"...the Labor Department said...economy in July delivered a second consecutive month of robust hiring and rising wages in a signal that the expansion is strengthening, not ebbing, as it enters its eighth year." Bloody Well Far Out! That makes 77 consecutive months the private sector has had positive job growth.
Robust hiring, rising wages, expansion strengthening, enters eighth year...Now, really, does that sound like, "our country is in terrible shape" or that "our country is in horrible shape" as the Republican candidate for president really wants "we the electorate" to think? Bah!
Robust hiring, rising wages, expansion strengthening, enters eighth year...Now, really, does that sound like, "our country is in terrible shape" or that "our country is in horrible shape" as the Republican candidate for president really wants "we the electorate" to think? Bah!
Mr. Statman said. “In San Francisco, if you’re talking about software engineers or developers, it’s very hard. It takes a long time, and there’s a huge amount of hunger out there for people with these skills.”
Maybe if companies wouldn't have people train foreigners as their own replacements, lay them off, and remind them "mum is the word" or no severance pay through pre-signed hiring clauses they'd have plenty of workers. Do ya think?
Maybe if companies wouldn't have people train foreigners as their own replacements, lay them off, and remind them "mum is the word" or no severance pay through pre-signed hiring clauses they'd have plenty of workers. Do ya think?
3
In a free market capitalist economy, you cannot have wage growth without low unemployment. The biggest thing to support wage growth as a general trend across the economy is to not do anything dramatic which will put the economy back into a tailspin.
What most people don't seem to appreciate is the primary thing businesses need is stability for the purposes of planning. Set the rules at just about anything, but leave them there and don't muck with them, and businesses will adjust and the economy will stabilize on a solid growth path. Let crazy disruptive hair-brain schemes and gamblers put the economy into a tailspin again, and kiss solid growth and wage growth goodbye.
Prior to Bill Clinton, the consensus among economists was pushing unemployment below 5% would create inflation and thus unemployment should not be allowed to go below 5%. Those people who remember back to pre-Clinton, 5%-6% unemployment was considered "great".
With the strong economy under Bill Clinton, they experimented with sub-5% unemployment and discovered there was no issue. Inflation could be kept under control. So from an historical viewpoint (as in Reagan's time and earlier) these sub-5% unemployment numbers would actually have been considered "dangerously too low" and would have been driven back up to over 5%.
If you want strong solid growth with strong solid growth wage increases, NO HAIR-BRAIN SCHEMES. Also make sure regulations are in place to stop gamblers from mucking with it as well.
What most people don't seem to appreciate is the primary thing businesses need is stability for the purposes of planning. Set the rules at just about anything, but leave them there and don't muck with them, and businesses will adjust and the economy will stabilize on a solid growth path. Let crazy disruptive hair-brain schemes and gamblers put the economy into a tailspin again, and kiss solid growth and wage growth goodbye.
Prior to Bill Clinton, the consensus among economists was pushing unemployment below 5% would create inflation and thus unemployment should not be allowed to go below 5%. Those people who remember back to pre-Clinton, 5%-6% unemployment was considered "great".
With the strong economy under Bill Clinton, they experimented with sub-5% unemployment and discovered there was no issue. Inflation could be kept under control. So from an historical viewpoint (as in Reagan's time and earlier) these sub-5% unemployment numbers would actually have been considered "dangerously too low" and would have been driven back up to over 5%.
If you want strong solid growth with strong solid growth wage increases, NO HAIR-BRAIN SCHEMES. Also make sure regulations are in place to stop gamblers from mucking with it as well.
As usual, the GOP and Donald lie and twist the facts to fit their narrative. First of all, who says it is a slow recovery? Considering it was the worst economic melt down since the great depression, how quickly would a reasonable person expect conditions to improve? Had the Congress participated, and did their job, many programs could have been enacted to prime the economy, but they clung to their hate instead.
As far as the "real numbers" for unemployment, it is very simple math. Take the total population of America, subtract children, subtract the retired, subtract students, the remainder are the employable. Based on that number, we have the lowest unemployment since 1972. Period.
As far as the "real numbers" for unemployment, it is very simple math. Take the total population of America, subtract children, subtract the retired, subtract students, the remainder are the employable. Based on that number, we have the lowest unemployment since 1972. Period.
The doom voiced over last week's figures and the disappointment in the same quarters of these very good figures reveals a lot about our country's problems. One Republican voiced the opinion that "these figures are good for Democrats", rather than "these figures are good for our country".
1
The employment numbers can't disguise that minimum wage jobs can't purchase the same goods and services of 20 yes ago; household debt is at 2008 levels.
And since so many products are made oversees, there's no economic loop. Ditto for service industries that can hire foreign help to lower wages, the point is that everything is in flux. In actuality there's no American economy per second. Except for govt r & d and military .
Anyways job growth needs to be 300 000 per month to see more people moving into the middle class, is.
And since so many products are made oversees, there's no economic loop. Ditto for service industries that can hire foreign help to lower wages, the point is that everything is in flux. In actuality there's no American economy per second. Except for govt r & d and military .
Anyways job growth needs to be 300 000 per month to see more people moving into the middle class, is.
1
It's A New World
The Obama Administration has managed our economic recovery from the Bush-Cheney debacle of 2003 - 2008 so well the Republicans have only two retorts ... (1) "the recovery from the Great Recession has not been as swift as have been recoveries from earlier recessions" and (2) "the only way we can confront our national debt is by giving tax breaks to the wealthy amongst us." That's it!
Those folks are still living in the halcyon days of the twentieth-century where, when the "United" States shouted "Jump," the rest of the world whimpered "How high?" It's a new world, and, indeed, it's a new world economy. I'm not counting on it, but it's time for the GOP to come to terms with that, admit their complicity, and cooperate with the Democrats in putting the Middle Class of this country back on its feet again.
The first step for the Clinton Administration? ... a win-win strategy for rebuilding our infrastructure.
The Obama Administration has managed our economic recovery from the Bush-Cheney debacle of 2003 - 2008 so well the Republicans have only two retorts ... (1) "the recovery from the Great Recession has not been as swift as have been recoveries from earlier recessions" and (2) "the only way we can confront our national debt is by giving tax breaks to the wealthy amongst us." That's it!
Those folks are still living in the halcyon days of the twentieth-century where, when the "United" States shouted "Jump," the rest of the world whimpered "How high?" It's a new world, and, indeed, it's a new world economy. I'm not counting on it, but it's time for the GOP to come to terms with that, admit their complicity, and cooperate with the Democrats in putting the Middle Class of this country back on its feet again.
The first step for the Clinton Administration? ... a win-win strategy for rebuilding our infrastructure.
1
President Reagan inherited from Jimmy Carter, a much worse economy than president Obama did from president Bush,and still the economy of P Reagan grew by close to 5% per year,while the American economy under P Obama grew only by 2% per year and that's after printing 10 Trillion Dollars, (10,12 zeros) nothing to be proud of.
1
The surprise that the job market gains over the past several years continue even as some indicators of future prosperity are flat or declining shows that the "experts" no longer know what they're talking about.
For example, many economists seem to think the drop in oil prices is a bad thing -- and it is for some people in some places, but not for the vast majority of gasoline users who now have substantially more cash in their pockets than before.
It's interesting to watch how gasoline prices play out in some places, as well. Here in Troy, OH, the evident prevailing wisdom of gas station operators is that prices exceeding $2.39 a gallon are acceptable to auto owners.
These prices stand in contrast to prices below $2 nearly everywhere else, and substantially less than $2 in many places. These prices also stand in contrast to prices in Piqua, OH, less than ten miles north, where price volatility has been substantially higher, with gasoline often selling for as much as 60 cents per gallon less than in Troy.
What the hell is going on with the economy is not something you are likely to learn from economists, is my opinion. Nor from anyone else. We are living in very interesting times.
For example, many economists seem to think the drop in oil prices is a bad thing -- and it is for some people in some places, but not for the vast majority of gasoline users who now have substantially more cash in their pockets than before.
It's interesting to watch how gasoline prices play out in some places, as well. Here in Troy, OH, the evident prevailing wisdom of gas station operators is that prices exceeding $2.39 a gallon are acceptable to auto owners.
These prices stand in contrast to prices below $2 nearly everywhere else, and substantially less than $2 in many places. These prices also stand in contrast to prices in Piqua, OH, less than ten miles north, where price volatility has been substantially higher, with gasoline often selling for as much as 60 cents per gallon less than in Troy.
What the hell is going on with the economy is not something you are likely to learn from economists, is my opinion. Nor from anyone else. We are living in very interesting times.
1
These data, when considered with those who have stopped searching for a job, do not accurately reflect the actual situation, and the data, as-is, is used for propaganda.
1
“This was everything you could have asked for, maybe more,” said Michelle Meyer, head of United States economics at Bank of America..."
If Clinton wants to defeat Trump, after patting herself on the back for the job stats she MUST insist that we very much want to do better and better in having more and more Americans employed. All this complacent self-congratulation is poison unless there is recognition that many Americans continue unemployed. One can always acknowledge something is very good while wanting it to still be much better. Otherwise the establishment Deocarts, like HRC, will continue to be seen as coldly self-satisfied and not giving a d-mn about anyone else but their neoliberal selves.
If Trump wins, and disaster ensues, it will be because establishment Democrats the parasites on Wall Street and the rich owners of corporate America were put first and the men and women who built this country were made last. HRC et al have to stop quietly trying to diminish the great meaning of Bernie Sanders power and popularity while pretending to honor it.
If Clinton wants to defeat Trump, after patting herself on the back for the job stats she MUST insist that we very much want to do better and better in having more and more Americans employed. All this complacent self-congratulation is poison unless there is recognition that many Americans continue unemployed. One can always acknowledge something is very good while wanting it to still be much better. Otherwise the establishment Deocarts, like HRC, will continue to be seen as coldly self-satisfied and not giving a d-mn about anyone else but their neoliberal selves.
If Trump wins, and disaster ensues, it will be because establishment Democrats the parasites on Wall Street and the rich owners of corporate America were put first and the men and women who built this country were made last. HRC et al have to stop quietly trying to diminish the great meaning of Bernie Sanders power and popularity while pretending to honor it.
U6 which is 9.6% is the real unmeployment number.
If the economy is so good and generating jobs,why
so many people are forced to work part time while they
would like to have full time jobs. Apparently they can't
find full time jobs. Employment is still a fuzzy number.
Dept. of Labor's manipulation, excluding many, gives
false impression of full employment. An unusually
large number, 8 million to 14 million, are on disability.
They are not counted. No wonder labor participation rate
is historically low. In another report on slow growth in
today's paper underlines sluggish demand as the reason
for slow growth. Part timers and under employed don't
have discretionary purchasing power after paying rent, gas
and food and heaven forbid for day care center.
If the economy is so good and generating jobs,why
so many people are forced to work part time while they
would like to have full time jobs. Apparently they can't
find full time jobs. Employment is still a fuzzy number.
Dept. of Labor's manipulation, excluding many, gives
false impression of full employment. An unusually
large number, 8 million to 14 million, are on disability.
They are not counted. No wonder labor participation rate
is historically low. In another report on slow growth in
today's paper underlines sluggish demand as the reason
for slow growth. Part timers and under employed don't
have discretionary purchasing power after paying rent, gas
and food and heaven forbid for day care center.
1
Republicans have a ready answer for whatever happens in the economy: the economy is in the dumps thanks to Obama and the economy is recovering thanks to the Congress not letting Obama govern.
4
Meanwhile, Trump has outsourced production of his products, like his ties to China, etc. Why would anyone think he cares about workers now, when he never did before.
1
included in this skewed data are full-time jobs with health benefits given by Walmart and Starbuck's.
1
The source of much angst for older workers is good paying jobs for those with limited education have gone away. This is problem is growing. Factories are changing and have less jobs and remaining jobs are technical. Jobs for those with limited education have pay poorly. Congress needs to work on this problem. Rather than blaming the President the Republicans they need to consider this and other problems and try to solve them.
6
Republicans are downplaying and criticizing the job numbers, implying that these jobs are not "good enough."
Remember not so long ago when the Republican mantra was "any job is a good job?"
My my, how things have changed.
Remember not so long ago when the Republican mantra was "any job is a good job?"
My my, how things have changed.
7
The post 9/11 recession and the one that followed from 2008 - 2012 (2 on W's watch) were the most miserable economic years of most Americans alive today that didn't live through the Great Depression. Our own state (Minnesota) never once had a sane and balanced budget deliberation during the Governership of Tim Pawlenty. The work that has been done to pull us out of that morass is not to be dismissed or discounted. I've no doubt people still struggle economically and face hardship but far fewer do than before Obama become President. Suggesting otherwise is a malicious lie. The GOP's long nurtured economic prescription is on full display in Brownback's Kansas. How they can even argue the point is absurd.
8
So many liberals point to the failures in republican governed Kansas but never note the success in republican governed Indiana which has the 2nd fastest growth of any US state. Wonder why?
2
This headline gives clear evidence of how oblivious and clueless the "give them cake" NYC/DC based media is of the harsh economic reality of millions of Americans across our nation. It's like what happened recently in the UK, where the London based media was so unaware of the bleak economic reality in so many parts of the UK, they felt that Brexit was going to hugely flop and fizzle.
4
Great news! Maybe the sky is not falling as The Donald suggests? One measure that always seems confusing to me is that there is this huge cohort of underemployed people out there. One category is part-time employees who, some believe, are yearning for full time employment. Is that true? And how do we know that? Another group might be people who majored in fields where there is no demand. Are they underemployed because they can't find a job in their field? Then there are those whose industries have gone overseas. These are people who need retraining and possibly relocation to areas where jobs exist. Are they underemployed if they decide to stay put and blame immigrants for their plight? Just wondering.
3
The way we know about employment conditions, including the number working part time for economic reasons, is that we ask people. Each month the Census Bureau on behalf of the Bureau of Labor Statistics interviews one person in each of 60,000 households and collects detailed employment information about the adult members of the households, about 110,000 persons in all. That is a huge sample compared to those used in opinion polls but is much smaller than the sample of payroll employers that includes more than 44.5 million employees.
There are a great many Americans working part time (that is less than 35 hours), about 24.8 million in the week ended July 17 according to yesterday's report. Most of them, 18.7 million, worked part time by choice or necessity, but the other 6.0 million worked part time for economic reasons. Of those, 3.7 million worked part time because there wasn't enough work due to business conditions and 2.0 million because they believe they could not find full time work. The rest worked part time for seasonal reasons.
Since unemployment peaked in October 2009, the seasonally adjusted number of Americans working full time has increased by 12,943,000 while the number working part time increased by 133,000, and since the ACA was enacted full time is up 12,730,000, part time, 37,000. From the employer survey, seasonally adjusted average weekly hours worked per job has increased from 34.4 in July 2006 to 34.5 in the July 2016 preliminary report.
There are a great many Americans working part time (that is less than 35 hours), about 24.8 million in the week ended July 17 according to yesterday's report. Most of them, 18.7 million, worked part time by choice or necessity, but the other 6.0 million worked part time for economic reasons. Of those, 3.7 million worked part time because there wasn't enough work due to business conditions and 2.0 million because they believe they could not find full time work. The rest worked part time for seasonal reasons.
Since unemployment peaked in October 2009, the seasonally adjusted number of Americans working full time has increased by 12,943,000 while the number working part time increased by 133,000, and since the ACA was enacted full time is up 12,730,000, part time, 37,000. From the employer survey, seasonally adjusted average weekly hours worked per job has increased from 34.4 in July 2006 to 34.5 in the July 2016 preliminary report.
The interesting thing here is while the minimum wage is being pushed the job markets continues to grow.
8
his is still absolutely horrible. The labor participation rate is at 59.2% which means that millions of American's are still unable to find work. On top of this millions are still earning much less than they could earn a few short years ago which means wages are dropping instead of increasing. Recent college grads are probably having a hard time finding employment and the Black unemployment rate is still horribly out of step with the others racial groups. All in all this report tries to show the administration in a positive light but looking under the hood shows there is no motor pulling the car only tired rats.
5
Sigh.
The part rate is 62.8%, which is a) not great, and b) still down from 10 years ago.
By the way, did it occur that when you get really good jobs numbers but the overall unemployment rate stays the same, maybe that happened because more people entered the market?
The part rate is 62.8%, which is a) not great, and b) still down from 10 years ago.
By the way, did it occur that when you get really good jobs numbers but the overall unemployment rate stays the same, maybe that happened because more people entered the market?
1
Sorry, but I no longer take these numbers at face value.
The Labor Dept was caught red-handed fudging economic numbers in the fall of 2012, just in time to get Obama re-elected. After the election, all those numbers were mysteriously revised downward.
It could easily be happening again.
The Labor Dept was caught red-handed fudging economic numbers in the fall of 2012, just in time to get Obama re-elected. After the election, all those numbers were mysteriously revised downward.
It could easily be happening again.
6
Sorry, but I haven't taken these far-right conspiracy theories seriously since last century.
1
Let's give Obama credit for a job well done. He brought the country back from the brink of economic collapse. He is passing on an economy in long recovery and with strong fundamentals for years to come. Democrats need to tout it and promise to build on it. This should include a strong infrastructure package, expansion of Medicaid in the states still resisting Obamacare, and investments in public education and affordable rental housing.
6
Obama could have done even more than he was able to accomplish if his plans for infrastructure investment had not been thwarted by a reactionary Congress, a Congress that refused to admit, or understand, that such investment would have offered a return both direct and indirect that would have paid back that investment and much much more.
Yeah, nice numbers. Good friend who was a silicon wafer production manager making six-figures till his factory and job were shipped overseas seven years ago. Now works for $14/hr and medical benefits till he reaches the age of 65.
This "recovery" for all too many is a fraud, especially for those in their late forties and early fifties.
We need the jobs back, not more government programs and benefits.
This "recovery" for all too many is a fraud, especially for those in their late forties and early fifties.
We need the jobs back, not more government programs and benefits.
6
This economic news look auspicious for Hillary and (another) bad news for Donald Trump.
The question is whether a robust economic performance and job creation will be enough to elect Hillary in November. The odds seem to favor the democrat candidate at this juncture.
The question is whether a robust economic performance and job creation will be enough to elect Hillary in November. The odds seem to favor the democrat candidate at this juncture.
11
This is still absolutely horrible. The labor participation rate is at 59.2% which means that millions of American's are still unable to find work. On top of this millions are still earning much less than they could earn a few short years ago which means wages are dropping instead of increasing. Recent college grads are probably having a hard time finding employment and the Black unemployment rate is still horribly out of step with the others racial groups. All in all this report tries to show the administration in a positive light but looking under the hood shows there is no motor pulling the car only tired rats.
5
True.
But in this new media I wonder how effectively traditional news organizations like NYT clearly observes and accurately reports what is happening.
Once upon a time journalists were the people telling us what we could not witness for ourselves. That is no longer true.
I do thank NYT for making this venue available.
But in this new media I wonder how effectively traditional news organizations like NYT clearly observes and accurately reports what is happening.
Once upon a time journalists were the people telling us what we could not witness for ourselves. That is no longer true.
I do thank NYT for making this venue available.
Not true. Please look it up.
And please read the whole article next time. It's discussed. Extensively.
And please read the whole article next time. It's discussed. Extensively.
The number of jobs is only relevant if you also include the number of people LOOKING and the number in the total jobs market -- for example (no matter who is POTUS) if you have 3 million new people entering the jobs market, and create 2 million new jobs -- even though that is a lot of jobs, it is a huge shortfall of the NEED of jobs.
We keep bringing in new immigrants -- illegal aliens -- H1Bs -- the illegals already here, fearless in their sanctuary cities -- "dream act" teens and 20-somethings with green cards -- AND US citizens desperately trying to find work. Even though the current numbers may "sound like a lot", they are NOT if you are one of the folks LOOKING FOR A JOB.
We keep bringing in new immigrants -- illegal aliens -- H1Bs -- the illegals already here, fearless in their sanctuary cities -- "dream act" teens and 20-somethings with green cards -- AND US citizens desperately trying to find work. Even though the current numbers may "sound like a lot", they are NOT if you are one of the folks LOOKING FOR A JOB.
16
You know--well, actually you don't--that if you read the article, this was addressed.
See, here's the amazing deal! When the new jobs number go up but the unemployment stays steady at 4.9% (and I am just a forlorn commie, but I swear I recall that it was going in for three times that in 2008, not to mention Mitt's promise, promise, that he would have it down to 6% this year), why, golly, maybe more people are coming back into the market!!
