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Thread: U.S. Added 209,000 Jobs in July; Unemployment at 4.3%

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  1. #1
    Senior Member Judy's Avatar
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    U.S. Added 209,000 Jobs in July; Unemployment at 4.3%

    U.S. Added 209,000 Jobs in July; Unemployment at 4.3%

    By NELSON D. SCHWARTZ
    AUG. 4, 2017

    The Labor Department released new hiring and unemployment figures on Friday morning. This is the latest official snapshot of the state of the American economy.

    The Numbers

    • 209,000 jobs were added in July, somewhat above Wall Street economists’ expectations.

    • The unemployment rate was 4.3 percent. June’s jobless rate was 4.4 percent.

    The Takeaway

    Economists had been expecting a gain of 180,000 jobs, with a slight decline in the unemployment rate to 4.3 percent. So the actual data is a convincing sign that the economy is growing faster than other data has suggested.

    But for months now — indeed, years — the missing ingredient in the job report has been robust wage growth. Although pay has occasionally jumped on a monthly basis, there has been little momentum or follow-through, with average hourly earnings up a decent but hardly impressive 2.5 percent on a 12-month basis going into Friday’s report.

    In July, average hourly earnings rose 0.4 percent. That compares with an increase of 0.2 percent in June.

    While faster wage growth would certainly be good news for American workers, Wall Street worries that signs of real tightness in the labor market might force the Federal Reserve to tighten monetary policy more quickly. Very low interest rates have kept the financial markets buoyant, so any sign that the central bank’s easy-money policies are coming to an end could take some of the air out of stocks.

    For all the debate over President Trump’s tweets claiming credit for a strong economy and the rally on Wall Street, the bottom line is that the labor market is fairly healthy — just as it was in recent years under President Barack Obama. Going into Friday’s report, payroll gains averaged 180,000 in the first half of 2017 compared with 193,000 in the second half of 2016.

    As a candidate, Mr. Trump pointed to the participation rate, which is at multidecade lows, and suggested that the true unemployment rate is much higher than is reported.

    So while hiring and the overall unemployment rate continue to be important, an even better gauge of how Mr. Trump is handling the economy in the months ahead will be if wages and labor participation both rise.

    https://www.nytimes.com/2017/08/04/b...mployment.html
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  2. #2
    Senior Member Judy's Avatar
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    That's a good report! But we need new jobs in the 300,000 to 400,000 per month range to fix this mess and to get those kind of job numbers to put Americans back to work and raise wages, we really needed at least the skinny repeal of Obamacare to remove the mandates and taxes so small businesses could unleash their expansions and new job creation without penalty. Tax cuts will help a lot but those are months away now, so the skinny repeal would have really helped to move job creation forward in the meantime.

    I hope McCain, Collins and Murkowski enjoy their month-long paid vacation while unemployed and underpaid American Workers who have never enjoyed the benefit of a month long paid vacation remain forgotten, slighted and ignored by the US Congress.

    Shape up Republicans. This is the time where you corner the bad goats and either get them in line or cull them from the herd. You can not continue to allow 3 members of the US Senate continue to harm our citizens, taxpayers and workers.
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    Senior Member Judy's Avatar
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    US created 209,000 jobs in July, vs 183,000 jobs expected

    The U.S. economy added 209,000 jobs in July and the unemployment rate dipped to 4.3 percent, according to a government report Friday.
    The report comes with the economy at a crossroads as President Trump has promised 3 percent economic growth.

    Jeff Cox
    38 Mins Ago CNBC.com
    August 4, 2017

    Workers assemble cars on the line at the Tesla's factory in Fremont, California.

    July non-farm payrolls rise 209,000, unemployment rate ticks down to 4.3%

    1 Hour Ago | 01:39

    The U.S. economy continued a strong summer, adding 209,000 jobs in July while the unemployment rate fell to 4.3 percent, the lowest since March 2001, according to a government report Friday.

    Economists surveyed by Reuters had expected the report to show growth of 183,000; the unemployment rate met expectations. A more encompassing rate that includes discouraged workers and the underemployed was unchanged at 8.6 percent.

    The number of employed Americans also hit a fresh new high at 153.5 million thanks to a surge of 345,00. The employment-to-population ratio also moved up to 60.2 percent, its highest level since February 2009.

