny how 242,000 new jobs were described at “disappointing to see so little growth” in February of last year under Obama, but this year’s 235,000 number rated “This is a great report.”

Check out Brady’s statements below.

Things that make you go “hmm…”

(source)

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Final Jobs Report For Obama Administration Shows 227,000 Jobs Added To Economy

Good news for the final month of President Obama’s administration: the economy added a robust 227,000 jobs, well above last year’s average monthly gain of 175,000.

This report accounts for 76 consecutive months of positive job growth – a run never seen in the history of the United States.

The unemployment rate moved up slightly to 4.8 from 4.7, mainly because more Americans started looking for work.

President Trump proudly boasted about the numbers, which is interesting since none of his policies had been implemented to have an effect on hiring.

Via The Huffington Post:

Trump used to love complaining about the Labor Department’s monthly report, which tallies the number of jobs gained and the unemployment rate.

The unemployment rate hovered around 5 percent for most of the presidential campaign, which economists consider a decently low number. “Don’t believe those phony numbers when you hear 4.9 and 5 percent unemployment,” Trump said last February. “The number’s probably 28, 29, as high as 35. In fact, I even heard recently 42 percent.”

But now, the same metric is suddenly real? #hypocrisy

Interestingly, Fox News suddenly found these numbers “fantastic” today when during the Obama administration better numbers than these were down played.

From Media Matters:

The positive coverage of the report is a complete turnaround for Fox, which went to great lengths to portray strong jobs reports in a negative light during the Obama administration.

In February 2015, the economy added 257,000 new jobs, but Fox was concerned that the unemployment rate ticked up by 0.1 points — the same increase the rate showed in today’s report. In October of that year, Fox & Friends stumbled through a news alert in which a host claimed the economy created “only 271,000 jobs … last month” even though that report, like the data released today, also beat expectations. Last January, Fox’s spin was to claim that 292,000 new jobs was “modest by historical standards,” though it was well over this month’s 227,000.

(source)

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U.S. Economy Adds 156K Jobs In December, Extends Longest Job Growth In American History To 75 Months

The economy added 156,000 jobs in December, extending the longest streak of total job growth in U.S. history to 75 straight months, with U.S. businesses adding 15.8 million jobs over the recovery.

Average hourly earnings for all private workers increased 2.9 percent over the past year, the fastest twelve-month pace since the end of the recession and above the pace of inflation in 2016.

The unemployment rate has been cut by more than half since its peak in 2009, falling much faster and further than expected. After peaking at 10.0 percent in October 2009, the unemployment rate fell rapidly over the course of the recovery, and by mid-2015 had recovered fully to its pre-recession average. Since then, it has fallen even further, standing at 4.7 percent at the end of 2016.

And while we’re at it, just a few more facts to add as Obama closes out his run as president:

(source)

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Unemployment Drops To 4.6% – Lowest Since August 2007

Remember all the cries by Obama bashers who called him “worst president ever!” and “he’s made EVERYTHING worse!”

Well, I’m happy to report that the Bureau of Labor Statistics informs us today that the unemployment rate has dropped to 4.6% – the lowest rate since August 2007.

Kind of a funny definition of “the worst,” huh?

By all metrics this is fantastic news for the U.S. considering the incredibly deep hole the Bush administration left the country in. As Bush departed the White House, the U.S. economy was hemorrhaging over 700,000 jobs a months for several months.

American businesses have added 15.6 million jobs over more than 6.5 years of job growth.

During the month of November, the U.S. economy saw total nonfarm employment increase by 178,000 jobs.

Additionally, reports show that average hourly earnings increased by 2.5% compared with 12 months ago.

Donald Trump says he’s going to “make America great again.” His mantra was “Jobs! Jobs! Jobs!”

Well, he’s being handed an economy in pretty great shape.

If the unemployment rate goes anywhere but down, it will be a clear black mark on his administration.

(source)

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U.S.Economy Adds 161K Jobs In October, Unemployment Drops Under 5%

This should be welcome news for the Clinton campaign as we head into the final weekend of the presidential race. Wages up, unemployment down, and 15.5 million jobs added in the past 80 months.

The Bureau of Labor Statistics reports that the U.S. economy added 161,000 jobs in October.

Additionally, the numbers show hourly earnings have jumped 10 cents over the previous month. That accounts for a 2.8% rise over the past year, the fastest annual wage growth since the end of the recession.

More from NPR:

But the report also revised upward the job growth for August and September. August had been pegged at 167,000 new jobs and is now at 176,000; September had been reported as 156,000 and is now 191,000.

In total, that’s 44,000 additional new jobs over those two months.

The unemployment rate ticked down slightly, back to 4.9 percent.

With unemployment moving further down and wages increasing, as Obama enjoys 54% approval ratings, this can only be seen as good news for Hillary Clinton.

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Economy Adds 255,000 Jobs In July, Unemployment at 4.9%

From the Denver Post:

Employers added a healthy 255,000 jobs last month, a sign of confidence amid sluggish growth that points to a resilient U.S. economy.

The Labor Department said Friday that the unemployment rate remained a low 4.9 percent in July. More Americans launched job searches, and nearly all were hired. But the influx of job seekers meant that the number of unemployed fell only slightly.

Average hourly pay picked up and is 2.6 percent higher than it was a year ago, matching the fastest pace since the recession.

Sales of existing homes reached a nine-year high in June, and sales of new homes accelerated to an eight-year high.