See, here's the amazing deal! When the new jobs number go up but the unemployment stays steady at 4.9% (and I am just a forlorn commie, but I swear I recall that it was going in for three times that in 2008, not to mention Mitt's promise, promise, that he would have it down to 6% this year), why, golly, maybe more people are coming back into the market!!
1
Your fear mongering about immigrants may work with Trump's poorly educated base, but don't kid yourself. Americans aren't clamoring for the kind of jobs held by "illegal aliens." If you are "desperately" trying to find work, including the possible need for training, education or even moving, you shouldn't have much of a problem. The ratio of unemployed to job openings (currently 1.4) hasn't been materially better in about 15 years. If you're just shuffling your resume around, that may not work. I realize that many red states have areas that are quite distressed. If that's the case, you may need to seek employment elsewhere.
1
The number of jobs is only relevant if you also include the number of people LOOKING and the number in the total jobs market
^ Total jobs and number of people looking are a part of every monthly jobs report.
Maybe actually read it - before complaining about it in all caps.
^ Total jobs and number of people looking are a part of every monthly jobs report.
Maybe actually read it - before complaining about it in all caps.
4
Please stop. For the last 16 odd years the government trots out statistics to great fanfare only to quietly downgrade them later. Do you think this is a coincidence that this is happening around election time?
14
Uh, for the last three months, the revisions quietly go up. Not to mention that when Bush was in charge, there was, shall we say, an unsubtle crater.
Please stop.
Please stop.
1
The stats are what they are.
Jpbs were lost under Bush II.
Jobs were gained under Carter, Clinton and Obama.
Jpbs were lost under Bush II.
Jobs were gained under Carter, Clinton and Obama.
6
re: Do you think this is a coincidence that this is happening around election time?
^ Do you realize the Obama administration is about to become the 1st in history to have job growth in every single month of a full 4 year Term?
^ Do you realize the Obama administration is about to become the 1st in history to have job growth in every single month of a full 4 year Term?
5
On the one hand, Republicans want to moan about all of the folks who still can't find jobs or have stopped looking for wok out of despair at President Obama's allegedly wild-eyed socialist policies. Then they turn around and say that these people are jobless due to their own moral failing, e.g., those on public assistance and the lower economic tier (the infamous 47%) only "want free stuff" because they don't want to have to work for a living. So which is it, Trumpskies?
19
This is progress. One day we can all flip burgers. And eat cat food.
18
From the article, “Business has been great. Kids coming out of college are getting hired, and we’re seeing a lot of activity in the $50,000 to $150,000 category."
Don't be so grim, these jobs are clearly not all flipping burgers.
Don't be so grim, these jobs are clearly not all flipping burgers.
4
One day you will stop buying foreign goods and services, and the not so poor and middle class will be able to eat the occasional steak again.
5
Thank you Obama! I'd say poor guy gets no credit... but problem is Obama doesn't know how to bring attention to it so he can get credit. Amazing President. LOUSY at public relations.
12
This must 'splain the very high approval ratings of 54%.
Were his big words difficult for you?
Were his big words difficult for you?
Clinton was an even better economic President with even worse foreign relations.
He gave Americans the best economy they had ever seen - lowest unemployment, lowest poverty rate, rising wages, balanced budget....and they still said so what and elected Bush over VP Gore.
sigh.
He gave Americans the best economy they had ever seen - lowest unemployment, lowest poverty rate, rising wages, balanced budget....and they still said so what and elected Bush over VP Gore.
sigh.
3
Lets all vote to go back to the bush economy - collapsing banks - financial system - double digit unemployment - that is the ticket - and I am sure trump can deliver that and many more debacles.
23
Until the last few months, the Bush economy was no worse than this, and in some critical ways, better.
I had a better, higher paying job and my house was worth 70% more in the Bush years -- and my savings were earning 2.5% interest. Today they are earning 0.10% interest.
The economy is made up of a LOT more than just "jobs" -- they are important, of course -- but the raw numbers mean nothing if you are SIMULTANEOUSLY exploding the population and brining in H1Bs -- or if the "jobs" are mostly part time, fast food, gig jobs.
I had a better, higher paying job and my house was worth 70% more in the Bush years -- and my savings were earning 2.5% interest. Today they are earning 0.10% interest.
The economy is made up of a LOT more than just "jobs" -- they are important, of course -- but the raw numbers mean nothing if you are SIMULTANEOUSLY exploding the population and brining in H1Bs -- or if the "jobs" are mostly part time, fast food, gig jobs.
11
that's weird. my clients are paying me a timely manner and in full. my savings, at this stage in life conservatively invested in an s&p index fund and more aggressively in a broader based fund, are doing just fine, and my house has increased in value +/- 25% to 30% since the bottom dropped out of the bush economy. i don't know where anywheresville is, but it isn't anywheres near here.
6
A good month for employment data, but the AJSN, showing latent demand for American jobs, says we could easily fill 18.4 million new ones! Why, and what was in this morning’s report? See http://worksnewage.blogspot.com/2016/08/july-had-peaceful-and-positive-j....
3
If this continues, the Republicans are finished, and certainly Trump is "fired."
5
Congratulations Mr President and Democrats - you did it with one hand tied behind your back - the enemy of the middle class - the republicans - continue their abysmal failures - they even go on vacation without funding for the zika virus. Turn out the republican dead wood in November.
22
What on earth does this have to do with Obama? Is he secretly running a chain of fast food restaurants? Is he funding internet startups under an executive order that's been classified? The president has little or nothing to do with job growth. That's the responsibility of the congress - fiscal policy and the FED - monetary policy. A bit of research will show that Congress has done nothing about the slow growth for the past 4 years and the FED has been carrying the load. All we have to do is to reform the tax code so at every income level we all pay the same tax and the deficit could be erased or we could fund more good stuff. Is it really right that people like Trump and Buffet pay a low rate and many others with less incomes pay a higher rate? Please inform the readers about who's actually doing what to stimulate job growth - it sure isn't Obama or Paul Ryan or Mitch McConnell.
5
You are correct. ANY President (conservative or liberal) has only a minimal, non-direct effect on jobs.
For example, liberals like to blame Bush 43 for the crash of '08 -- but it was a WORLD-WIDE economic slump and still going on in Europe. It was not localized to the US. I agree that the Bush Administration had some bad, lame policies and I objected to the wars in Iraq & Afghanistan -- but the crash cannot be laid entirely at their feet. A lot of it dates back to the undoing of Glass Steagall, 12 years earlier under CLINTON.
The most you can say is that the President has SOME effect on the general economy, but it is not so specific that any one job can be attributed to any one POTUS, nor any one job LOSS.
For example, liberals like to blame Bush 43 for the crash of '08 -- but it was a WORLD-WIDE economic slump and still going on in Europe. It was not localized to the US. I agree that the Bush Administration had some bad, lame policies and I objected to the wars in Iraq & Afghanistan -- but the crash cannot be laid entirely at their feet. A lot of it dates back to the undoing of Glass Steagall, 12 years earlier under CLINTON.
The most you can say is that the President has SOME effect on the general economy, but it is not so specific that any one job can be attributed to any one POTUS, nor any one job LOSS.
8
So how much is Trump pauing.....or not payimg?
1
Here's a different story about US employment. My friend's wife has been a contract software engineer for 30 years since her BSCS degree. She is an asset to every company that hires her.
* She avidly learns new programming languages, software engineering techniques, the use of new programming environments, etc. etc.
* She has been a repeat hire for many of the companies she has worked for.
* If she encounters a hostile work environment, she goes to management and offers to leave the current project unfinished unless they fix it, and has walked out on rare occasions. She is so valued that this works: no sexism or ageism has hampered her career.
* In 30 years, she has never been unemployed for more than two weeks.
Let's contrast her situation with the vast majority who are not doing well in the job market.
* Too many have no opportunity (or inclination) to update skills continuously.
* Management views most employees as "work units" who are easily interchanged with new hires.
* Most have no leverage with employers to fix unacceptable working conditions, since union representation has been systematically dismantled by management.
As a result, sexism and ageism are rampant, and fear of job loss prevents complaints.
* Once unemployed, finding a new job is difficult for all the above reasons.
Getting a high-tech degree and being highly motivated cannot solve the big problem with jobs in the US. Deep structural reforms are necessary.
* She avidly learns new programming languages, software engineering techniques, the use of new programming environments, etc. etc.
* She has been a repeat hire for many of the companies she has worked for.
* If she encounters a hostile work environment, she goes to management and offers to leave the current project unfinished unless they fix it, and has walked out on rare occasions. She is so valued that this works: no sexism or ageism has hampered her career.
* In 30 years, she has never been unemployed for more than two weeks.
Let's contrast her situation with the vast majority who are not doing well in the job market.
* Too many have no opportunity (or inclination) to update skills continuously.
* Management views most employees as "work units" who are easily interchanged with new hires.
* Most have no leverage with employers to fix unacceptable working conditions, since union representation has been systematically dismantled by management.
As a result, sexism and ageism are rampant, and fear of job loss prevents complaints.
* Once unemployed, finding a new job is difficult for all the above reasons.
Getting a high-tech degree and being highly motivated cannot solve the big problem with jobs in the US. Deep structural reforms are necessary.
14
The plural of anecdotes is not data. I'm happy for your friend, but she's lucky -- computer tech is in a HUGE growth pattern -- except for medicine, it is one of the few growth industries.
Even so, I know programmers and analysts who HAVE lost jobs. It is grossly unfair to assume your friend keeps more updated than the folks I know.
I work in a different but related field, and I keep up with technology and training, and I've been laid off 3 times in 16 years. My husband is an engineer, with loads of tech & computer skills, goes to certification & training courses yearly and even so, he's been laid off several times.
I am quite aware that lefty liberals who have been very fortunate in their careers (like public union employees with tenure) tend to turn their noses up and declare anyone suffering (if they are working class whites, anyways) is a "loser". Mr. Egan today declares them "sore losers" with the emphasis on "loser".
Of course, if you are an economic loser with black or brown skin....then it's not your fault. It is bigotry and evil white people holding you back. But if you are WHITE...then it is totally your fault. You should stop voting and just die, so that the liberals can take over with the annoyance of having to deal with you.
You also fail to mention age discrimination. If your friend has never dealt with this, she is extraordinarily lucky.
Even so, I know programmers and analysts who HAVE lost jobs. It is grossly unfair to assume your friend keeps more updated than the folks I know.
I work in a different but related field, and I keep up with technology and training, and I've been laid off 3 times in 16 years. My husband is an engineer, with loads of tech & computer skills, goes to certification & training courses yearly and even so, he's been laid off several times.
I am quite aware that lefty liberals who have been very fortunate in their careers (like public union employees with tenure) tend to turn their noses up and declare anyone suffering (if they are working class whites, anyways) is a "loser". Mr. Egan today declares them "sore losers" with the emphasis on "loser".
Of course, if you are an economic loser with black or brown skin....then it's not your fault. It is bigotry and evil white people holding you back. But if you are WHITE...then it is totally your fault. You should stop voting and just die, so that the liberals can take over with the annoyance of having to deal with you.
You also fail to mention age discrimination. If your friend has never dealt with this, she is extraordinarily lucky.
8
Read my post again. She has put up with neither ageism nor sexism.
My larger point is not that she is lucky, she is not and has earned everything due her. It is all about the contrast between her and what is available to many people who are not doing well in the job market.
My larger point is not that she is lucky, she is not and has earned everything due her. It is all about the contrast between her and what is available to many people who are not doing well in the job market.
1
I too work in Tech with multiple degrees and multiple advanced tech certs. I know many, many people who work in tech who have in the past couple of years who had to take pay cuts after getting laid off. I was one. Usually these highly educated people work for 10-15K less than they made at their last job or they moved far from their home to obtain employment like I did. With a glut of immigrants who work in tech wages are dropping while costs are increasing. We Americans find ourselves competing for jobs with people who can barely speak English who will work for half what the job paid a few short years ago. Most of these immigrants are barely qualified to hold the jobs but they have minimal skills and they will work for much less. It's also pretty easy to replace them since they don't understand U.S. laws and customs.
6
But hey the trade deficit increased by 10% over the same period.
Three cheers for the job gain in the Obamaian miserable minimum wage service economy.
phooey....phooey..phooey.
Three cheers for the job gain in the Obamaian miserable minimum wage service economy.
phooey....phooey..phooey.
11
It's amazing how many Kool Aid drinkers here refuse to acknowledge that the jobs report does not distinguish between a 10 hour a week job driving an Uber and a 40 hour a week job with benefits in a solid corporation. ANYTHING is a job, even if you work one day a month.
So that figure includes part timers at Walmart, and dog walkers, and TaskRabbit gig employees, and someone with 20 hours weekly (split shifts or klopenings) at Burger King.
But sure yeah. It means Obama is a savior/messiah and that extrapolates into "vote for his heir, Hillary".
So that figure includes part timers at Walmart, and dog walkers, and TaskRabbit gig employees, and someone with 20 hours weekly (split shifts or klopenings) at Burger King.
But sure yeah. It means Obama is a savior/messiah and that extrapolates into "vote for his heir, Hillary".
12
Wrong Again, Uber isn't a "job" Its an independent contractor gig where you are your own sole-proprietor or LLC. Its a business venture and a gamble like any other small business. Uber pays no Medicare or Social Security or Unemployment taxes like other "employers", say the cab company does. Uber also changes the terms of your independent contract, at its' sole discretion, cutting your compensation in half on a whim, while recruiting thousands of other suckers with a driver's license to replace you. All with no recourse to US labor laws, because you're not an employee, and Uber's not an employer, its a software company.
5
"The tepid data released last week for second-quarter growth in gross domestic product offered an opening for Republicans to question Democratic arguments that the economy was delivering meaningful gains for most Americans. But the combination of strong hiring and rising wages gives new life to the argument that the expansion is strengthening as it enters its eighth year."
The growth was 1.2%, will probably be revised down. Previous two quarters were revised to 0.9% and 0.8%. That is no growth, or negative growth, since the US population reliably grows 1% per year.
New life? Expansion strengthening after EIGHT YEARS? EIGHT???!!! This was written by an economic ignoramus, or Orwell.
Let me get this straight: the economy is flat flat flat. And we have strong jobs growth. The two can't exist at the same time. Unless the growth in jobs is government ("fiat") jobs.
The growth was 1.2%, will probably be revised down. Previous two quarters were revised to 0.9% and 0.8%. That is no growth, or negative growth, since the US population reliably grows 1% per year.
New life? Expansion strengthening after EIGHT YEARS? EIGHT???!!! This was written by an economic ignoramus, or Orwell.
Let me get this straight: the economy is flat flat flat. And we have strong jobs growth. The two can't exist at the same time. Unless the growth in jobs is government ("fiat") jobs.
13
I am so disappointed in the NYT, this article is another glaring example of the NYT's political bias. Wanting to paint Obama's economic leadership in a positive vein the NYT has over sold the latest mediocre economic results.
Business is not thriving, wages have stagnated and there are millions of people who are clearly under-employed.
What we are experiencing is not a healthy economy! We have barely reached the pre-recession employment and GDP levels. The stock markets have just past where they were back in 2017.
Kudos to Obama for not overheating things and taking a cautious approach. But now he needs to start helping businesses recover. We need tax reform so that US corporations are on an even level with their European counterparts. We need to stop the huge subsidized low-interest loans. A little inflation (not deflation) might also be healthy for most people and corporations.
Obama has been so focused on getting even with the banks he has turned his back on hellping our corporations succeed. He doesn't seem to be aware who it is that pays the taxes that support our nation and who it is that pays the salaries that feed our families.
Hopefully, Hillary will do more to ensure that people have better job opportunities and that our corporations regain theireconomic stability... Definitely time for a change.
Also time for NYTs to become a bit more balanced in their reporting.. We have limited sources for our news we deserve better than this! Not many places to go...
Business is not thriving, wages have stagnated and there are millions of people who are clearly under-employed.
What we are experiencing is not a healthy economy! We have barely reached the pre-recession employment and GDP levels. The stock markets have just past where they were back in 2017.
Kudos to Obama for not overheating things and taking a cautious approach. But now he needs to start helping businesses recover. We need tax reform so that US corporations are on an even level with their European counterparts. We need to stop the huge subsidized low-interest loans. A little inflation (not deflation) might also be healthy for most people and corporations.
Obama has been so focused on getting even with the banks he has turned his back on hellping our corporations succeed. He doesn't seem to be aware who it is that pays the taxes that support our nation and who it is that pays the salaries that feed our families.
Hopefully, Hillary will do more to ensure that people have better job opportunities and that our corporations regain theireconomic stability... Definitely time for a change.
Also time for NYTs to become a bit more balanced in their reporting.. We have limited sources for our news we deserve better than this! Not many places to go...
8
Rex - Why don't you talk about the real culprits holding back the economic recovery? The Congress. When you have a Congress who only wants to deny the administration any success, nothing goes forward. Economic analysts state that now is the ideal time to borrow money for infrastructure and put wpeople to work in good paying jobs. A loan for pure infrastructure for say, 1 trillion dollars would probably wind up costing the Federal Govt maybe 300 billion because of all the side benefits offsetting the loan. More taxes coming in through increase in employment.
1
Back in 2017? Huh?
It is said- California has the Fifth largest world economy: Can we create our own Nation and elect Mr. Obama?
6
California also has MASSIVE poverty, with one in four Californians under the poverty line (27.4%).
Most Californians cannot afford to buy the cheapest homes on the market, even if they are fully employed at the median state income level.
California has the highest level of homelessness in the nation.
It also has a ballooning public pension obligation that is about to hit hard in a couple of years, and will bankrupt the state -- no matter how high you raise taxes.
And oh yeah -- you are running out of potable water.
Most Californians cannot afford to buy the cheapest homes on the market, even if they are fully employed at the median state income level.
California has the highest level of homelessness in the nation.
It also has a ballooning public pension obligation that is about to hit hard in a couple of years, and will bankrupt the state -- no matter how high you raise taxes.
And oh yeah -- you are running out of potable water.
13
Wow.
That's really gonna be a tough issue for you kids, since them comm'nists are heavily subsidizing the red states.
Fortunately, Kansas has achieved economic nirvana. Just ask Tim Huelskamp.
That's really gonna be a tough issue for you kids, since them comm'nists are heavily subsidizing the red states.
Fortunately, Kansas has achieved economic nirvana. Just ask Tim Huelskamp.
2
reply to Concerned Citizen: Every thing you say is correct- and I personally don't care: 60 years and counting as a Native- I will take California anytime.
Could it be that the world's supply of slave labor is running out?
7
I'd like to thank the British people for ruining their economy so our US investments can soar. All that money flowing out of London is going into stocks and funds in addition to our low-interest bonds (we don't have negative bond interest rates). 2013 will never be repeated in my lifetime, but 2016 is looking pretty good.
1
When 'W' left we were losing 900,000 jobs a month, now we have to have an election, so the Trump campaign can tell us how awful the economy is.
2009 - 2011 was AWFUL, this is so much better. Thank you President Obama for doing the job, Republicans would have us living under bridges and not caring.
2009 - 2011 was AWFUL, this is so much better. Thank you President Obama for doing the job, Republicans would have us living under bridges and not caring.
13
Given that DUbya would care and indeed weep from a nice comfy distance (a spiritual as well as physical distance) that is just so unfair.
The reasons for losing 900,000 jobs is because of the housing bubble bust which was created by the Democrats (Dodd/Frank) and signed by Clinton which made Clinton look good while he was in office. It's hard to lay that off on Bush although it did happen on his watch and he didn't warn about it although the news mentioned it a lot when it crashed. There was also that war thing where those undocumented Democratic voters crashed some planes into some buildings. That had a negative effect on an already weak economy. Reagan ran into an economy that was in much worse shape and he had it corrected in 2 years. Bush tried very hard and he kept the bubble from destroying the economy for 7 years. Obama has had 7.5 years and the economy is still very weak and getting weaker according to the leading economic indicators
4
The job spin is incredible. I just hear about several other professional people (all over 50) losing their careers/jobs in the last two weeks. With the baby boomers retiring in astronomical number and more jobs being outsourced yearly, the data today can be full time jobs at Starbucks. The stock market is up because interest rates are down and have been forever and that is bad for saving (psychologically). Ask about how much debt there is and how the workers are paying down that debt and you will have a story.
13
My husband's employer, an electronics firm, just laid off 8 employees. Business is way, way down.
Five of the 8 were over 55 -- most over 60. They had to sign an agreement not to sue for age discrimination or they would not get a meager severance package (12 weeks pay in a lump sum, no health insurance).