    Stock market futures liked the news, rising to indicate a positive open, while government bond yields also moved considerably higher.

    "Kind of an all-around strong headline number," said Tony Bedikian, head of global markets for Citizens Bank. "More people are coming into the labor force and finding jobs. It's difficult to find anything really negative in the report."

    The closely watched wage number was unchanged from previous months, with average hourly earnings up 2.5 percent on an annualized basis. The average work week also was unchanged at 34.5 hours.

    Bars and restaurants provided the biggest boost for the month with 53,000 more positives, while professional and business services contributed 49,000, the Bureau of Labor Statistics said.

    In addition to the strong July report, June's 222,000 gain was revised up to 231,000 though May was cut from 152,000 to 145,000.

    Significant job gains also came from health care, with 39,000.

    "This is an unambiguously positive jobs report, as it suggests that consumers will have the wherewithal to increase spending (with solid job gains and faster wage growth) and that inflation may be slowly pushed higher by tighter labor and product markets," said David Berson, chief economist at Nationwide.

    If there was a blemish in the month's numbers, it came from the distribution of jobs to lower-income sectors. Job creation was strongly titled to part-time, which gained 393,000 positions, while full-time fell by 54,000.

    Those counted as not in the labor force fell by 156,000 to 94.7 million while the labor force itself surged by 349,000 to 160.5 million.

    The report comes with the economy at a crossroads. While job gains have continued apace during the Trump administration, wage increases have remained tepid as the president has promised growth closer to 3 percent than the average 1.9 percent so far this year.

    President Donald Trump was quick to react, praising the numbers as indicative of stronger growth.

    In addition, the Federal Reserve is watching the numbers closely, particularly for wage increases. The central bank has indicated it plans one more interest rate hike this year as well as the beginning of its program to unwind the bond portfolio it accrued while trying to stimulate the economy out of the financial crisis.

    Indeed, traders increased the chances that the Fed moves again before the end of 2017. Chances of a move at the December meeting are now just above 50 percent.

    "If the labor market continues to tighten over the coming months, as the survey evidence suggests it will, the Fed will press ahead with rate hikes and balance sheet normalization later this year," said Michael Pearce, U.S. economist at Capital Economics.

    https://www.cnbc.com/2017/08/04/us-n...july-2017.html
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    Senior Member Judy's Avatar
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    If there was a blemish in the month's numbers, it came from the distribution of jobs to lower-income sectors. Job creation was strongly titled to part-time, which gained 393,000 positions, while full-time fell by 54,000.
    This is from failure to repeal Obamacare. Shame on McCain, Collins and Murkowski. Enjoy your month-long paid vacations while forgotten Americans who have never enjoyed a paid vacation let alone a month long paid vacation continue to struggle with no job or a part-time job because you refused to vote yes for the skinny repeal of Obamacare whose mandates and tax penalties stifle full-time employment, even in an otherwise rebounding economy.
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    Senior Member 6 Million Dollar Man's Avatar
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    Awesome!!! Trump Rules!!!

  6. #6
    Senior Member Judy's Avatar
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    Yes, he does, 6 Million Dollar Man!! Trump Train Roarin'!!
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    Any good news is good, and taking nothing away from Pres. Trump, but I wonder if these figures are 'adjusted for'?

    I think Pres. Trump is fighting on so many fronts and so much ingrained corruptions, it's a wonder he gets anything done.

    Also, I always wonder how many of these jobs went to Americans - how many went to illegals, new immigrants and 'refugees'.

    Maybe I'm a pessimist - but I think I'm actually a realist.

  8. #8
    Senior Member Judy's Avatar
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    Quote Originally Posted by nntrixie View Post
    Any good news is good, and taking nothing away from Pres. Trump, but I wonder if these figures are 'adjusted for'?

    I think Pres. Trump is fighting on so many fronts and so much ingrained corruptions, it's a wonder he gets anything done.

    Also, I always wonder how many of these jobs went to Americans - how many went to illegals, new immigrants and 'refugees'.

    Maybe I'm a pessimist - but I think I'm actually a realist.
    Oh at least half of them went to illegal aliens, immigrants and foreign workers. That's why the wage increases while rising are rising so slowly and many of the new jobs were part-time jobs. Full-time jobs actually fell a little bit.
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