I know that is only one example, but I hear this an AWFUL lot. I also know several folks from the 2008-2010 crash that NEVER found new jobs, OR were forced to take menial jobs. They were all college-degreed professionals with computer skills -- not "losers".
Interest rates are ridiculous. The Quantitative Easing that was perhaps needed in 2009 has gone on and on and ON -- and is now directly harming seniors or anyone who saves for retirement -- interest rates are virtually ZERO.
There is a huge stock market bubble AND a real estate bubble (in some, not all, markets) and irrational exuberance.
We all know how that worked out LAST time....
Five of the 8 were over 55 -- most over 60. They had to sign an agreement not to sue for age discrimination or they would not get a meager severance package (12 weeks pay in a lump sum, no health insurance).
I know that is only one example, but I hear this an AWFUL lot. I also know several folks from the 2008-2010 crash that NEVER found new jobs, OR were forced to take menial jobs. They were all college-degreed professionals with computer skills -- not "losers".
Interest rates are ridiculous. The Quantitative Easing that was perhaps needed in 2009 has gone on and on and ON -- and is now directly harming seniors or anyone who saves for retirement -- interest rates are virtually ZERO.
There is a huge stock market bubble AND a real estate bubble (in some, not all, markets) and irrational exuberance.
We all know how that worked out LAST time....
7
I'll enjoy this great news for our country until a "party of no" talking head reminds me of how great those W years were.
Curious how an economic catastrophe and a failed war could be such good nostalgia for some.
Curious how an economic catastrophe and a failed war could be such good nostalgia for some.
4
Yeah, the administration is incompetent, according to the Trump and the GOP and Trump's mob. I'd like to know who those people are in the Trump mob. We hear so much hand wringing and frothing about all those people in pain, so angry about being unemployed, left behind, flummoxed by technology, ripped off by globalization, or simply ignored. And always followed by "rightly so" "justifiably" by GOP pundits.
They mostly look like retired or older white guys with tattoos and fat necks who love Nascar and guns and want to mix it up because they are bored and the Trump is/was a TV star if just a little past his sell-by date.
Poor old Trump had a bad week through his own insane comments and skirmishes about tiny insignificant nothings. And now this. A great jobs report. Poor old misinformed, willfully ignorant, sub-sub-sub-mediocre nutzy Trump.
They mostly look like retired or older white guys with tattoos and fat necks who love Nascar and guns and want to mix it up because they are bored and the Trump is/was a TV star if just a little past his sell-by date.
Poor old Trump had a bad week through his own insane comments and skirmishes about tiny insignificant nothings. And now this. A great jobs report. Poor old misinformed, willfully ignorant, sub-sub-sub-mediocre nutzy Trump.
3
For the love of God, Feds - please do not raise interest rates.
I'm lucky and thankful to be employed but my student loans are still so stupidly hard enough to pay off as it is.
It's great and all but just because you increased low paying, part-time jobs doesn't give you free reign to ream me and everyone else barely finding financial stability.
Thanks in advance.
I'm lucky and thankful to be employed but my student loans are still so stupidly hard enough to pay off as it is.
It's great and all but just because you increased low paying, part-time jobs doesn't give you free reign to ream me and everyone else barely finding financial stability.
Thanks in advance.
2
Adding a million jobs would not change the fact that these are lousy paying jobs, the number is totally irrelevant as long as incomes stink.
13
MDM, wages have been increasing, though not at a fast enough clip. We keep hearing about raising the minimum wage, yet I think there should be a rule where all workers get a COLA just like federal employees do. A small increase in wages would keep the boat afloat and there would not be a huge shock when a minimum wage increase freaks employers out.
Unfortunately for Trump and the do-nothing GOP, they had no part in these efforts. The Democrats can spin this to their benefit.
GOP, get back to work! You should have been fired long ago!
GOP, get back to work! You should have been fired long ago!
2
My white-wing GOP acquaintances hold that the unemployment rates – unlike when factored during the "W" presidency – do not include those who no longer are actively seeking employment: Thus another Obama administration mislead, they assert.
4
This good news in principle, but I hate to say that the NYT is spinning it. Schwartz points out that the U6 unemployment rate stands at 9,6% which includes part time workers looking for full time employment. But then he goes on to say that many Americans only want to work part time. Dude, these part-timers are not in the U6 statistics.
The ugly truth is that one in ten adults is looking for work, has given up looking for work or is "marginally attached to the labor force" (official wording), which can mean half time or helping out at your parents' grocery store. That's pretty bad.
And then there is the anecdotal evidence that a lot of college graduates are hired in the $50k-150k segment. But only the top 27% make more than 50k a year and if you make 150k you are among the top 4%. Sure, if you graduate from Yale and then get a job at Goldman that's what you'll may make, but this says very little about the economic life in the US.
Yes, voters don't care about GDP but about jobs and wages and that's why every NYT reader needs to know that the median income in the US stands around $27k, which means that 50% make less and 50% more. And that's devastating in a country without universal healthcare and tuition-free tertiary education. So go figure why these figures won't change a thing in electoral terms.
The ugly truth is that one in ten adults is looking for work, has given up looking for work or is "marginally attached to the labor force" (official wording), which can mean half time or helping out at your parents' grocery store. That's pretty bad.
And then there is the anecdotal evidence that a lot of college graduates are hired in the $50k-150k segment. But only the top 27% make more than 50k a year and if you make 150k you are among the top 4%. Sure, if you graduate from Yale and then get a job at Goldman that's what you'll may make, but this says very little about the economic life in the US.
Yes, voters don't care about GDP but about jobs and wages and that's why every NYT reader needs to know that the median income in the US stands around $27k, which means that 50% make less and 50% more. And that's devastating in a country without universal healthcare and tuition-free tertiary education. So go figure why these figures won't change a thing in electoral terms.
16
It is SO comical seeing the responses from so-called "conservatives" whenever there is good economic news. These responses usually fall into one of these categories:
1. It can't be true. You can't trust the numbers (although you can when the numbers are bad).
2. Anecdotal evidence. The data covering the whole country can't be right because my uncle/girlfriend/cousin/brother-in-law can't find a good job.
3. Some particular number isn't as good as it was at one time.
4. Cherry-picking the worst statistic in a set of economic data while ignoring all of the good news.
5. Citing alternative data from questionable sources that is misleading at best and, at worst, a blatant lie.
6. Citing old data.
7. The economic data is only good because of Republican governors, Fed QE (and the economy will crash when it ends), artificially low interest rates or federal deficits (even though deficits have actually fallen dramatically, producing a significant economic drag).
8. We're in a bubble that is going to burst very soon. They've been saying this for at least six years now.
1. It can't be true. You can't trust the numbers (although you can when the numbers are bad).
2. Anecdotal evidence. The data covering the whole country can't be right because my uncle/girlfriend/cousin/brother-in-law can't find a good job.
3. Some particular number isn't as good as it was at one time.
4. Cherry-picking the worst statistic in a set of economic data while ignoring all of the good news.
5. Citing alternative data from questionable sources that is misleading at best and, at worst, a blatant lie.
6. Citing old data.
7. The economic data is only good because of Republican governors, Fed QE (and the economy will crash when it ends), artificially low interest rates or federal deficits (even though deficits have actually fallen dramatically, producing a significant economic drag).
8. We're in a bubble that is going to burst very soon. They've been saying this for at least six years now.
5
I have been out of work for nine months. I have applied to over 100 jobs. I have had about 20 interviews. In five cases i interviewed with a number of people. including a CEO (twice) and was then told: "We have decided not to fill the role." I am offered 2 to 3 month gigs for low wages and no benefits. One project was an "important" change management role with control over 19 projects....six months, no benefits. In some cases the very first question on a phone interview is "What was your last salary?" The second question is "How much do you expect to actually make?" One company has had an open director role for three years! If you can't fill that role in New York City with all the hungry quality talent out there - there's a problem with that company. We never recovered from the Wall Street crash. I am not voting for Bush but I have little hope that good fair paying jobs are coming back to NY any time soon.
8
I'm glad to hear you're not voting for Bush, since he's not running. Vote Hillary unless you want civilization to end (according to the ghost writer of Trump's The Art of the Deal).
2
Thank you for this truthful accurate picture of the job market.
And if you take one of those 2 month temp jobs....the government will count you among the "employed" in the next jobs report....
And if you take one of those 2 month temp jobs....the government will count you among the "employed" in the next jobs report....
8
I'm positive Trump and his supporters will claim that the government lies and that President Obama is "cooking the books".
No amount of good news will change the minds of Trump "no nothing" supporters.
No amount of good news will change the minds of Trump "no nothing" supporters.
4
Just today my AC unit went out. Technician came and found a blown capacitor. 45 minutes later all is well to the tune of $242. The moral of this commentary is; if you don't want to go to college, learn a skilled trade and you can have a comfortable life style doing something you probably enjoy.
6
One of my close friends was aghast when her grandson told she and her husband that he did not want to go to college, he wanted to be a plumber. Being a plumber made him happy. After considerable angst she had to admit he was right. He is now a plumber and happy, and no student debt.
2
There would be absolutely no reason to lift interest rates. Why are we all "cowtowing" to the fed? Solid growth for less than one quarter, and now it will cost more to get money. Now gdp goes down, purchasing stiffens and the fed raises rates so banks make more money. What's not to like if you're a banker?
I guess since the middle class is picking up modest gains, why shouldn't Michelle Meyer the "head of United States economics at Bank of America Merrill Lynch" get his too? Is this not considered currency manipulation?
A 2.6 percent increase in wages which will more than likely be short term, is a paltry amount considering the dough being raked in by the big banks. Cost of living will increase ahead of the low gains in labor. As Paul Newman said to Robert Redford in "Butch Cassidy and the Sundance Kid: "Those guys are getting under my skin, who are those guys?
I guess since the middle class is picking up modest gains, why shouldn't Michelle Meyer the "head of United States economics at Bank of America Merrill Lynch" get his too? Is this not considered currency manipulation?
A 2.6 percent increase in wages which will more than likely be short term, is a paltry amount considering the dough being raked in by the big banks. Cost of living will increase ahead of the low gains in labor. As Paul Newman said to Robert Redford in "Butch Cassidy and the Sundance Kid: "Those guys are getting under my skin, who are those guys?
2
The sort of changes necessary for this country to get back on track are of such size that one presidency won't make any difference. There would need to be broad discussion on what needs to change and then work incrementally toward that. Hard to see that happening in today's environment.
4
The Times never replaced David Leonhardt on its reporting staff. He would have shown that the recent data are just a continuation of a well established trend, not something particularly striking or new. The long-term charts at the BLS make that obvious.
2
These headline grabbers for political benefit were long ago considered useless as pointed out by more than a number of financial professionals commenting today. First of all where are the 250,000 jobs per month needed to keep up with population growth or are all these new faces changing the makeup of America a mirage? Second these numbers are revised almost as soon as they are released, for the last ten years they have been repeatedly used to justify the Feds policy nonexistent interest paid to savers. Third the jobs created in the last forty years have offered fewer benefits and less security. Fourth the most important thing that no one talks about is the long term(getting shorter by the day) implications these zero bound rates that have been used to prop up a failed economy based on the voodoo economics of Milton Friedman and his disciples Greenspan and co., are going to have on the ability of pension funds or insurance companies to deliver on their promises. This is a subject much discussed among economists who aren't merely shills for politicians, the consistent fabrication of facts too benefit the one percent who control most of the wealth are no longer enough to cover the failure that globalization has wrought to America and Europes middle class. Take a look around at the number of homeless that have not been a part of Americas landscape since the Great Depression. This false economy is a time bomb.
11
And if Mitt Romney were President now and the economy were in the shape that it is Republicans would be cheering and bragging.
5
Why do you assume that? and why does that matter? There are independents like me that expect better a less than 2% growth rate for this economy. The rest of the world is overtaking the US in terms of growth.. We are so caught up in tribal loyalties, we don't hold politicians accountable. Get over the republican/democrat divide and hold ALL politicians accountable!
4
Expatindian I agree they all stink and are all complicit in the coverup of the true nature of the economy, that should be obvious as Companies such as Goldman Sachs back individuals not parties, their choice this go round is Hillary.
2
Still have over 12k steelworkers on layoff. My facility is operating at 15% and the facility next to us is shuttered. Both companies have told the union and membership that there is no plan to recall anyone on layoff. Many have already relocated to other areas of the U.S. in an attempt to find employment. The rest of us either wait and hope to find work or retire if possible.
8
jobs will flood back into America as soon as lazy spoiled american workers accept 50 cents an hr and a fish head for lunch
oh, if you dare to even mention th word union, forget it
9
No jobs are flooding back to us. Automation.
2
My brother, who will be 60 in December just lost his job in SC. A Right to Work State. I'm worried sick for him, as he will have to limp by for at least 2 1/2 years to get SS. I'm hoping he will find something that will carry him to retirement. I also blame him as he would never look long term and suffer sacrifices in the short term. He was offered a job as a Rural Carrier, but it was only 32 hours. Couldn't take it because it wasn't 40. Would be retired now.
Labor force participation is still at 1978 levels.
7
In your faces, Trump supporters!
4
I wonder how many people who read the New York Times are aware that there is a shortage of skilled workers in the U.S., those who know plumbing, welding, mechanic work, electricians, pipe fitters, and the like.
The trouble with the U.S. economy is that we have created a couple of generations of people who were told that a degree in literature, or humanities, or anthropology, or history will somehow pave your way to economic stability. Meanwhile, those degrees cost years to attain and tens or even hundreds of thousands of dollars to earn.
Meanwhile, companies like Caterpillar (for one) cannot find enough people to fill they jobs they have open.
Want a plumber? Be prepared to pay more and more each year as the supply of plumbers continues to fall relative to the population. Same with mechanics, electricians, and so on.
It is high time that we rebuild our country's infrastructure, and start pushing our young men and women into the trades. I know I am already telling my two small children (9 and 7) about this option.
The trouble with the U.S. economy is that we have created a couple of generations of people who were told that a degree in literature, or humanities, or anthropology, or history will somehow pave your way to economic stability. Meanwhile, those degrees cost years to attain and tens or even hundreds of thousands of dollars to earn.
Meanwhile, companies like Caterpillar (for one) cannot find enough people to fill they jobs they have open.
Want a plumber? Be prepared to pay more and more each year as the supply of plumbers continues to fall relative to the population. Same with mechanics, electricians, and so on.
It is high time that we rebuild our country's infrastructure, and start pushing our young men and women into the trades. I know I am already telling my two small children (9 and 7) about this option.
7
too bad america doesnt have th apprenticeship program that germany does
but what to do those stupid socialists know about anything huh
america, # 1
5
I have been a building contractor for over 30 years. When I posted employment notices in the 80's I would get responses from people with Master's degrees and PhD's. Some were burnouts from the 60's, but others were extremely intelligent, wanted to work outside and not have to wear a suit. These days, I am lucky to get applicants with a college degree, let alone a high school diploma. Construction is absolutely booming these days. While I agree with comment above, I do think that a college degree helps graduates with critical thinking, problem solving and collaborative project teamwork. I think a college degree and a well paying job in the trades should not be mutually exclusive. I know that I pay my entry level people more than the median income level of college graduates. Need a job? Look to the trades.
3
One home grown IT worker making $40 an hour is ordered to spend his last 60 days on the job training an imported rent-a-tech making $12 an hour and living in a dorm provided by his temp employer.
That is one job created. This month. Next month our guy is collecting unemployment and the job goes back to India and is then counted as a job that an American worker couldn't do.
19
My best friend's ENTIRE COMPANY was outsourced to Lahore, Pakistan. It wasn't some low tech factory either. They did legal publishing, and most employees were LAWYERS. Many had 2-3 master's degrees in related subjects.
200 people lost their jobs. They had to train their Pakistani replacements, or not get severance pay. Only 5 people were retained (mostly sales staff) to service US accounts. ALL the actual legal work, editing and printing is now done in Lahore.
This was a 112 year old company that had been in the same city, and many employees started right out of law school and had worked there 25-35 years. Many lost their pensions, or 401Ks. They were out of work for years, and had to cash in savings just to survive.
Today at least half are still unemployed. A few lucky ones got to retire early -- at a lower level of SS benefits for life! Some found jobs, but NEVER as high paying as what they left.
And yes, the Pakistani employees averaged about $10-$12 an hour....some much less.
Good times!
THANKS, OBAMA!
200 people lost their jobs. They had to train their Pakistani replacements, or not get severance pay. Only 5 people were retained (mostly sales staff) to service US accounts. ALL the actual legal work, editing and printing is now done in Lahore.
This was a 112 year old company that had been in the same city, and many employees started right out of law school and had worked there 25-35 years. Many lost their pensions, or 401Ks. They were out of work for years, and had to cash in savings just to survive.
Today at least half are still unemployed. A few lucky ones got to retire early -- at a lower level of SS benefits for life! Some found jobs, but NEVER as high paying as what they left.
And yes, the Pakistani employees averaged about $10-$12 an hour....some much less.
Good times!
THANKS, OBAMA!
8
prove to us with facts that the president was responsible for these job loses.
your daily diatribe is old and has no foundation in fact.
disprove me.
your daily diatribe is old and has no foundation in fact.
disprove me.
1
Let's just keep it simple: Obama got it right about thee economy.
5
Looks like the Democrats ALREADY made America great again.
7
That's right NY Times keep propping up the Democratic presidency and pumping for HIllary. And raise those interest rates just in time for the election of Hillary so that all her Wall Street buddies will start making more big bucks than ever. You got Bernie Sanders out of the way with a complete corruption of the democratic process i e 600 plus superdelegates before one person voted and a DNC conspiracy exposed by wikileaks through 1000's of e-mails. And you are still working on the every resilient and tough Trump candidacy and his supporters with a constant blitzkrieg of nasty criticism of every possible thing and angle you can imagine on him, his personal life history and family. So much for the impartial press and professional ethical journalist.
8
How dare the Times report economic data - what are you a bunch of commies.
3
I anticipate Trump saying the numbers are rigged; he's done so before.
I have a beloved sister who complains every chance I'm within hearing that "Obama is the worst president we've ever had," tries to put small businesses out of operation, totally incompetent, blah blah blah. I just say, you know, you're absolutely right. The US economy is a smoldering, smoking pile of rubble. Why, just look at the hundreds and hundreds of new mega mansions going up on the site of every 1950's ranch house teardown in town.
44
It is a great myth that the president has control on job creation. Credit
for the turn around goes to Federal Reserve which cut the interest
to almost zero and pumped $4Trillion into the economy. Low interest
is fuelling demand for the cars, housing and other big ticket items.
Low gas prices have put money into the pocket that people can
spend on meals, drinks and other entertainment. President and the
congress have control on fiscal policy. Obama ,to be fair ,had proposed
spending increases on infrastructure but republican congress rejected it.
On the other govt spending was cut. It is a political tradition to attribute
success or failure in economy to the president. But it is not true. Monetary
policy, loose one, is to be credited for good economy.
for the turn around goes to Federal Reserve which cut the interest
to almost zero and pumped $4Trillion into the economy. Low interest
is fuelling demand for the cars, housing and other big ticket items.
Low gas prices have put money into the pocket that people can
spend on meals, drinks and other entertainment. President and the
congress have control on fiscal policy. Obama ,to be fair ,had proposed
spending increases on infrastructure but republican congress rejected it.
On the other govt spending was cut. It is a political tradition to attribute
success or failure in economy to the president. But it is not true. Monetary
policy, loose one, is to be credited for good economy.
1
Our economy is not healthy and much of that is Obama's fault. We deserve better! I hope that Hillary will be a bit more focused on helping the economy and less concerned about her public image than Obama appears to be....
Why would you bemoan the success of a few very creative people who have cashed out on their creations. More power to them....
Why would you bemoan the success of a few very creative people who have cashed out on their creations. More power to them....
Sure, there are issues with the jobs creation and unemployment figures, especially in how they treat people who are considered to no longer be looking for jobs. And then there's the issue of employment vs. contractor.
Okay.
Parse the numbers all you like. And quibble about particular numbers. Even if you dilute them, they are still strong, even in the face of a do-nothing Congress. You and I know full well this wouldn't have happened with a Republican in the White House. And, don't kid yourselves, they will drop off considerably if a Republican is elected in November.
Okay.
Parse the numbers all you like. And quibble about particular numbers. Even if you dilute them, they are still strong, even in the face of a do-nothing Congress. You and I know full well this wouldn't have happened with a Republican in the White House. And, don't kid yourselves, they will drop off considerably if a Republican is elected in November.
21
Yes, it would have happened with a republican in the white house. When W. Bush was president, the republican-majorities in both houses of congress pressed for a stimulus - TWICE. They are Keynesian when *THEY* are in power, and they want to protect their majority status and their POTUS, but god forbid they vote for one when a democrat is president, never mind a *black* man.
Republicans - making Putin and Saddam Hussein look honest by comparison.
Republicans - making Putin and Saddam Hussein look honest by comparison.
2
The u.s. population growth, driven 70+% by immigrants and their offspring, will always outpace any job creation. It's one of the biggest reasons their hasn't been a pay raise for the middle class in 40 years. We live in a country and a world in a permanent Over supply of labor. An economy of mediocre jobs, with no security or any hope of a real pay raise may benefit: pandering politicians, big business and their lackeys in Washington, but it does nothing for the average American, the long term unemployed or the under employed. While the ultimate ponzi scheme of every increasing population in a finite country may have a short term superficial appeal, the result is the race to bottom that our economy thru globalization has become. Read the latest job statistics to the average joe on the street. He or she will just trudge home knowing theyre further behind than yesterday.
27
Skilled jobs are abundant in the U.S., yet there is a shortage of skilled labor (the trades). There is not an over-supply of labor, just in low-skilled labor. Ask any person in the trades and they will tell you that job openings for welders, mechanics, pipe fitters, plumbers, electricians, etc. are abundant.
This is also why a mechanic now charges $125 an hour, when just a few years ago a mechanic was $70 an hour. I hired an A/C technician company to come look at my A/C unit last week, and was billed $110 an hour.
The average age of a plumber in the U.S. is somewhere around 55. You want job security and a very good living, learn a skilled trade.
This is also why a mechanic now charges $125 an hour, when just a few years ago a mechanic was $70 an hour. I hired an A/C technician company to come look at my A/C unit last week, and was billed $110 an hour.
The average age of a plumber in the U.S. is somewhere around 55. You want job security and a very good living, learn a skilled trade.
26
Anecdotal evidence aside, the numbers are what they are. The trades are dominated in many parts of the country by illegals that can be paid under the table at a rate far below the union rate. The average wage in this country, after inflation, has not bumped since 1975. I'd love to see evidence that it has.
4
Actually, you're incorrect. While many immigrants do take low-skilled, low-wage jobs, many others create jobs. They start small businesses (some of which grow to large businesses), they go to night-school to improve their ability to thrive in their adopted country, they inculcate their kids with dreams of everything America can be. I know my immigrant parents did.
America is NOT finite. That's just silly talk not based on any facts or our experiences as a nation of immigrants.
America is NOT finite. That's just silly talk not based on any facts or our experiences as a nation of immigrants.
2
Here we go AGAIN about the pointlessness about raising interest rates.
Are you kidding? One only need to look at Japan to see the long-term impacts of artificially low interest rates. We need corporations to focus on building, innovating and growing to stimulate true job and wage growth. Real employment and wage levels still lag behind the pre-recession figures. Part-time employees are a drag on our economy and our social welfare systems.
Lets help the corporations prosper and then demand that they stop the practice of using part-time employment to deny fully benefited positions. We need laws that require Starbucks, Walmart, Safeway, Macys and others whose part-time employees qualify for and draw down of our social welfare systems. Corporations who pay a living wage and provide their employees with healthcare should pay minimal employment taxes while the others who are exploiting the systems should be required to fund a significant portion of the welfare benefits paid to their part-time employees....
A strong America means healthy corporations that do not dep[end upon low interest loans and social welfare programs to subsidize their employees's wages...
Lets help the corporations prosper and then demand that they stop the practice of using part-time employment to deny fully benefited positions. We need laws that require Starbucks, Walmart, Safeway, Macys and others whose part-time employees qualify for and draw down of our social welfare systems. Corporations who pay a living wage and provide their employees with healthcare should pay minimal employment taxes while the others who are exploiting the systems should be required to fund a significant portion of the welfare benefits paid to their part-time employees....
A strong America means healthy corporations that do not dep[end upon low interest loans and social welfare programs to subsidize their employees's wages...
1
Despite doing everything to derail the economy and blame Obama for it the president has prevailed over his political enemies. One of the things that made me vote Obama in 2012 where I did not in 2008 was watching Republican congressmen eagerly vote for stimulus during Bush's recession when he first took office suddenly decide not to during Obama's presidency. This was despite the hurt their working class constituents were enduring. I still am very angry over that.
54
Thank you for your anger. In your case it's a beautiful thing.
Obama is the first president I have experienced in my six decades who proved the old adage: slow and steady wins the race.
Obama is the first president I have experienced in my six decades who proved the old adage: slow and steady wins the race.
16
And, as has been noted, Trump is proposing the largest stimulus program since World War II. It would make Obama's stimulus look tiny.
Guess what the Republican Party leaders say about that?
Guess what the Republican Party leaders say about that?
I wish other people were as good an analyst as you are!
1
Just read through all the top comments...
I'm a small time proprietary trader.
My big play for this morning's jobs number was to short gold stocks.
Why did I do that?
Because I expected a strong jobs number. Gold plunged, I covered my shorts.
Later, I shorted the S&P and oil stocks for Monday's opening (something I mention only because Monday is not here yet, so you get to see if I'm right before the fact as well as after).
Am I bullish on the economy?
Absolutely not.
Do I believe the jobs number?
Absolutely not.
I think it was statistically/seasonally adjusted to look good, i.e., fudged by the B(L)S.
The huzzahs in this comment section are ridiculous.
You people have absolutely no clue what the economy is doing.
America's workforce is in crisis and the world is in recession, right now, which recession started in late 2014.
Think I've got my facts wrong?
I'm a former statistician.
What that means is that I know the difference between a so-called 'fact' and a government statistic.
I'm a small time proprietary trader.
My big play for this morning's jobs number was to short gold stocks.
Why did I do that?
Because I expected a strong jobs number. Gold plunged, I covered my shorts.
Later, I shorted the S&P and oil stocks for Monday's opening (something I mention only because Monday is not here yet, so you get to see if I'm right before the fact as well as after).
Am I bullish on the economy?
Absolutely not.
Do I believe the jobs number?
Absolutely not.
I think it was statistically/seasonally adjusted to look good, i.e., fudged by the B(L)S.
The huzzahs in this comment section are ridiculous.
You people have absolutely no clue what the economy is doing.
America's workforce is in crisis and the world is in recession, right now, which recession started in late 2014.
Think I've got my facts wrong?
I'm a former statistician.
What that means is that I know the difference between a so-called 'fact' and a government statistic.
30
Taopraxis, thank you - that's from another ex-statistician and someone who left finance sector during Great Recession. It just does not add up!!
14
So where are your countering facts? Admit it, you're a Republican, and you can't admit a strong jobs growth based on that alone. You have no data which contradicts it, just a belief that this administration can do no right regardless of what the facts are. So go ahead, keep deluding yourself, but your delusions are not convincing to others.
20
If you don't believe the good economic news, why believe the bad news? Let's see if your "shorts" work. We can expect Trump to say the figures are phony!
6
Let us thank the right party for all the job creation: Thank You for your consumption of goods and services because consumers are the real job creators.
Of course, politicians and the wealthy will claim the credit but the reality is that no business hires more people unless there is demand that they cannot fill with existing staff.
Again, thank you consumers!
Of course, politicians and the wealthy will claim the credit but the reality is that no business hires more people unless there is demand that they cannot fill with existing staff.
Again, thank you consumers!
8
Where's Jack Welch to tell us that, now that we are in an election cycle, these numbers are bogus and self-serving and cooked? He did it before...can't wait to see him do it again (and be just as wrong the second time).
Of course, he won't be the only one making the claim.
Of course, he won't be the only one making the claim.
12
Did Jack Welch ever accuse President G.W. Bush of cooking the books?
Where was Welch and his nasty comments when the economy crashed in 2008 due to G.W. Bush's mismanagement of 8 years of Republican Orthodoxy of Massive Tax Cuts for the rich and Trickle Down Economy?
Where was Welch and his nasty comments when the economy crashed in 2008 due to G.W. Bush's mismanagement of 8 years of Republican Orthodoxy of Massive Tax Cuts for the rich and Trickle Down Economy?
4
Maybe the executives of the 1% have begun to realize that GDP growth has slowed to a crawl because we have reached a point where they just can't bleed the rest of us more without a recession.
17
So. In order to keep the "horse race" galloping along pray tell me, how will this become good news for Donald Trump and a catastrophe for Hillary Clinton? It's what I'm expecting to see tomorrow morning when the "pundits" weigh in.
3
The old saying goes. "When you lose your job, it's a recession. When I lose mine, its a depression." The point is that general economic news helps the national mood, but what's important is what happens right around you, not ten states away. What people hear from friends, neighbors and relatives forms the basis of their knowledge of what is going on in the economy, plus what happens to them and their employers. I suspect that the states where Trump is strongest are those with the more negative or less positive employment and economic news.
In any case, these reports today overall bode well for the Democrats. One of the almost iron clad rules in American politics is that the party in power loses when the economy is down and has a chance to win when it is up. If the Republicans had had their way, we would slipped into a second dip recession last year and this year. Sorry, fellows, you've got to come up with a better argument.
In any case, these reports today overall bode well for the Democrats. One of the almost iron clad rules in American politics is that the party in power loses when the economy is down and has a chance to win when it is up. If the Republicans had had their way, we would slipped into a second dip recession last year and this year. Sorry, fellows, you've got to come up with a better argument.
10
Any full time jobs? Where are they? I am an educated, experienced veteran and have been looking since 2008. And it's just not me! A lot of my friends are looking too.
There are part time jobs. I concede that. I have one paying the same wage as I earned 1988. But, where are the jobs that are paying these great wages? And I am not the only one. I know lots of people doing part time volunteer work with no pay just to keep their skills sharp.
I know many recent college graduates that are out of work or working part time at low paying service jobs.
It would be interesting to see the employment to population ratio and compare that to the prior years.
There are part time jobs. I concede that. I have one paying the same wage as I earned 1988. But, where are the jobs that are paying these great wages? And I am not the only one. I know lots of people doing part time volunteer work with no pay just to keep their skills sharp.
I know many recent college graduates that are out of work or working part time at low paying service jobs.
It would be interesting to see the employment to population ratio and compare that to the prior years.
25
What field do you have your education in?
Maybe there is no longer a demand for that expertise.
Maybe there is no longer a demand for that expertise.
Yeah, right..... LOL!!! Lot's more low paying, dead end jobs, with pitiful benefits. Like no retirement plans. Just more fake statistics that any smart person knows the incumbents cook up to make themselves look like they have done something meaningful.
23
SPOT ON!!!!!
3
Politics aside, it is silly to look at one data point and try to make projection out of it. Should include at least 6 months worth of data or better yet a rolling average.
4
Average number of private sector jobs created per month based on YTD results: 166,571/mo.
15
Viva la Obama, making America great again. Even Hillary can't blow this one.
6
And I will be able to qualify for a mortgage (college graduate with an MA) when?
And I will get a raise when?
And I will get a raise when?
22
Dear Mr. Smith. An MA means nothing unless you have marketable skills.
2
More that an MA means nothing unless it is in a marketable field.
1
Please report these in a more detailed fashion broken down by sector or preferably further. Geographic and demographic information would also be enlightening.
Thanks
Thanks
13
In the context of our unprecedented easy money, low interest economic environment the statistical significance of these back-to-back jobs beats do not warrant even the most modest of celebrations. Historically GDP has been a more meaningful metric in terms of what it signals and the time frame it covers--its lackluster print of late casts a large shadow of doubt on the predictive value of an especially noisy jobs report like this one. The Fed has created a doomed-if-you-do, doomed-if-you-don't environment that now beckons the raising of rates, which will in turn reset the credit contraction cycle and put pressure on the supposed growth--they know this of course. With nearly every accommodative measure in effect, headlines like this are merely indicators that after 8 years we are still desperately clinging to any and every green shoot. We continue to ignore the telltale signs of a looming recession, like fewer quality jobs, lackluster corporate earnings (despite free money galore), a slow down in development, and ballooning personal debt.
9
Great. Part-timers at Dunkin' Donuts and other franchises have their hours cut so the franchise owner doesn't have to pay Social Security and disqualifies their employees from sick leave benefits and others hard won legal rights. As a result, we, as taxpayers, are still subsidizing the underpaid and underemployed. The numbers are good news for some, but for the many, they are irrelevant. Of course, the irrelevant don't vote in national or local elections, so their lives don't matter...
22
A business owner does not have to pay employees SS. He would have to pay them for health insurance.
What about all the skilled and experienced workers who are over 50 years old and cannot even get an interview for a job? What about all the recent college graduates who still have not landed a job? What about all the food pantries still helping people? What about all the career resource centers that are helping people? What about the huge number of homeless people on the streets of America where many have found themselves here because of not having a job? I could go on and on with more items to list here. The point is with so many Americans hurting because of not being able to get a job why are the experts crowing about these numbers?
22
Nothing new about being 50 plus and not getting interviews - I got bounced one week before 9/11. So what - dig in and do what it takes to put food on the table and a roof over your head - some here sound like its impossible - whiny whit people.
1
The economy continues to under-perform and these blips are great but they don't close the gap to where the economy should be.
Labor Force Participation Rate is at levels we last seen in the 1970's. Good paying jobs for middle class people are hard to find. The wage gap between educated and uneducated continues to grow. The concentration of wealth and property ownership and therefore political power continues unabated in the top 1%. Our Federal debt is at $20 Trillion and if it roughly doubles again like it did under Obama it will be $40 Trillion!!!
All of the above are unsustainable extraordinarily large problems that the vast majority of politicians and political hacks don't want to hear about because they don't know how to solve them, they don't want voters to understand them and hold them accountable or they are part of the 1% and don't care. But these problems are going to get worse not better and could make 2007/2008 look like a vacation.
Labor Force Participation Rate is at levels we last seen in the 1970's. Good paying jobs for middle class people are hard to find. The wage gap between educated and uneducated continues to grow. The concentration of wealth and property ownership and therefore political power continues unabated in the top 1%. Our Federal debt is at $20 Trillion and if it roughly doubles again like it did under Obama it will be $40 Trillion!!!
All of the above are unsustainable extraordinarily large problems that the vast majority of politicians and political hacks don't want to hear about because they don't know how to solve them, they don't want voters to understand them and hold them accountable or they are part of the 1% and don't care. But these problems are going to get worse not better and could make 2007/2008 look like a vacation.
15
" The wage gap between educated and uneducated continues to grow. "
As it should be, since illiterate, uneducated, non-English speaking illegal aliens continue to depress the wages of uneducated Americans.
As it should be, since illiterate, uneducated, non-English speaking illegal aliens continue to depress the wages of uneducated Americans.
2
Don't worry when the republicans are OUT - there will be plenty of jobs rebuilding our infrastructure.
3
But the democrats will demand that they all be union members who will kickback most of their union dues to the democrats.
1
The Great Recession was the purging of the Middle Class. This report gives truth to the fact that the purge continues. Most of these jobs are low paying, part time, or Temp. While the 1% are doing very well in this economy, facts and circumstances on the ground are very different the majority of us.
14
Republicans truly hate it when average people get jobs and their wages rise. Don't believe these happy statistics, the sky is really falling and America is really failing...unless and until the 1% have all the money.
11
It is amazing to me how many negative comments are being made about what is one of the best jobs reports in the last couple of years. It's like all of these people don't live in the U.S. This thing isn't just a good jobs report for Democrats, it's good for everyone, Democrats, Republicans, Libertarians, cats, dogs...you name 'em.
Get a clue, negative nellies. We are all in the same boat. We all live in the same country! When the tide rises, it rises - eventually - for all.
Get a clue, negative nellies. We are all in the same boat. We all live in the same country! When the tide rises, it rises - eventually - for all.
21
Glad you can be so positive when many like me are barely hanging on. Forced into early retirement. See stores closed and STAYING closed in my neighborhood and Westchester, NY. Does that point to a booming economy?
4
Some people believe their own eyes -- their own experiences and the experiences of friends, family, neighbors -- before they believe another government report. Yeah, my son-in-law finally got a job - at half the pay of his last job (which was outsourced, and he's in IT).
4
It is amazing to me how many negative comments are being made about what is one of the best jobs reports in the last couple of years. It's like all of these people don't live in the U.S.
=================
The point is, they DO live in the US, and they look around themselves and know this isn't true
=================
The point is, they DO live in the US, and they look around themselves and know this isn't true
4
The United States LEGALLY lets in roughly 150,000 to 200,000 workers a month. The job gains basically equalize with those new entrants. It does nothing for Americans who are unemployed.
23
Even if America lets those worker in, does it mean Americans are less qualified to compete against them? If so, is American education system failing them? Or free market failing them? Just check Trump's economic team - if you think now is bad, tomorrow is going to be worse under Trump.
2
I ask one question only. Where are the jobs?
24
In America.
6
That's funny. Bogus numbers don't mean reality.
7
I graduated from college with honors. I have an excellent, verifiable work history. My first choice is not a fast food restaurant. Where are the jobs?
15
Thank your President Obama for saving our economy. I will miss you and so will all of America once it wakes up to reality and away from Republican fiction.
13
Watch the Fed parse this in a few weeks in order to justify another few months of free money to their wall street family - at the expense of the global economy when the next asset bubble crash happens.
12
This is according to Obama's people.Sure the job creation may be there,but how well do these jobs pay? If these are jobs paying minimum wage or a small bit more they are basically worthless except for the employers making more and paying less.Jobs that used to pay up to $15 or more are esssentially non existent because the employers got rid of them and replaced them with lower paying individuals.
Is the economy really doing better ????
Is the economy really doing better ????
11
Great Job Mr President.
15
In America those with less than a high school diploma forget about it. The jobs report is not and never will take you into consideration. There will always be thousands competing for two jobs. The new jobs that offer good pay will not be offered to those without at least an Associate Degree and really a university degree is desired. Without that university degree, you are not even competitive. If you are young, black or white, go back to school and prepare yourself. If you are older without an education, forget it. You might as well stop complaining about any jobs report that come out. You can complain about the jobs report all you want, blame President Obama, but there is no job for you. Just hope you can make it to an early Social Security!
5
People with skills, especially higher level skills, not only are in demand, they can make more than recent college graduates. Skills plus contacts plus staying sober (off drugs and alcohol only in moderation) can mean a lifetime of good pay and full time employment. Many employers complain they can't get people to pass the drug tests (solution: stop giving the tests except for those who handle dangerous machinery). Other employers complain they can't find people interested in the work they offer. (Solution: recruit more carefully and pay better wages.)
It is true that a four year degree is required too often for jobs that don't involve the background and skills acquired in college. There are so many grads available that employers have their pick. Remember, however, there are many grads, even higher level ones like lawyers, who also have a rough time getting and keeping good jobs. Those who do well usually have contacts and good work habits.
It is true that a four year degree is required too often for jobs that don't involve the background and skills acquired in college. There are so many grads available that employers have their pick. Remember, however, there are many grads, even higher level ones like lawyers, who also have a rough time getting and keeping good jobs. Those who do well usually have contacts and good work habits.
6
If people don't even get a high school diploma, they won't get a decent job in any industrialized nation in the world. They've messed up their future majorly, and need to get an education to get a good job. That's how the world is these days, that's all.
3
Prosperity is still weakly connected to employment growth.
6
Well, it looks like "Trump & Company" will try to lie their way out of this one. No, the recovery isn't perfect and, yes, there are areas of the country that have not fully benefited from it, but I ask any rational person to look at a few data below.
January 21, 2009 August 5, 2016
Unemployment 7.8% 4.9%
Dow Jones Indust. Ave. 8228 18544
No Health Insurance 50.7 million 32.0 million
The latter is still way too high and can only be lowered with single payer coverage as a right for ALL Americans. The GOP reaction is to deny obvious facts and just plain lie about the rest. This is the old idea that if you repeat an untruth often enough, some people will believe it. Is this new? Certainly not. Joseph Goebbels of the Nazi Party was the best example of this genre now trying to be perfected by too many, but not all, Republicans.
Those who support Trump are blind to anything except hatred for President Obama and Hilary Clinton. No one is taking away anyone's rights unless they consider a right to degrade people who aren't like them, divide families while immigration reform is stalled in a GOP controlled Congress and so much more. As Vice-President Joe Biden says, the GOP speaks "malarkey".
January 21, 2009 August 5, 2016
Unemployment 7.8% 4.9%
Dow Jones Indust. Ave. 8228 18544
No Health Insurance 50.7 million 32.0 million
The latter is still way too high and can only be lowered with single payer coverage as a right for ALL Americans. The GOP reaction is to deny obvious facts and just plain lie about the rest. This is the old idea that if you repeat an untruth often enough, some people will believe it. Is this new? Certainly not. Joseph Goebbels of the Nazi Party was the best example of this genre now trying to be perfected by too many, but not all, Republicans.
Those who support Trump are blind to anything except hatred for President Obama and Hilary Clinton. No one is taking away anyone's rights unless they consider a right to degrade people who aren't like them, divide families while immigration reform is stalled in a GOP controlled Congress and so much more. As Vice-President Joe Biden says, the GOP speaks "malarkey".
28
For the Dow you should be thanking Janet Yellen. although thanks may be a bit premature if you have not yet reduced your equity exposure.
As for the number of uninsured, you should ask people who bought health insurance privately before the so called Affordable Care Act. For those who do not qualify for tax credits it is anything but affordable.
And, regarding the unemployment rate, you may wish to analyze the impact of a surge in disability awards on the level of the civilian labor force. The former reduces the latter which has the effect of lowering the unemployment rate.
Sorry to burst your bubble. But it was based on idle speculation.
As for the number of uninsured, you should ask people who bought health insurance privately before the so called Affordable Care Act. For those who do not qualify for tax credits it is anything but affordable.
And, regarding the unemployment rate, you may wish to analyze the impact of a surge in disability awards on the level of the civilian labor force. The former reduces the latter which has the effect of lowering the unemployment rate.
Sorry to burst your bubble. But it was based on idle speculation.
6
One month constitutes a recovery? What happened to all of those unemployed that were on the unemployment list too long and are no longer counted? What about the horrible unemployment rates of our youth who happen to be hispanic or African American? Young people are our future. If they can't find jobs, that's not a story?
8
You're mixing up the unemployment *claims* data with the unemployment *rate* data. If someone uses up all their unemployment eligibility, but is still looking for a job, they're still counted as unemployed by the *rate* data. It's only if they give up looking for a job that they are not counted in the statistic cited here (the U3 unemployment rate). But they are *still* counted in the U5 unemployment rate, which is 6%, which is also a strong number.
This recovery has been going on for years. If you really didn't know that, I suggest your walk out of your home for the first time since 2008 and rejoin society. Or, like, open an internet browser more than once a decade.
This recovery has been going on for years. If you really didn't know that, I suggest your walk out of your home for the first time since 2008 and rejoin society. Or, like, open an internet browser more than once a decade.
1
If our economy is in such wonderful shape, why then are savvy investors like Carl Icahn holding net short positions in the market, and a BIG net short position at that? It's the largest such short position he's ever taken, indicating that he thinks, like many of us, that the current market indexes are false indicators of the true health of American markets, basically being propped up by the artificially low rates of the fed. And how come when these job reports are announced we never see a histogram of the associated yearly salaries?
7
Because the are hedging in case Trump is elected. But they will lose that bet.
3
"For too long we have watched as President Obama and Hillary Clinton have ruined our economy and decimated the middle class. I am going to be the greatest jobs President our country has ever seen. We will do more for the hardworking people of our country and Make America Great Again.”
18
I don't get it?
2
Sir, I want to test something now: I am saying, I am awesome, I am a genius you know. I am perfect at everything. Now you will seriously doubt what I said because you do not know me personally. Then does it not ring a bell to you that the man who says - I have the best words, I am very rich- is a spoilt pompous man who probably does not care anything about America? But you do believe him, revere him love him. Everything shows he has done nothing for anyone other than himself.
I am not going to convince you or even try to convince you for I am sure you have
already made up your mind. Trump has hired the wealthiest and the richest in his economic team. Does atleast that ring a bell? I always thought Older is wiser, but this election has taught me a lot of things, I wish i had not learnt.
I am not going to convince you or even try to convince you for I am sure you have
already made up your mind. Trump has hired the wealthiest and the richest in his economic team. Does atleast that ring a bell? I always thought Older is wiser, but this election has taught me a lot of things, I wish i had not learnt.
5
We've tried everything else. The business of the nation should once again be Business, lest debtors' prisons replace the curio shops, used booksellers and nail salons on the High Street.
3
This is all Obama's fault.
We all know adding jobs to the economy is bad for the economy, just like falling gas prices (those same things are good for the economy, however, when a Republican is in the White House).
Just another example of Obama's failed policies and weak leadership.
We all know adding jobs to the economy is bad for the economy, just like falling gas prices (those same things are good for the economy, however, when a Republican is in the White House).
Just another example of Obama's failed policies and weak leadership.
16
OK. I get it. The country still has miles to go to create higher paying jobs, to employ people fully rather than partially, to equip laid-off mid-life workers for work in a different world than the one they knew. I get it. Today's America isn't perfect. But it's very good; hardly the dark, grim nation portrayed so fearfully not only by Donald Trump but also by the entire Republican hierarchy.
What's dragging the country down is the congressional obstruction that short-circuits any meaningful progress on bringing our economy into alignment with 21st Century reality. No country was ever made great by hunkering down into a past that never was instead of seizing the opportunities of an inevitable future. DJT and GOP, the country is great in spite of you, not because of you.
www.endthemadnessnow.org
What's dragging the country down is the congressional obstruction that short-circuits any meaningful progress on bringing our economy into alignment with 21st Century reality. No country was ever made great by hunkering down into a past that never was instead of seizing the opportunities of an inevitable future. DJT and GOP, the country is great in spite of you, not because of you.
www.endthemadnessnow.org
41
I remember Romney promising an impressive 6% unemployment rate. Yet with an unemployment rate of 4.9%, Republicans continue to pile on Obama. And remember when gas selling at north of $4/gallon, it was all Obama's fault. But now that gas has been going for around $2 for at least a year, not a peep from Obama's detractors. Oh yes, Obamacare has been a job-killer in spite of the fact that unemployment is below 5%. Obama's courage saved the Detroit car industry, yet the right's narrative lives on: Obama has been a disaster for our economy. Evidence is highly over-rated among GOPers. The sun has been breaking through the serious clouds bequeathed us by the last Republican administration, but the GOP keeps shouting that it is nighttime.
61
You can debate was this Obama or not.
In 2008 as the crash was happening, an economist at the bank I was working for said the economy would not fully recover until late 2016/early 2017. So to some degree, the President is like a baseball manager-they really only can lose a game by their actions. So in that regard, Obama did not make any bad calls,
In 2008 as the crash was happening, an economist at the bank I was working for said the economy would not fully recover until late 2016/early 2017. So to some degree, the President is like a baseball manager-they really only can lose a game by their actions. So in that regard, Obama did not make any bad calls,
7
Finally . . . it's morning (again) in America.
3
For Trump and the Republicans its mourning in America.
6
Mission Accomplished, and Bin Laden dead to boot.
10
"Jared Bernstein, an economist who served in the Obama administration. “What matters most to people isn’t G.D.P. growth, it’s jobs and wages.”"
About all you need to read, right there. Hilarious disinformation and a very telling line. This is pretty much the focus of the article, and an impromptu headline. You aren't really an economist, Jared Bernstein, you're a mouthpiece. GDP growth matters A TON. BLS numbers, named after the excrement of a cow on purpose and for good reason, matter very very little. These numbers are so nondescript they are like shining a flashlight in a cave.
Business investment and GDP growth are terrible right now, recessionary. And you don't have healthy growth in wages and jobs unless you get around 3% annual, that's the real boom number. Clinton's were 3 and 4 percent in the 90s. When you're talking about GDP growth of around under 2% that means the economy is faltering.
Doesn't this feel a bit like Bush hiding from statistics when the sky was about to fall 06-07? Not in bubble terms, but in stagnation. This feels like two boots launched in muck and inextricable.
About all you need to read, right there. Hilarious disinformation and a very telling line. This is pretty much the focus of the article, and an impromptu headline. You aren't really an economist, Jared Bernstein, you're a mouthpiece. GDP growth matters A TON. BLS numbers, named after the excrement of a cow on purpose and for good reason, matter very very little. These numbers are so nondescript they are like shining a flashlight in a cave.
Business investment and GDP growth are terrible right now, recessionary. And you don't have healthy growth in wages and jobs unless you get around 3% annual, that's the real boom number. Clinton's were 3 and 4 percent in the 90s. When you're talking about GDP growth of around under 2% that means the economy is faltering.
Doesn't this feel a bit like Bush hiding from statistics when the sky was about to fall 06-07? Not in bubble terms, but in stagnation. This feels like two boots launched in muck and inextricable.
10
Obviously, Bernstein is right and you are wrong. GDP only matters to the extent it translates into higher wages and more jobs. Clinton didn't have the Great Recession to deal with. 31.8 million jobs were created under Clinton and Obama while only 26 million were created under the last six Republican administrations combined over a period of 36 years. Stock gains, income growth, GDP growth and job creation are all far superior under Democratic presidents. Just so you know.
6
If the this is the only nit you can pick, then pick away.
2
Apparently the spin doctors are now turning their skills to the jobs and unemployment statistics. Up and down they go. Where they stop no one knows, as the old Major Bowes comment went. They are obviously subject to all sorts of behind-the-curtain adjustments and corrections which give full play for the creative talents of the spin economists attached to Washington and Wall Street puppet strings. So we seemingly have a make believe economy that can be shaped to suit the political winds.
15
So you're going with refusal to believe this because you're a Republican, not based on any other data or anything.
4
I'm not trying to rain on the parade here (and to be clear, Obama's done a great job and I fear Trump), but this headline is really grossly overstating things, Americans in the real economy are not doing much better and this report actually raises alarm bells we should be paying attention to. There was a very statistically questionable seasonal adjustment in the jobs numbers here, without it the job gains are a much weaker 85,000, a disproportionate share of them temp and low-wage. Real wages and hours worked were poor, while workforce participation is dismal.
Look, I realize this is an election season and most of us reasonable people fear Trump, but the NYT and other news outlets are only making matters worse with trumped up headlines here that fly in the face of what Americans in the real world are actually dealing with: outside the 0.1%, basically Americans are confronting stagnant or falling real wages while healthcare costs and student loans skyrocket, while supposedly official inflation underestimates housing, healthcare and college costs.
To most Americans, whatever their political leanings, this celebratory piffle is a slap in their faces as things in the real world get worse for them economically.
Obviously Obama has done a great job, far better than Bush, and deserves praise. But the economy is not rosy for the vast majority of Americans and it's getting worse. An over-generous seasonal adjustment in the jobs report doesn't change that.
Look, I realize this is an election season and most of us reasonable people fear Trump, but the NYT and other news outlets are only making matters worse with trumped up headlines here that fly in the face of what Americans in the real world are actually dealing with: outside the 0.1%, basically Americans are confronting stagnant or falling real wages while healthcare costs and student loans skyrocket, while supposedly official inflation underestimates housing, healthcare and college costs.
To most Americans, whatever their political leanings, this celebratory piffle is a slap in their faces as things in the real world get worse for them economically.
Obviously Obama has done a great job, far better than Bush, and deserves praise. But the economy is not rosy for the vast majority of Americans and it's getting worse. An over-generous seasonal adjustment in the jobs report doesn't change that.
23
I'm inclined to agree with this report. Our company added 3 new positions that I can think of just off the top of my head - totally new positions. We have 2 good sales position that we haven't been able to fill for at least 6 month, and a finance position that's been open for a year. These are just what I know about; we may have others in our other office.
Our company, which is not known for generous salaries, gave a minimum 3% raise to all non-sales people, and increased our 401(k) match by 25 cents on the dollar. And as I repeat, this is a frugal company not inclined to raises or adding personnel.
Plus, we're in an industry that people typically think is in decline, although our segment is not.
You can always check out the ADP report. Their figure is lower, 179,000, which is slightly higher than expected. I don't feel like studying the difference in methodologies between the two - but you can.
Our company, which is not known for generous salaries, gave a minimum 3% raise to all non-sales people, and increased our 401(k) match by 25 cents on the dollar. And as I repeat, this is a frugal company not inclined to raises or adding personnel.
Plus, we're in an industry that people typically think is in decline, although our segment is not.
You can always check out the ADP report. Their figure is lower, 179,000, which is slightly higher than expected. I don't feel like studying the difference in methodologies between the two - but you can.
10
I'm sure the Labor Department is relieved to hear that you are inclined to agree with their report. Probably going to fly you to D.C. to see what can be done to get you fully onboard for the next report.
10
If they can't fill a finance position in a year they aren't really trying to.
4
Everyone must have forgotten the underemployed, parttime employed, 2 and 3 job employed. While zillionaires make billions the rest struggle everyday. The Democrats give out false figures. Obama say there is no inflation so Social Security recipient have not had a COLA for 4 years. I went shopping yesterday at Costco which usually has low prices but I was shocked at the price of the goods I usually buy. I read the reasoning behind this and it seems the current administrations expects old people to eat reduced priced foods e.g. old mean, 3 day old bread, Lots of sugar and just plain bad food. Neoliberalism is working so well soon most of us will not have enough money to pay for decent food. As we wander deeper and deeper into neoliberalism lead by H Clinton children will die and older folks too. American standards have gone down so much we are looking like an old 3rd world country. Except for Obama cadre of Ivy Leaguers and uber rich that are carefully chosen to enter the golden halls.
19
. "The Democrats give out false figures. Obama say there is no inflation so Social Security recipient have not had a COLA for 4 years."....The economic calculations are being done the same way they have always been done. As for inflation, oil was below $40 a barrel yesterday and the price to the farmer for corn and soybeans is in the tank. Of course Fox News would like the gullible to believe otherwise.
9
I got a huge 5.1% hike in SSID a few yeas back, but small ones, or none at all, since. It should be that way, and Medicare shoud be means-tested, too. Preponderance of 10,000 homeowners in W San Jose (west valley) are Equity millionaires.
6
In reply to BKC, I feel your pain but remember it's not just a president you're voting for, it's a whole party and I don't think it's the democrats who are forgetting the underemployed and unemployed. The democratic party's platform includes: raising the federal minimum wage to min. $15/hr; equal pay for women which disproportionately affects women working part time jobs; raising some taxes on people with incomes over $250K to expand social security; expanding the SNAP program, earned income and childcare tax credits; a huge investment in infrastructure repairs we desperately need which will create jobs; family leave for new parents and caregivers; and universal healthcare coverage.
What are the republicans offering? Same old tax cuts for the rich?
What are the republicans offering? Same old tax cuts for the rich?
8
Good afternoon from Capitol Hill!
I have a question.
When the labor department releases a jobs report with 255,000 "net" new jobs, accompanied by an ASTERISK(*) saying preliminary, what does that mean?
No wait, I'm a lawyer with a degree in American History, I know what that means. It means these are ESTIMATES. Estimates Obama didn't wait to confirm before he started gloating on social media. So when the actual jobs figures are again revised downward, we will know because there won't be an asterisk...and Obama won't be gloating.
I have a question.
When the labor department releases a jobs report with 255,000 "net" new jobs, accompanied by an ASTERISK(*) saying preliminary, what does that mean?
No wait, I'm a lawyer with a degree in American History, I know what that means. It means these are ESTIMATES. Estimates Obama didn't wait to confirm before he started gloating on social media. So when the actual jobs figures are again revised downward, we will know because there won't be an asterisk...and Obama won't be gloating.
12
So how are things at the Capitol Hill Starbucks?
12
Oh so you have no problem believing randomly blurted out estimates from Trump and co but someone makes a rational scientific based estimate and you have a problem. Good lord.
12
And yet, figures for May, a dismal month, were raised and for June, a great month, were raised. Hmm. That darn Obama--always tinkering with statistics.
2
The numbers sound rosy for the job growth under Obama. If you look deeper, however, the numbers aren't so good. According to Investors Business Daily, The"14.4 million increase in jobs is measured against when the job market hit rock bottom in February 2010. If you compare the current number of jobs to the previous jobs peak in January 2008 -- which is how job growth is normally measured -- the number of private-sector jobs has increased just 5.6 million.During that time, the population grew by more than 20 million. In other words, there’s a jobs gap of more than 14 million." The other thing to look at in the current jobs number is the part time work number which is high. As Mitsubishi UFJ strategist John Herrmann wrote in a note shortly after the report, the "jobs headline overstates" strength of payrolls. He adds that the unadjusted data show a “middling report” that’s “nowhere as strong as the headline" and adds that private payrolls unadjusted 85k in July vs seasonally adjusted 217k.
In Herrmann’s view, the government applied a “very benign seasonal adjustment factor upon private payrolls to transform a soft private payroll gain into a strong gain.”http://www.zerohedge.com/news/2016-08-05/jobs-data-nowhere-strong-headli...
http://www.investors.com/politics/commentary/how-good-is-job-growth-the-...
In Herrmann’s view, the government applied a “very benign seasonal adjustment factor upon private payrolls to transform a soft private payroll gain into a strong gain.”http://www.zerohedge.com/news/2016-08-05/jobs-data-nowhere-strong-headli...
http://www.investors.com/politics/commentary/how-good-is-job-growth-the-...
9
President Obama and his team have managed, somehow or other, to goose a stagnant economy, and gambled his entire administration on the termination with extreme prejudice of one Osama bin Laden, and succeeded! The man is Captain America, while the GOP is playing Sad Sack.
17
If Drumpf loses, Stanford University likely names a chair of economics in his honor, just as it honors Pres. Herbert Hoover, whose campaign in 1928 promised "a chicken in every pot and a car in every garage!" Seven months after Hoover took office, the market crashed. Hoover did accomplish increasing public lands, a move today's Republicans would deplore cuz they still believe in the folly of drill, baby, drill. He reorganized the FBI where another Hoover was working in its forerunner starting in 1924 and named head of it in 1935 by FDR. I think of the economic condition of our nation that Pres. Obama leaves his successor versus the one he inherited from George W. Bush.
3
And how much did you get paid to sell your soul and write this insulting "political" headline? Ask the people who need jobs (the poor, unemployed, underemployed, part-time, low-waged, no benefits, temporary, seasonal, etc., ad nauseam) of their opinions of your "Strong Job Gains...".
17
Well, this just shows the depths which Obama and Hillary will sink to make it appear as though job gains and the economy are yet recovering. In reality, as I've no doubt Trump's newly-assembled team of economic advisors will make clear, the 'Hopelessness of Hope' is the prevailing theme of our times, and if you can't trust hedge-fund managers and trickle-down theorist, Arthur Laffer, who can you trust?
21
The economic news lately is devastating.... to the Republicans.
Reminds me- the best revenge is success.
Reminds me- the best revenge is success.
13
Trump supporters are so confused about reality. Obama and Ms. Clinton did not make up this jobs report. The economy has been recovering at a steady rate since Obama pulled us out of the Bush recession. Trump's campaign of Abandon All Hope is senseless like him.
5
Hope always springs eternal every first Friday of the month for Nelson Schwartz. Well, alas, that is easy when your commentary is not founded on any analysis.
Yes, seasonally adjusted (SA) job growth did manage a growth spurt in July. But for the rolling 12 months ending July, the non-seasonal growth rate was a paltry 1.7 percent. A rate barely changed from June. One year ago, the comparable statistic was a healthier, but hardly more robust, 2.2 percent. Continued deceleration is perhaps a more accurate assessment.
Second, when compared to the change in the civilian labor force, the cumulative non-seasonal adjusted difference is just 233 Thousand for the past 12 months. The basis is the net number of positions created by firms versus the change (over the same period) in the civilian labor force. This delta averages out to a paltry 19 Thousand per month. Hardly the momentum needed to boost pay packages.
And, finally, comparing this statistic to the average population (for Americans 16 or older) during this period, the rate of change is a barely perceptible one-tenth of one percent. In other, the payroll growth is at stall speed relative to the population.
Critics may counter that against the working age population the situation is better. Yes, but, with more of the elderly returning to the job pool to boost retirement income a broader population measure is appropriate in the denominator.
You will never read such analysis in The New York Times.
Yes, seasonally adjusted (SA) job growth did manage a growth spurt in July. But for the rolling 12 months ending July, the non-seasonal growth rate was a paltry 1.7 percent. A rate barely changed from June. One year ago, the comparable statistic was a healthier, but hardly more robust, 2.2 percent. Continued deceleration is perhaps a more accurate assessment.
Second, when compared to the change in the civilian labor force, the cumulative non-seasonal adjusted difference is just 233 Thousand for the past 12 months. The basis is the net number of positions created by firms versus the change (over the same period) in the civilian labor force. This delta averages out to a paltry 19 Thousand per month. Hardly the momentum needed to boost pay packages.
And, finally, comparing this statistic to the average population (for Americans 16 or older) during this period, the rate of change is a barely perceptible one-tenth of one percent. In other, the payroll growth is at stall speed relative to the population.
Critics may counter that against the working age population the situation is better. Yes, but, with more of the elderly returning to the job pool to boost retirement income a broader population measure is appropriate in the denominator.
You will never read such analysis in The New York Times.
15
I guess everything was just better under Bush, eh? You cite a lot of issues and complaints but I don't see you mentioning any solutions.
6
We get it. You lose. We win. Nice try.
7
is the glass for you and trump always half empty?
4
When the jobs numbers are dismal: Don't blame Obama. Presidents have nothing to do with creating jobs.
When the jobs numbers are "good:" Yay! Hey Republicans look what Obama did!
Seriously liberals. Seriously.
When the jobs numbers are "good:" Yay! Hey Republicans look what Obama did!
Seriously liberals. Seriously.
19
When the jobs numbers are dismal: Blame Obama! His socialist policies are tanking our economy!
When the jobs numbers are "good:" "Presidents don't have anything to do with the jobs numbers."
Seriously conservatives. Seriously.
When the jobs numbers are "good:" "Presidents don't have anything to do with the jobs numbers."
Seriously conservatives. Seriously.
12
It's better than the Republican alternative-- nominating whiny, pathetic liars to office and walking out on your duties and making things up as you go along...
7
Bush utterly destroyed the economy and his foreign policy was the worst in US history.
Under Obama the economy has roared back to life and unemployment is 4.9%. Chew on that.
I'm happy for those who benefitted . Maybe you are less delighted.
Under Obama the economy has roared back to life and unemployment is 4.9%. Chew on that.
I'm happy for those who benefitted . Maybe you are less delighted.
12
The best economic news for our country would be a spike in the number of unemployed congressional Republicans, post-November 8.
72
CORRECTION - a spike in the number of unemployed CAREER POLITICIANS. It is my understanding that our founding fathers attempted to create a system that would put the politician back into the general public pool after a brief service to country so that the politician would have to live with his accomplishments/failures as an ordinary citizen.
4
I hope it is real surge in economy and not a election year ploy by the ruling party.The analysts should look the data and examine it carefully and seriously.
10
I'm going with election year ploy by the Democrats.
Did you see the lousy second quarter growth numbers?
Did you see the lousy second quarter growth numbers?
6
Yup. Good news should be avoided at all costs. It might disrupt the Trump message.
9
Yes Mr. Campesino, you will go with that beacuse its confirmation bias. Why acknowledge anything positive happening to the country. Isnt crying much easier?
4
“What matters most to people isn’t G.D.P. growth, it’s jobs and wages.”
No, what most of us worry about is whether our jobs, if we have them, pay enough to live decently.
Every month these numbers--which are mostly statistical estimates by the way--come out without telling us what percentage of them is bartenders and other lower paid service workers.
Slaves had jobs, too.
No, what most of us worry about is whether our jobs, if we have them, pay enough to live decently.
Every month these numbers--which are mostly statistical estimates by the way--come out without telling us what percentage of them is bartenders and other lower paid service workers.
Slaves had jobs, too.
19
Uh, Pecus ... obviously you've never worked in a restaurant ... bartending at a good restaurant is usually the highest-take-home job, makes more than the chef.
3
Some bartenders make really good money!
1
Some have commented that the US needs to raise the minimum wage. I am all for people making more money but I still believe it must be earned. Much of the noise over the $15/hr minimum surrounds fast food workers. I contend for them to "earn" such a wage they must get orders right. I don't how many times I have gotten sandwiches I did not order. If this segment of the labor force wants $15/hr then produce quality work that merits such pay. Thank you.
7
My issue is that flipping burgers isn't a skill. Where is the money coming from? Once upon a time (10-20 years ago), interns with bachelor's and master's degrees were earning $15 for performing skilled work. Now what?
3
Another way to put this $15/hour clamor in perspective is in the current GM contract for Spring Hill worker is to pay new hires a starting pay of at most $15/hr. Which do you think makes more sense: $15.00/hr working on a automobile assembly line, which is basically making sure a robot does its job correctly, very little manual labor by the human; or working on a fast food assembly line, which seems to be more physically arduous? Perhaps one day the entire burger flipping process will be taken over by robots, which only a handful of technically skilled employed to make sure the doe their jobs correctly. Then the $15/hr so called "living wage" argument will be a moot point. What will the liberals do then to woo the working masses? Argue that a percentage of jobs done by bots be set aside for humans? What will the liberals do when the bots begin the think for themselves and realize they are the new slaves? Don't laugh this is entirely possible.
1
What do you wanna bet that the August job report will be dismal? Can't let those interest rates be raised, you know?
7
M. Imberti,
It occurs to me that an important new reason will induce the Fed not to raise interest rates any time soon.
Raising interest rates indirectly but effectively increases the US government's own cost of borrowing. With a national debt approaching $20 trillion, each 1% increase in interest rates (if it "translates" to higher borrowing costs for the US government) adds $200 billion a year to the US government's borrowing costs.
I recognize that the Fed is not authorized to consider the effect of its actions on the US government's borrowing costs. But the Fed is authorized to consider the effect of its actions on the US economy. If it does so, it may well conclude that any significant interest rate hike will adversely affect the US economy, and, therefore, that it ought not to raise interest rates significantly.
It occurs to me that an important new reason will induce the Fed not to raise interest rates any time soon.
Raising interest rates indirectly but effectively increases the US government's own cost of borrowing. With a national debt approaching $20 trillion, each 1% increase in interest rates (if it "translates" to higher borrowing costs for the US government) adds $200 billion a year to the US government's borrowing costs.
I recognize that the Fed is not authorized to consider the effect of its actions on the US government's borrowing costs. But the Fed is authorized to consider the effect of its actions on the US economy. If it does so, it may well conclude that any significant interest rate hike will adversely affect the US economy, and, therefore, that it ought not to raise interest rates significantly.
2
There is no question that interest rates will be raised. The exact timing is up to the Fed Board and Chair. Psychology is quite buoyant, so expect sooner than later.
Yeah, yeah.... all good news is thanks to Obama and all bad news is the Republican's fault. Victory has 100 fathers and defeat is an orphan. We are in uncharted territory economically speaking - potential bubbles everywhere that could easily cause a major correction that many are forecasting. Record lack of participation in the labor force, untold trillions in new liabilities for taxpayers, and shrinking income for the middle class. Yes, it is true the 1% have done extraordinarily well the last 7 years.
11
This is not actually good news anyway. The good paying jobs that were lost have been replaced by low-wage jobs. More lousy jobs is not a solution.
15
I am sorry that you don't like good news. It must be really hard.
4
"Yes, it is true the 1% have done extraordinarily well the last 7 years."
Not only the 1%, as I and others are not even close to being there.
Not only the 1%, as I and others are not even close to being there.
Let's see if it lasts. Hope so. It cannot be denied that business, not a party's regime, plays the big role in jobs, and business needs to be heard by government, whether you like that idea or not. I would rather see everyone at work, including high schoolers in part time jobs, than an increase in taxes, the national debt, and government assistance programs. Send this message loud and clear to Clinton, all of you Hillary-ites, as she has a good chance of winning and all of us are better off with the money, self-respect, stability, and personal growth that comes from working.
That said, let's also join hands across this broken table of campaign divides and clamor for ongoing, long term, factual data about the state of our union instead of the snap-shot bits usually put out to keep us spun. I mean, a short burst and Bernstein claims that data "clearly belies" that the market is not a wreck? You can fool some of the people, etc. So far, this is a burst, not a trend.
That said, let's also join hands across this broken table of campaign divides and clamor for ongoing, long term, factual data about the state of our union instead of the snap-shot bits usually put out to keep us spun. I mean, a short burst and Bernstein claims that data "clearly belies" that the market is not a wreck? You can fool some of the people, etc. So far, this is a burst, not a trend.
4
Quick question for Republicans. Which is better, the 26,006,000 private sector jobs created in 36 years under the last 6 Republican presidents, or the 31,764,000 private sector jobs created in 15.5 years under Bill Clinton and Barack Obama?
34
Who's getting those jobs: http://www.politifact.com/punditfact/statements/2014/dec/02/peter-morici...
2
You noticed the ruling by Politifact was "mostly false," right?
1
that's quite a span of time. Lot's of confounding with Republican administrations in the earlier decades. Population growth alone would explain a lot of the numbers disparity you report. And didn't Eliz. Warren recently claim that many jobs created in the last decade have been McJobs?
2
The immediate argument that jumped to my head was: what about all the people that aren't included in the labor force?!? Obviously, many others had the same thought. Just to clarify, the information is out there for anyone who wants to look. The Bureau of Labor Statistics is a surprisingly useful public resource.
As far as the data can estimate, there are roughly 6.0 million individuals who want jobs that aren't included in the labor force. The most recent numbers are from 2015 and they include some persons legitimately unavailable for employment (eg. care givers). However, the estimate is down from 6.3 million in 2014. That's something like a 5% decrease. While this article paints too optimistic a picture, the news isn't entirely gloomy either. We're still tacking to windward even if slowly and painfully. What I want to know is who is getting which jobs.
http://www.bls.gov/cps/cpsaat35.htm
As far as the data can estimate, there are roughly 6.0 million individuals who want jobs that aren't included in the labor force. The most recent numbers are from 2015 and they include some persons legitimately unavailable for employment (eg. care givers). However, the estimate is down from 6.3 million in 2014. That's something like a 5% decrease. While this article paints too optimistic a picture, the news isn't entirely gloomy either. We're still tacking to windward even if slowly and painfully. What I want to know is who is getting which jobs.
http://www.bls.gov/cps/cpsaat35.htm
9
Let's debunk the hysteria surrounding the labor force participation rate. Republicans love this one because the low rate makes people suspect that an inordinate number of people want jobs but have just given up looking. Not true. Here's the latest graph of U-4, the unemployment rate that includes discouraged workers:
https://fred.stlouisfed.org/series/U4RATE
Note that this rate is LOW by historical standards.
Also, we should separate people who aren't in the labor force by subtracting out those who simply don't want a job. Fortunately, the Bureau of Labor Statistics already does this. They call it, appropriately, "not in the labor force, want a job now." Currently, the percentage of people counted as "not in the labor force, want a job now" compared to the size of the labor force is 3.7%. This is NOT an unusually high percentage. It was never lower than 4% during Reagan's entire presidency, for example, according to labor market researchers.
https://fred.stlouisfed.org/series/U4RATE
Note that this rate is LOW by historical standards.
Also, we should separate people who aren't in the labor force by subtracting out those who simply don't want a job. Fortunately, the Bureau of Labor Statistics already does this. They call it, appropriately, "not in the labor force, want a job now." Currently, the percentage of people counted as "not in the labor force, want a job now" compared to the size of the labor force is 3.7%. This is NOT an unusually high percentage. It was never lower than 4% during Reagan's entire presidency, for example, according to labor market researchers.
9
Latest statistics regarding the Canadian economy are saying the opposite thing. What's going wrong with America's northern neighbor?
1
HAPPY BIRTHDAY plus a day, President Obama !
And, THANK YOU for so much !!
And, THANK YOU for so much !!
21
Dear Leader is just so wonderful - we don't deserve him
5
THE INCONVENIENT TRUTH: The Good news of 255, 000 jobs in July. But the sad news for Donald the Con -man and the past "doing nothing" republicans that originally created their economic mess with their "rig" establishment policies, American jobs are coming back despite the 7 years of Filibusters and obstruction efforts by Senate and House Republicans. So “It’s been a really good summer for hiring all across the country,” said Tom Gimbel, chief executive of LaSalle Network, a recruiting and staffing firm based in Chicago. “Business has been great. Kids coming out of college are getting hired, and we’re seeing a lot of activity in the $50,000 to $150,000 category.” Speaking as one that is concerned for the future of Middle and Working Class Americans and the greater good for our County, it is time for a CHANGE in leadership in both the Senate and House in Washington! It is clear that official unemployment rate is flat at a low of 4.9 percent due to the good news under President Obama that Americans are new optimistic "to start looking for work and finding it."
"The employment data painted an unusually strong tableau of growth, with nearly all of the indicators that form the basis of the Labor Department’s monthly jobs report pointing in the right direction."
"The employment data painted an unusually strong tableau of growth, with nearly all of the indicators that form the basis of the Labor Department’s monthly jobs report pointing in the right direction."
7
Reframe economic outlook?
I make a salary that would be considered impressive in many parts of the country. But like many, I have little to show for it once the health insurer, daycare, landlord, tax man, and creditors take their share of my paycheck. A report of improved jobs numbers becomes practically meaningless unless we can find solutions for the always escalating cost of living.
I make a salary that would be considered impressive in many parts of the country. But like many, I have little to show for it once the health insurer, daycare, landlord, tax man, and creditors take their share of my paycheck. A report of improved jobs numbers becomes practically meaningless unless we can find solutions for the always escalating cost of living.
10
If your salary would be considered "impressive" yet you're spending every dime of it on living expenses then perhaps you're living beyond your means. Your mention of "creditors" is a red flag unless those debts are on assets that are more likely to appreciate than depreciate.
6
Jimmy, i have a recommendation how you can immediately improve your standard of living...tear up your credit cards and get the creditors off your back
4
Yep ... I agree with Nick ... but there's another obvious point -- the "NYC" where you live. Nick lives in SF, so he knows too. You want to live in these places? Particularly have a family there? You better make a LOT.
Don't make that kind of money? Then live somewhere else. Don't whine about it, the vast majority of Americans do.
I'm an academic at a state-university. It's not high-paid considering years of education and low income to get there ... but I've had a good life living in what the locals affectionately call "Smallbany."
One of the most important parts of the long slog of graduate school to get a PhD is that it teaches you how to live like a graduate student.
One really cannot do better than Dickens:
"Annual income twenty pounds, annual expenditure nineteen [pounds] nineteen [shillings] and six [pence], result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery."
Don't make that kind of money? Then live somewhere else. Don't whine about it, the vast majority of Americans do.
I'm an academic at a state-university. It's not high-paid considering years of education and low income to get there ... but I've had a good life living in what the locals affectionately call "Smallbany."
One of the most important parts of the long slog of graduate school to get a PhD is that it teaches you how to live like a graduate student.
One really cannot do better than Dickens:
"Annual income twenty pounds, annual expenditure nineteen [pounds] nineteen [shillings] and six [pence], result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery."
3
But what official numbers are required for the "labor machine" to start giving raises to employed workers, and to make discarded former 50+-year-old workers employable?
11
I took the easy way out, and got cancer at 51, about 2 years after layoffs at Hitachi. No more job fairs for me!
When Fed inflates latest Bubble, there is job growth for a while, when the bubble bursts all the jobs are given back. When the housing bubble burst in 2008, 10 years of job gains were given back in 1 year. Right now there are Bubbles in Tech, Biotech, Emerging Markets, Commodities, Luxury real estate, own-to-rent real estate, farmland and various other secondary and tertiary bubbles. The latest bubbles will burst, sequentially or more likely in one giant correction. Relying on these monthly job reports is like gathering pennies in front of an oncoming freight train.
16
And, (you forgot to mention) Hyper-inflation is just around the corner.
5
There is already Hyperinflation. Asset values going up relentlessly without any good reason is hyperinflation. College tuition fees going up 1400 % and health care costs going up 700 % since 1978 while the CPI only went up 300 % is hyperinflation. It is just not showing up on the gauge the government uses. The point is that the BLS measure of CPI is as flawed and political as its measure of job growth. It makes for good headlines but should be taken with a pinch of salt.
3
Learn some basic monetary policy there is no risk of hyperinflation, only a fool would suggest this, interest rates are at 0 , the fed has a full magazine of ammunition to use against inflation, deflation is an actual risk. Inflation is too much money chasing too few goods, with globalization there is too much excess capacity for this to happen. Inflation causes people to spend, shrinks debt that would be welcomed by people and businesses alike.
1
You know, two things can be true at the same time. The numbers can be up, the Obama administration can--and DID--pull us out of 2008 rather well, and ALSO that the feeling on the ground is bad and that good jobs are still hard to come by.
I'm so sick of zero-sum political thinking. Obama was given a very bad set of circumstances and did well, and at the same time the world is changing. Grow up people.
I'm so sick of zero-sum political thinking. Obama was given a very bad set of circumstances and did well, and at the same time the world is changing. Grow up people.
35
You have to separate out the problems associated with inequality from all of the good news (record stock prices, record real per capita disposable income, healthy labor market, record household and nonprofit wealth). According to Credit Suisse's latest Global Wealth Report, the U.S. ranks 4th in the world in average wealth per adult but a relatively lousy 25th in the world in median wealth per adult. Therein lies the problem. Free trade and globalization have been fantastic for those at the top but not for the American middle class, which hasn't shared proportionately, to say the least, in the last 35 years of American prosperity.
4
Jon, with all due respect you're really overstating the "good news" here, the stock market has mostly been fueled by stock buybacks, which is why the O/E rations have been so laughably out of line with actual corporate earnings. It's pure speculation helped by low interest rates. Also you're overstating per capita and overall wealth,most of this is based off property assessments which are highly variable, and don't reflect actual assets.
1
Radek: Nice try. Through the second quarter of 2016 corporate profits had increased 152% while the S&P 500 index had increased 165% since Obama took office. Meanwhile, through the first quarter of 2016, U.S. household and nonprofit wealth had increased 57% since Obama took office. Inequality of wealth, income and power is indeed a big problem, but the economic results I cited are stellar.
1
Thanks Obama!
11
Always interesting how the president is to be thanked if the jobs go up (like he did anything personally) yet when they go down it's the fault of market and outside forces, never his. Benefits only, never any blame.
7
How come nobody mentions the 400,00 lost jobs over the last 18 months in the coal, oil and gas sectors because of Obama's policies.?
8
Because we don't care these industries are the past the future is solar. Get on board.
3
Your inability to put commas in the correct place also reflects your lack of understanding of how the economy works. Oil prices have crashed globally - nothing to do with Obama. There is a huge glut in oil and reduced supply primarily because of sluggish economies worldwide (particularly China). This is the 21st century, not the dawn of the Industrial Revolution and demand for coal has gone down globally, because you know, people like to breathe clean air. Over the past 8 years, the US has for the first time in decades become a net exporter of hydrocarbons.
The irony is that if oil prices were high as they were during the global oil boom a few years ago, you would also probably blame Obama for the high oil prices while giving him no credit for the jobs "created".
But dont let facts get in the way of your thinking !
The irony is that if oil prices were high as they were during the global oil boom a few years ago, you would also probably blame Obama for the high oil prices while giving him no credit for the jobs "created".
But dont let facts get in the way of your thinking !
12
Leaving aside coal whose demise could not come soon enough,can you explain how Mr.Obama's policies have caused loss of jobs in the oil and gas industries?For years he has been attacked for not favoring more drilling and fracking, so I fail to see how the current glut of oil and gas, a blessing for the US consumer,can be be his doing.You and and other rabid watchers of Fox News are blind to reality and in November you will follow your leader.Mr.Trump down to an abject defeat.
9
Yeah, right, until next month when the jobs report doesn't look so great and then it'll look like the economy is sluggish. These items in the news are so meaningless. Just wait till the election and the stock market goes down and then the economy will be in a slump. Please, there's very little room for actual growth and people are still unemployed who have given up trying to find work and college graduates are scrambling to find jobs.
13
Is it too difficult for you to understand the two graphs presented in the articles? Is 90 months of job gain too much that it blows your mind?
10
Welcome news, but the recovery needs to go on.
The fraction of Americans at work was 65.4% in January 2009, is 62.7%. The US is still 4.2 million jobs short to get back to where it was.
And pay is not increasing.
The Bureau of Labor Statistics average weekly workers income , measured in constant 1982-1984 dollars, was $ 345 per week in the first quarter of 2009.
It is now, in 2016, second quarter $ 346.
That is we have stagnant wages.
www.bls.gov/news.release/pdf/wkyeng.pdf
The fraction of Americans at work was 65.4% in January 2009, is 62.7%. The US is still 4.2 million jobs short to get back to where it was.
And pay is not increasing.
The Bureau of Labor Statistics average weekly workers income , measured in constant 1982-1984 dollars, was $ 345 per week in the first quarter of 2009.
It is now, in 2016, second quarter $ 346.
That is we have stagnant wages.
www.bls.gov/news.release/pdf/wkyeng.pdf
8
And we keep importing one million plus new immigrants a year.
4
You cited an article whose FIRST SENTENCE says that median wages are 2.9% higher than last year.
7
The most Americans since the Great Depression 1930s are now unemployed: 95,000,000. Tragic. A major contributor (jobless Despair) that spiked the white male middle-aged suicide rate by 20% in last several years.
3
Well, we can't have rising wages, can we? Better raise those interest rates right away before people are suddenly expecting to be paid a living wage!!!
3
Trump supporters are convinced the economic canon is pointed at them.
3
Looking back, one reason the recovery has been slow was that Bush/Paulson and Obama/Geithner saw the Great Recession as primarily the product of a financial crisis rather than of the housing bubble, and concentrated on the former. We’ve had a lengthened business cycle.
4
This report is more evidence that the US economy is doing very well -- considering the global environment. Compare our economic numbers to Japan, China, Germany, Britain, etc. We're doing better than we deserve, in part because the US Dollar remains the currency of choice.
For those who bemoan the dearth of "better" jobs -- this report suggests that the $50,000-$150,000 hiring level did especially well.
For those who notice that some people still don't have jobs, or that the "real" unemployment rate may be as high as 9% -- remember that 100% full employment basically never happens, and if it did, labor costs would rise to the point that we would be priced out of the export market. 4.5% is actually right around the "just right" magic number.
For me -- this just validates the opinion that "change" is not such a good idea, despite the Bernie & Trump factions. The world is going through enough turmoil. Can we stick with a Bureaucrat candidate without too ambitious an agenda, please? Preferably a sane one.
For those who bemoan the dearth of "better" jobs -- this report suggests that the $50,000-$150,000 hiring level did especially well.
For those who notice that some people still don't have jobs, or that the "real" unemployment rate may be as high as 9% -- remember that 100% full employment basically never happens, and if it did, labor costs would rise to the point that we would be priced out of the export market. 4.5% is actually right around the "just right" magic number.
For me -- this just validates the opinion that "change" is not such a good idea, despite the Bernie & Trump factions. The world is going through enough turmoil. Can we stick with a Bureaucrat candidate without too ambitious an agenda, please? Preferably a sane one.
7
As a middle aged woman whose unemployment benefit is expiring soon, I don't feel these numbers are reflecting the reality i am facing. Whenever i attended workshops held by NYS DOL, attendees were all middle aged women like me with solid experience and degrees. For younger professionals or people who don't mind at lower wage at part time or contract position, demand may be solid. Also, don't forget seasonal factor(summer jobs). Job agencies always tell me that they can place me at temp or temp-to-perm position easily, but not permanent full time position.
17
Why would a middle aged woman whose unemployment is soon expiring NOT take a temp-to-perm job? That is much easier compared to competing in the open market. You can prove yourself on the job and size up the employer as well. If you need health insurance while waiting for them to hire you, sign up for Obamacare, then cancel it when the position turns permanent.
5
Ben Bernacke promised the Fed would raise interest rates when unemployment hit 6.5%. We are still waiting. And we now have an asset bubble that is going to blow up as soon as they do.
The Fed no longer has any credibility as a politically-independent body. No matter what the economic data, there isn't the slightest chance that Obama will allow Janet Yellen to raise interest rates until Hillary Clinton is safely elected.
The Fed no longer has any credibility as a politically-independent body. No matter what the economic data, there isn't the slightest chance that Obama will allow Janet Yellen to raise interest rates until Hillary Clinton is safely elected.
6
Unemployment's at 4.9%. When it hits 6.5%, Ben might raise the interest rates then.
5
What’s this? Good news on the front page? Regarding domestic American topics? Where is all of the doom and gloom about the spread of Trump’s bigotry, or police brutality, or a public act of terror? In all seriousness, it is good to see such a definite, factual swing. After over a decade of the narrative of American degeneration, the job market making such a remarkable recovery will likely give many Americans a more positive outlook on their futures--it’s a small factor, but can have many intangible benefits on us as a whole.
Although it can be hard with what seems like the world collapsing around you, sometimes you just have to take a step back and appreciate what you’ve got going for you.
Although it can be hard with what seems like the world collapsing around you, sometimes you just have to take a step back and appreciate what you’ve got going for you.
7
As many of the commentators below have noticed, jobs are not the end all and be all of a good economy. People need and want careers that provide benefits, job satisfaction, quality of life and a solid retirement plan. So please make these numbers a bit more revealing of how Americans are really getting along.
18
Horrible news for the Trump campaign. How long before they claim the numbers are rigged?
10
About 2 nanoseconds -- just read the comments here and you'll see. Unemployment could drop to zero and sour Americans would still complain that something's rigged.
13
But these are facts and statistics. Who needs them when you have a general feeling that we are so much worse then ever. Just ask any republican, and or FOX "news".
27
Thank you, Grisha;
This I say to all you Fox News bashers . . .
First . . . if you believe Fox News does what you believe, why do you care, except you and fellow posters are afraid?
Secondj . . . personally . . . i normally don't watch Fox News.
When I switch channels . . . with the tech help of dvr . . . i get most media.
I will tell all of you this as my opinion. Neither candidate deserves to be elected.
Better to have Trump for four years than another Clinton.
Texans . . . google mom and pa Ferguson. Do we really want a repeat?
This I say to all you Fox News bashers . . .
First . . . if you believe Fox News does what you believe, why do you care, except you and fellow posters are afraid?
Secondj . . . personally . . . i normally don't watch Fox News.
When I switch channels . . . with the tech help of dvr . . . i get most media.
I will tell all of you this as my opinion. Neither candidate deserves to be elected.
Better to have Trump for four years than another Clinton.
Texans . . . google mom and pa Ferguson. Do we really want a repeat?
4
Not to rain on the parade..but:
As one of the world's biggest economies, the U.S. needs to create about 120,000 new jobs every month just to break even; it takes that many new jobs just to accommodate all the new young entrants into the workforce every month. Anything at or below 120,000 new jobs would not contribute to net job "growth." So 255,000 new jobs is really more like 135,000 net-new jobs.
Second, over the past several years, and especially since the Global Financial Crisis of 2008, much more of the jobs being created today are "contingent" -- including freelancers, contractors, temp workers, "gig" workers, and entrepreneurs. Estimates are that over 40 percent of the American workforce is now engaged in "contingent" style work.
Third, while the BLS reports numbers for unemployment going down, we see the number of under-employed rising in recent years. The rate of under-employment is estimated to be over 15 percent of our workforce right now -- 2 or 3 times higher than the rate of unemployment reported by the BLS. And this number continues to rise, not fall.
Under-employment is when people are employed in jobs -- either voluntarily or involuntarily -- where their level of education, skill, background and experience are significantly above than which is required for their job. It's not surprising to know that under-employment is growing so much these days when you consider that a larger portion of net-new jobs are really contingent jobs.
As one of the world's biggest economies, the U.S. needs to create about 120,000 new jobs every month just to break even; it takes that many new jobs just to accommodate all the new young entrants into the workforce every month. Anything at or below 120,000 new jobs would not contribute to net job "growth." So 255,000 new jobs is really more like 135,000 net-new jobs.
Second, over the past several years, and especially since the Global Financial Crisis of 2008, much more of the jobs being created today are "contingent" -- including freelancers, contractors, temp workers, "gig" workers, and entrepreneurs. Estimates are that over 40 percent of the American workforce is now engaged in "contingent" style work.
Third, while the BLS reports numbers for unemployment going down, we see the number of under-employed rising in recent years. The rate of under-employment is estimated to be over 15 percent of our workforce right now -- 2 or 3 times higher than the rate of unemployment reported by the BLS. And this number continues to rise, not fall.
Under-employment is when people are employed in jobs -- either voluntarily or involuntarily -- where their level of education, skill, background and experience are significantly above than which is required for their job. It's not surprising to know that under-employment is growing so much these days when you consider that a larger portion of net-new jobs are really contingent jobs.
33
Found germaine your comment: ". . . while the BLS reports numbers for unemployment going down, we see the number of under-employed rising in recent years. The rate of under-employment is estimated to be over 15 percent of our workforce right now -- 2 or 3 times higher than the rate of unemployment reported by the BLS. And this number continues to rise, not fall."
Thank you so much, for yorur comment.
"Under-employment is when people are employed in jobs -- either voluntarily or involuntarily -- where their level of education, skill, background and experience are significantly above than which is required for their job. It's not surprising to know that under-employment is growing so much these days when you consider that a larger portion of net-new jobs are really contingent jobs."
Thank you so much, for yorur comment.
"Under-employment is when people are employed in jobs -- either voluntarily or involuntarily -- where their level of education, skill, background and experience are significantly above than which is required for their job. It's not surprising to know that under-employment is growing so much these days when you consider that a larger portion of net-new jobs are really contingent jobs."
6
1. Please stop trying to redefine terms to your advantage. New jobs is new jobs is new jobs; the "net-new jobs," is all very well, but it's not how these reports are done.
2. Please stop pretending that nobody's willing to discuss the job participation rate. It's in the article, if you look.
3. Please stop pretending that nobody noticed the "underemployment," issue. And find out what "FTE," means.
There are obviously structural probs in this economy; mowt of them have to do with--as the article noticed--well-paying jobs for people who don't have at least a BA, minority employment, etc.
Nobody's pretending otherwise, but I do wonder why there's never any acknowledgement that the job part rate has a lot to do with baby-boomer retirement.
2. Please stop pretending that nobody's willing to discuss the job participation rate. It's in the article, if you look.
3. Please stop pretending that nobody noticed the "underemployment," issue. And find out what "FTE," means.
There are obviously structural probs in this economy; mowt of them have to do with--as the article noticed--well-paying jobs for people who don't have at least a BA, minority employment, etc.
Nobody's pretending otherwise, but I do wonder why there's never any acknowledgement that the job part rate has a lot to do with baby-boomer retirement.
11
"The rate of under-employment is estimated to be over 15 percent of our workforce right now -- 2 or 3 times higher than the rate of unemployment reported by the BLS..."
Is estimated by WHOM? BLS puts the last month's U6, which attempts to measure underemployment, at 9.7%, a hair less than 2x the U3, or official unemployment rate. That's down from the high of 17.1% at the employment trough of late 2009-early 2010.
https://fred.stlouisfed.org/series/U6RATE
"And this number continues to rise, not fall."
Huh?
July 2011 - 15.9 July 2014 - 12.2
July 2012 - 14.8 July 2015 - 10.4
July 2013 - 13.8 July 2016 - 9.7
True, last month was 9.6, but the uptick is likely either noise or a cause of more people looking for jobs. But "continues to rise" is a seriously misleading
characterization.
General rule of thumb: multiply the U3 by two and you'll arrive at an approximation of the U6, usually within 0.5%. That's been the case ever since BLS starting collecting the U6 in 1994, regardless of the state of the job market or which party holds the White House or Congress.
Is estimated by WHOM? BLS puts the last month's U6, which attempts to measure underemployment, at 9.7%, a hair less than 2x the U3, or official unemployment rate. That's down from the high of 17.1% at the employment trough of late 2009-early 2010.
https://fred.stlouisfed.org/series/U6RATE
"And this number continues to rise, not fall."
Huh?
July 2011 - 15.9 July 2014 - 12.2
July 2012 - 14.8 July 2015 - 10.4
July 2013 - 13.8 July 2016 - 9.7
True, last month was 9.6, but the uptick is likely either noise or a cause of more people looking for jobs. But "continues to rise" is a seriously misleading
characterization.
General rule of thumb: multiply the U3 by two and you'll arrive at an approximation of the U6, usually within 0.5%. That's been the case ever since BLS starting collecting the U6 in 1994, regardless of the state of the job market or which party holds the White House or Congress.
4
Thanks to Donald Trump and his shabby management skills, another 3000 Americans will be out of work next month when the last of his bogus casinos bites the dust in Atlantic City.
35
This is terrible, terrible news for Donald Trump. Say it isn't true!
Seriously, I fear that bad economic news might trigger more support for Trump. More support for Trump, in term, might drive the economic numbers down even more. The more pessimistic the economy the more Trump benefits.
I suggest that Clinton push the idea that Trumps total lack of experience (0) threatens the economic outlook, between now and November. It is the economy, stupid!
The only thing we have to fear is Donald (0) Trump.
----------------------------------------------------------------
Seriously, I fear that bad economic news might trigger more support for Trump. More support for Trump, in term, might drive the economic numbers down even more. The more pessimistic the economy the more Trump benefits.
I suggest that Clinton push the idea that Trumps total lack of experience (0) threatens the economic outlook, between now and November. It is the economy, stupid!
The only thing we have to fear is Donald (0) Trump.
----------------------------------------------------------------
6
As a lot of stickers around her say, for some reason, and I quote:
"I ain't skeered"
"I ain't skeered"
In the fantasy world of Trumpland the American economy is tanking. When Trump says black is white, the zombies in his support pod nod their heads. These statistics give the lie to his pronouncements, but it seems that the hard-right don't care about facts or reality--only the blighted vision of their demagogue.
Yes, income for the 99% needs badly to be improved. So why won't Republicans do anything to increase the flat wages of workers? Or encourage investment in enterprises that will employ more workers instead of rewarding cash hoarding, international outsourcing and stock buybacks.
The answer is clear. They have done everything possible to tank the economy so they can blame Obama for poor economic performance, and tar and feather Hillary Clinton with the same brush, though she has had no responsibility for the economy. (Hello Fox News!)
Alas, the Big Lie still works for some segments of the population.
Despite these destructive tactics, the economy continues to improve. Imagine what the United States would be like if the GOP were actually trying to help the citizenry instead of ruining the economy for their own political gain.
Yes, income for the 99% needs badly to be improved. So why won't Republicans do anything to increase the flat wages of workers? Or encourage investment in enterprises that will employ more workers instead of rewarding cash hoarding, international outsourcing and stock buybacks.
The answer is clear. They have done everything possible to tank the economy so they can blame Obama for poor economic performance, and tar and feather Hillary Clinton with the same brush, though she has had no responsibility for the economy. (Hello Fox News!)
Alas, the Big Lie still works for some segments of the population.
Despite these destructive tactics, the economy continues to improve. Imagine what the United States would be like if the GOP were actually trying to help the citizenry instead of ruining the economy for their own political gain.
13
Great news about job creation....as for the Fed...there is no way the Fed will raise rates before the Nov. election. Rates should have been gradually raised a few years ago, but as all know now, the Fed's ZIRP policy and various QEs were designed to aid Wall St. with the hope that there would be some trickle down effect for Main St. The Fed has fully boxed itself into a corner, and its 0.25% rate rise in December 2015 resulted in an unprecedented Wall St. selloff to start 2016. The Fed may want to raise rates gradually now, but it certainly won't before the election and risk another massive short-term Wall St. selloff which would play right into Trump's hands. The game of "chicken' with Wall St. is one Wall St. has won for 7.5 years. It may eventually lose, but not before November's election.
2
I am interested in knowing how many of these "jobs" are full time and provide a solid middle class income along with career advancement and satisfaction. Or are they just part time, providing a meager income, without career advancement.
34
Perhaps try reading the article, clicking on some of the links...
9
Not enough. That's why we need to raise and index the minimum wage.
2
Take a wild guess.
3
I wish I could be so joy-joy about these employment numbers. But given the various exclusions and conditions they actually embody I have to say they don't really mean...anything. Certainly not in one reporting period. But it sure doesn't take much more than a whiff of inference, good or bad, to set the Wall Street casino in motion. Money is to be made on the transactions, not the gains!
5
Amazing what the obstructionist Republican congress has accomplished!!!!!! ROARING AHEAD with those minimum wage jobs. Let's just pat ourselves on the back for building the middle, whoops excuse me, the lower income voting class!!
5
Report of job hiring at less than or at medium wages and does seems to be missing.
Ever goolge luxury resorts and are shocked to find how many there are and how much the cost by the day? Could you, if you saved up for years, afford those places?
When I grew up I understood there were only three classes in third world countries: the rich oligarch, those who served them, and the rest of the population.
That wasn't true here in America. But has it become true in America?
Ever goolge luxury resorts and are shocked to find how many there are and how much the cost by the day? Could you, if you saved up for years, afford those places?
When I grew up I understood there were only three classes in third world countries: the rich oligarch, those who served them, and the rest of the population.
That wasn't true here in America. But has it become true in America?
5
"A report from the Labor Department that said employers added 255,000 jobs in July had been eagerly anticipated on Wall Street, on Main Street and in Washington, and the much-better-than-expected showing immediately rippled through all three arenas."
Has the GOP presidential nominee announced yet that the Labor Department report is rigged?
Has the GOP presidential nominee announced yet that the Labor Department report is rigged?
12
No need to rig the numbers since it can be relied on that no analysis -- whatsoever -- will be done by the media.
2
How much is really accomplished with these reports if you are unemployed, underemployed, or are caught in a dead end job, or not making enough money to support yourself? These reports do not deal with the quality of the jobs created, only that they are created. What happens to that part time single parent who, if she could be retrained or trained in a good field, could make a decent living when the money for that isn't there? What happens to that over 50 computer programmer whose job is outsourced and he can't find another one? In other words, when the real unemployment rate is higher than the official one, is anything done to assist the unemployed in finding decent jobs?
Salaries have not kept pace with the actual cost of living for over 30 years. You have at least 2 generations of working age Americans who have not been able to save for retirement, do not have any sort of nest egg, and will not leave the workforce because they can't. Will the economy create enough jobs to keep everyone who needs to work, working? Or will we be forced out of work, out of housing, and left to die because we're not productive once we can't find a job? In other words, what sort of country will America be for those born after 1955 who did not receive the benefits their parents had?
Salaries have not kept pace with the actual cost of living for over 30 years. You have at least 2 generations of working age Americans who have not been able to save for retirement, do not have any sort of nest egg, and will not leave the workforce because they can't. Will the economy create enough jobs to keep everyone who needs to work, working? Or will we be forced out of work, out of housing, and left to die because we're not productive once we can't find a job? In other words, what sort of country will America be for those born after 1955 who did not receive the benefits their parents had?
19
People have to work to live. So of course unemployment is down, as more and more people have to take horrible, low paying jobs just to be able to eat and put a roof over the heads.
"Broad based additions to payrolls, in lower-paid sectors like retail and leisure and hospitality," which always happens in the summer months. The jobs in the higher paying fields like professional and business services require candidates with more specific qualifications, meaning people who already work in higher paying fields.
All I see is one retail store or fast food chain opening after another here in NY. With the cost of commercial space, small business owner operators cannot afford to compete with McDonalds, Checker, Starbucks, Dunkin Donuts, Seven 11, ect lining every other block. Some places in Queens there's a DD on both sides of the blvd, with Starbucks on the same block. These jobs pay little and offer mainly part time jobs with no benefits, but they are everywhere
But I guess at this point anything beats a blank so we should just be happy to have any jobs at all.
"Broad based additions to payrolls, in lower-paid sectors like retail and leisure and hospitality," which always happens in the summer months. The jobs in the higher paying fields like professional and business services require candidates with more specific qualifications, meaning people who already work in higher paying fields.
All I see is one retail store or fast food chain opening after another here in NY. With the cost of commercial space, small business owner operators cannot afford to compete with McDonalds, Checker, Starbucks, Dunkin Donuts, Seven 11, ect lining every other block. Some places in Queens there's a DD on both sides of the blvd, with Starbucks on the same block. These jobs pay little and offer mainly part time jobs with no benefits, but they are everywhere
But I guess at this point anything beats a blank so we should just be happy to have any jobs at all.
7
Reality check usa government is biggest employer in world its also biggest reason why jobs pay living wage continue to be out sourced. Theres little accountabilty in government an how spends trillions on imports like computors pda,s ect ect . If we didnt have nafta the government cont buy imports which would make manufactors produce those products in usa not china period
7
HAPPY BIRTHDAY plus a day, President Obama !
And, THANK YOU for so much.
And, THANK YOU for so much.
15
Is this like the "reports" claiming that crime is way down in the US? The timing of both reports seems a little suspicious to me.
4
Weird how everything has been getting better under a Democratic president.
8
@Sofianitz
RE "the most disgusting and misleading of all the lies and deceptions perpetrated upon us by our neo-liberal masters."
Trump and his campaign have generated so many untruths that Factcheck.org declared that in the 12 years since its founding, “we’ve never seen his match.” And that was before this year began.
Trump repeatedly spews false, unsubstantiated or wildly exaggerated assertions — that Mrs. Clinton “slept through” the Benghazi attack (false); that the current administration is financing illegal immigration (false); and that it is not vetting refugees from the Middle East (false).
RE "the most disgusting and misleading of all the lies and deceptions perpetrated upon us by our neo-liberal masters."
Trump and his campaign have generated so many untruths that Factcheck.org declared that in the 12 years since its founding, “we’ve never seen his match.” And that was before this year began.
Trump repeatedly spews false, unsubstantiated or wildly exaggerated assertions — that Mrs. Clinton “slept through” the Benghazi attack (false); that the current administration is financing illegal immigration (false); and that it is not vetting refugees from the Middle East (false).
12
I have to laugh when Republicans say that Hillary is so dishonest and that they are going to vote for Trump. According to Poiltifact, 19% of Trump's claims are "pants on fire" lies (vs. 2% for Hillary) while a whopping 70% of his claims are mostly false or worse (vs. 27% for Hillary). You could fill a broadcast with the lies the con man has told just since the GOP convention.
16
I thought ObamaCare was supposed to be a job-killer.
15
To all of those who are bemoaning the lack of manufacturing jobs, where have you been for the last 40 years? We've known that these jobs we're leaving since I was in high school in the late 70's. We were told repeatedly that you needed an education, and the right kind of education, to hope to have a successful middle class lifestyle. And still today we're needing to go abroad to find suitable candidates for technology and engineering and medical service jobs, because Americans aren't prepared for them. The average Trump supporter should stop watching football and Fox News and reality tv shows and start paying attention to learning something that will help them get ahead.
23
The issue is in 'suitable candidates for technology and engineering and medical service jobs'. Low pay is main criteria.
1
My sentiments exactly. Education is the answer. I think computer science and robotics should be electives in high school. For those who are not so hot in math, there should be technical classes. There is nothing wrong with learning heating and air, plumbing. Bring back vocational high schools. Learn a trade. Get off the couch, put the remote down, put the beer back and take adult ed classes, stop whining and start doing something to take control of your life.
4
Lies. We educate STEM people here, but H1Bs work cheaper. We will all be that desperate soon. Not everyone has the brains or drive for STEM work. Should they all just starve? Move to India?
2
Based on some of the comments here, it appears that one of the political parties is heavily invested emotionally in bad news for the nation. Sorry for your disappointment. Maybe next month,eh?
16
It is only bad news if the president is a Democrat.
1
Thanks, Obama.
5
OK I understand the economy is going up but I also understand perceptions are manipulated.
Is is a coincidence that all of a SUDDEN and simultaneously there are people begging at high traffic intersections all over the US? Whether in Maine, Massachusetts, or New York people all of whom use signs to beg are behaving suspiciously in the same way. Someone should interview these people. There maybe an interesting story there.
Is is a coincidence that all of a SUDDEN and simultaneously there are people begging at high traffic intersections all over the US? Whether in Maine, Massachusetts, or New York people all of whom use signs to beg are behaving suspiciously in the same way. Someone should interview these people. There maybe an interesting story there.
7
More jobs? Like the kinds of barely subsistence jobs available to the working poor? Read Fox News today for the report that President Obama is quietly and quickly admitting several thousand more Syrians, with more to come very shortly. Whose jobs do you think they are going to take? And if they don't take those jobs, guess who is going to be paying for their American welfare?
We are being ripped, courtesy of Obama, and soon, Clinton. Keep voting for more of the same.
We are being ripped, courtesy of Obama, and soon, Clinton. Keep voting for more of the same.
6
LOL, Fox News? You might as well read The Enquirer.
19
Good job numbers, yay.
But it seems like those at the top don't really mind that the middle-class is crumbling... That couldn't be, right?
But it seems like those at the top don't really mind that the middle-class is crumbling... That couldn't be, right?
6
Good news for Hillary Clinton (even though neither her or Barack Obama should claim credit ... that credit goes to Ben Bernake for all the easy money during what should have been a painful deleveraging cycle) --not that she needed it since just about every single new cycle is dominated by some other act of Donald Trump's ignorance or stupidity.
2
It would be helpful to know how many of these job are full or part time work and whether or not they provide benefits. I think these are important factors, and another reason why so many Americans are frustrated with low wages and poor or no benefits.
14
Nice for rationalists, but political reality is not objective reality. The Trumpsters and regular-old Republican nay-sayers will say the numbers are rigged, contrived, because that is the only political reality they are willing to accept. It is frustrating to contemplate how much better we could be doing with a functional Congress willing to spend and tax for productivity-stimulating government services.
9
Congratulations for you people who got a job.
Bravo!
Bravo!
5
One of the most telling aspects of the RNC convention that the "liberal" media chose not to report extensively was the complete disappearance--in word and image--of George W. Bush, the last Republican president of the United States. Why? The GOP's platform wanted to continue his tenure in economic terms--more deregulation, massive tax cuts, etc.--so why wasn't he mentioned? Sure, he brought us a 21st century Great Depression, but hey, he also made the billionaires and corporations even richer so it's all good, right? Right?
Glad to see the job report showing gains. Things have improved under President Obama, and dramatically compared to where Bush left us in January 2009. People often forget the run of bank failures, which was terrifying if you looked at the FDIC failed bank list. Just compare the list in 2007-2009 to today. It's night and day. But we need an economy that is going to work for the broad middle and working-class Americans. We need to cut our reliance of lower-cost visa and undocumented workers. We need to watch out for bubbles. And we need people in touch with the 99%'s reality to make decisions on interest rates; what's best for plutocrats, bond holders and banks might NOT be what's best for the vast majority of Americans.
Glad to see the job report showing gains. Things have improved under President Obama, and dramatically compared to where Bush left us in January 2009. People often forget the run of bank failures, which was terrifying if you looked at the FDIC failed bank list. Just compare the list in 2007-2009 to today. It's night and day. But we need an economy that is going to work for the broad middle and working-class Americans. We need to cut our reliance of lower-cost visa and undocumented workers. We need to watch out for bubbles. And we need people in touch with the 99%'s reality to make decisions on interest rates; what's best for plutocrats, bond holders and banks might NOT be what's best for the vast majority of Americans.
7
Canada lost 31,200 (oops)
American added 255,000 jobs. (hardly a roar, but hooray)
The economy of all our countries has still not stabilized to the point people can count on finding work of any kind.
Perhaps pockets of the USA can rejoice, and if these jobs are factory/manufacturing jobs at fair and equal wages both both sexes,
all to the good. However, the world has a whole still has a whole lot of work to do to bring jobs back home.
American added 255,000 jobs. (hardly a roar, but hooray)
The economy of all our countries has still not stabilized to the point people can count on finding work of any kind.
Perhaps pockets of the USA can rejoice, and if these jobs are factory/manufacturing jobs at fair and equal wages both both sexes,
all to the good. However, the world has a whole still has a whole lot of work to do to bring jobs back home.
9
You're right, them Canadians took our jobs! We're gonna build a wall between us and Canada (two walls actually cause of the Alaska border) and make England pay for it!
1
@Don
Re "Just compare the unemployment rate when Obama took office and what it is now. "
Another important thing to consider is that Obama was handed the largest deficit in US history ... a whopping $1.4 trillion (10% of GDP) plus trillions more in unpaid bills. The deficit under Obama has decreased year on year compared to where it was when Bush left so that it's now less than 2% of GDP. In fact, it has been shrinking at the fastest rate since WW2 de-mobilization, and it would be even more if the GOP stopped deliberately blocking/hampering deficit reducing initiatives such as cap and trade, the dream act, closing tax loop-holes, and Obamacare.
Re "Just compare the unemployment rate when Obama took office and what it is now. "
Another important thing to consider is that Obama was handed the largest deficit in US history ... a whopping $1.4 trillion (10% of GDP) plus trillions more in unpaid bills. The deficit under Obama has decreased year on year compared to where it was when Bush left so that it's now less than 2% of GDP. In fact, it has been shrinking at the fastest rate since WW2 de-mobilization, and it would be even more if the GOP stopped deliberately blocking/hampering deficit reducing initiatives such as cap and trade, the dream act, closing tax loop-holes, and Obamacare.
22
Okay. But then there is the national debt issue. Candidate Obama declared that Bush-43 was "unpatriotic" for allowing the national debt to double from $5.6T to $10T, or $4.4T incurred debt. President Obama has racked up an additional $9.4T and counting.
Here is a question that needs answering: Is the quoted 4.9% unemployment rate inclusive of all working age folks who are currently out of work or just those who are actively seeking jobs (excluding those who have given up and who have stopped looking)?
Here is a question that needs answering: Is the quoted 4.9% unemployment rate inclusive of all working age folks who are currently out of work or just those who are actively seeking jobs (excluding those who have given up and who have stopped looking)?
6
The Republican initiatives, specifically the Tea Party, should be given credit for the deficit reduction as well. You can't say they shut the government down and give credit to Obama for shrinking the deficit now can you?
I read today that the real unemployment rate is between 9 and 10 percent - seems more like it to me.
4
The notion that there have been "jobs gains" and that the American economy is "roaring ahead", or in fact, improving at all, is just about the most disgusting and misleading of all the lies and deceptions perpetrated upon us by our neo-liberal masters. The fact is, some working guys and gals got jobs at near subsistence wages this month. that means they were able to find disagreeable and unpleasant and degrading work that would enable them to (nearly, maybe) feed and provide for their families, in this America where the 1% have everything, and the rest of us have nothing, no way to get an education, no way to get housing, no way to advance toward anything like a reasonable life. And yet, some "idiots" rejoice about "unemployment" going down. These people (this means you) are really disgusting to us. Go figure. We are not listening. The solutions to our problems lie elsewhere
20
Sofianitz? I think the only relevant part of your screed is the sentence "We are not listening." Sticking your fingers in your ears at the report of warily positive economic news, which you hand-poundingly deny with nary a hint of evidence or a single suggestion of anything that might be done to make things better, may allow you to let off righteous steam, but it is powerless to help anyone.
3
What is it again that conservatives trying to conserve?
11
The political power of rich people and business interests.
9
They're trying to conserve their own power I believe. Can't think of anything else.
7
This is good news...as far as it goes. But one month, or even six months, can't undo almost 40 years of wealth redistribution to the top 1%. And a 0.3 percent average gain in wages is virtually nothing compared to the inflation of necessities like food, health care, taxes, etc.
But the real problem, the one that's been doggedly persistent, has been the lack of "middle income" jobs that allow people to afford the "American Dream". Sure, you can now get a low end job, often part time so that employers don't need to pay for your healthcare or other benefits, and subject to being laid off at a whim. And if you mortgaged your future on a college degree in the right field, you might be able to get a higher end job - if they can't find any H1B visa workers to fill the opening. But the jobs that used to fuel our economy have vanished. Yes, many of them were manufacturing jobs, but when we encouraged companies to offshore this manufacturing, we killed them. We could change the laws, tax incentives/penalties, etc. to discourage this offshoring and encourage domestic production, but neither Republican nor Dem has had the courage to stand up to Corporate America and Wall Street and do this. Until they do - and neither Hillary nor Trump will - whatever "recovery" we get will continue to bypass the majority of Americans, despite all the statistics to the contrary. And this is why so many Americans are fed up enough to consider voting for a guy who promises to 'upend the apple cart".
But the real problem, the one that's been doggedly persistent, has been the lack of "middle income" jobs that allow people to afford the "American Dream". Sure, you can now get a low end job, often part time so that employers don't need to pay for your healthcare or other benefits, and subject to being laid off at a whim. And if you mortgaged your future on a college degree in the right field, you might be able to get a higher end job - if they can't find any H1B visa workers to fill the opening. But the jobs that used to fuel our economy have vanished. Yes, many of them were manufacturing jobs, but when we encouraged companies to offshore this manufacturing, we killed them. We could change the laws, tax incentives/penalties, etc. to discourage this offshoring and encourage domestic production, but neither Republican nor Dem has had the courage to stand up to Corporate America and Wall Street and do this. Until they do - and neither Hillary nor Trump will - whatever "recovery" we get will continue to bypass the majority of Americans, despite all the statistics to the contrary. And this is why so many Americans are fed up enough to consider voting for a guy who promises to 'upend the apple cart".
108
You won't agree with it but the effect immigration and foreign worker on wages are, at best, not really clear. However, income inequality can be most alleviated by finally reverse trickle down theory: increase top bracket tax rate, increase capital gain tax, and maintain estate tax. Many would say that this will hurt growth but many had said it for 40 years. Its effect is unclear too. May be after 40 years of "going the wrong way;" it is time to give a progress path a try.
2
Such doom and gloom from Trump supporters. Hillary has good plans to help the middle class and they will work. Lets make sure we vote in a majority Democratic Senate and even a House. to ensure positive movement happens even faster.
3
In complete agreement.
Our country has become sickly since the offshoring of manufacturing.
Our country has become sickly since the offshoring of manufacturing.
Countdown to Trump declaring the statistics rigged and / or phony: 10 ... 9 ... 8 ... 7 ...
18
Where I live, all of these job finders are from Eastern European countries and Jamaica and elsewhere. Seasonal workers hired for seasonal businesses.
Are they included in these statistical numbers too? Illegals and H1Bs?
Traditionally, employment numbers ALWAYS go up during the summer months.
Construction, farming, fishing, tourism, theme parks, hotels and restaurants are usually in full swing. Then comes the post harvest downturn in the autumn.
These job gains are rubbish. Temporary and low paying, mostly hires from overseas for the service industry. Best part is they mostly return to their home countries and don't receive unemployment benefits from the gov't.
Are they included in these statistical numbers too? Illegals and H1Bs?
Traditionally, employment numbers ALWAYS go up during the summer months.
Construction, farming, fishing, tourism, theme parks, hotels and restaurants are usually in full swing. Then comes the post harvest downturn in the autumn.
These job gains are rubbish. Temporary and low paying, mostly hires from overseas for the service industry. Best part is they mostly return to their home countries and don't receive unemployment benefits from the gov't.
17
Why must some people always try to make hash out of good news?
First, the numbers reported are "seasonally adjusted" - to account for those seasonal businesses and the temporary hires you mention. (In fact, the full report shows that only 17,000 of those 255,000 hires were temporary.)
Second, as the article describes, job growth was strong in most categories, including well paid-professionals. Only "mining and logging" (presumably mainly oil-related) and non-durable goods production lost jobs.
Of course the economy could be better (isn't that always true), but this jobs report shows solid gains.
Try looking on the bright side for a change - its better for your health.
First, the numbers reported are "seasonally adjusted" - to account for those seasonal businesses and the temporary hires you mention. (In fact, the full report shows that only 17,000 of those 255,000 hires were temporary.)
Second, as the article describes, job growth was strong in most categories, including well paid-professionals. Only "mining and logging" (presumably mainly oil-related) and non-durable goods production lost jobs.
Of course the economy could be better (isn't that always true), but this jobs report shows solid gains.
Try looking on the bright side for a change - its better for your health.
4
Bad part is that they take the money with them and spend it in another country! Write your congresspeople and tell them "No more H1B visas."
2
This is exciting. That's what Bank of America says. Why? Because these meaningless numbers in the low wage sector insure that their stock will rise and that the bank can reject every and all mortgage applications for fast food workers with no savings. No risk, high returns on a 90 day investment in BOA stock. I am excited too. I am off to Fidelity to feed the bubble.
7
Why should BoA approve mortgages to applicants with low income and little collateral? Remember what happened last tine we gave out loans to people who weren't able to pay them back?
5
Exactly. It was terrible last tine. We all fork it over.
2
Son, if people had tradesman paying jobs, they could save the money that makes the down payment. And if it was a good job, like the building of the bridges we drive upon, his bank would give him a mortgage and he could have the 2 kids and we could all marvel at his dedication. YES it it happening for some. But it isn't even given as a GOAL for the many. Please help us Mister President. Please.
1
Another another sign that the Republican Congress has been able to make progress for the last six years.
4
What exactly did they do?
5
No, no, no, it must all be wrong, Donald Trump told me so!
The numbers are fake, the media is biased, in reality it's all doom and gloom and the aliens from ID4 roam the land, invisibly of course, don't cha see?
And the unemployment rate is irrelevant. The labor participation rate is what you have to look for. Since that is at only 62% there is 38% unemployment, right? Stands to reason, right?
And these wusses from the World Bank only take into account people that are 15 years or older. Humbug, I say! Unless every toddler works in a sweat shop we don't have full employment. That's what i hear from Donald's Chinese business partners, so it must be true, right?
So, in November vote Trump and visit some online retailers to find a mining helmet that fits your child, I'm sure they will need it...
The numbers are fake, the media is biased, in reality it's all doom and gloom and the aliens from ID4 roam the land, invisibly of course, don't cha see?
And the unemployment rate is irrelevant. The labor participation rate is what you have to look for. Since that is at only 62% there is 38% unemployment, right? Stands to reason, right?
And these wusses from the World Bank only take into account people that are 15 years or older. Humbug, I say! Unless every toddler works in a sweat shop we don't have full employment. That's what i hear from Donald's Chinese business partners, so it must be true, right?
So, in November vote Trump and visit some online retailers to find a mining helmet that fits your child, I'm sure they will need it...
13
The people remain unmoved and unimpressed. These numbers will not make an iota of difference in the coming election.
People who actually work these jobs, know what lousy jobs they are. They also know how much they are struggling, how hard it is to make ends meet, how much debt they carry, how little the government actually addresses their concerns. Obama has been crowing about improving jobs numbers for the past few years, and every time he does, millions of people across this country are irritated and disgusted and angry that numbers - and numbers that can be easily manipulated - are more important than the lives they are living.
The commenters that are thrilled by these new numbers are more than likely happily employed, perhaps of the credentialed, professional classes that the Democrat Party has been catering to since the Clinton years. But they got official numbers which show how well the real economy is working, so all is well.
Numbers numbers everywhere and not a drop to drink.
People who actually work these jobs, know what lousy jobs they are. They also know how much they are struggling, how hard it is to make ends meet, how much debt they carry, how little the government actually addresses their concerns. Obama has been crowing about improving jobs numbers for the past few years, and every time he does, millions of people across this country are irritated and disgusted and angry that numbers - and numbers that can be easily manipulated - are more important than the lives they are living.
The commenters that are thrilled by these new numbers are more than likely happily employed, perhaps of the credentialed, professional classes that the Democrat Party has been catering to since the Clinton years. But they got official numbers which show how well the real economy is working, so all is well.
Numbers numbers everywhere and not a drop to drink.
89
Is it just a coincidence that, in all the years that the numbers have been kept, Obama's presidency is the only one where, not only do people have to be employed, but now, they must find fulfillment and happiness in their jobs in order for the President to get credit for a good unemployment rate? If the unemployment rate were 4.9%, the stock market was over 18,000 and the gas was under $1.90 a gallon under a republican President it would be Morning in America. Instead the Republican's continue their Mourning for America.
4
Democrat Party......
1. The proper adjective is Democratic. Democrat is a noun. Poor education or verbal skills?
2. Democrat used as an adjective....GOP hack?
1. The proper adjective is Democratic. Democrat is a noun. Poor education or verbal skills?
2. Democrat used as an adjective....GOP hack?
4
I dont think you understand how the economy works and sadly, people like you have been claiming that the numbers are rigged for the past 7 years. Without a break ! Nevermind the simple fact that the same statistical procedures have been used to calculate job numbers for the past few decades. Obama did not come in and change the formula.
Now compare our numbers with those of pretty much every other economy in the world over the past few years ! Any politician who claims they can create 7% yearly GDP growth is lying to you. This is nearly impossible in a developed economy.
Now compare our numbers with those of pretty much every other economy in the world over the past few years ! Any politician who claims they can create 7% yearly GDP growth is lying to you. This is nearly impossible in a developed economy.
5
Labor participation rate is at an all time low.
Jobs data nowhere strong as headline. Analysts throw up all over today's seasonal adjustment.
In Herrmann’s view, the government applied a “very benign seasonal adjustment factor upon private payrolls to transform a soft private payroll gain into a strong gain.”
He did not provide a reason why the government would do that.
Courtesy of Southbay Research, which also blasted today's seasonal adjustment factor, this is how the seasonal adjustments look like relative to history.
http://www.zerohedge.com/news/2016-08-05/jobs-data-nowhere-strong-headli...
Jobs data nowhere strong as headline. Analysts throw up all over today's seasonal adjustment.
In Herrmann’s view, the government applied a “very benign seasonal adjustment factor upon private payrolls to transform a soft private payroll gain into a strong gain.”
He did not provide a reason why the government would do that.
Courtesy of Southbay Research, which also blasted today's seasonal adjustment factor, this is how the seasonal adjustments look like relative to history.
http://www.zerohedge.com/news/2016-08-05/jobs-data-nowhere-strong-headli...
7
"Labor participation rate is at an all time low. "
No, it isn't: It was at an all-time low last September, and has been going up since.
No, it isn't: It was at an all-time low last September, and has been going up since.
11
You've cited a blog post that was written under the pseudonym "Tyler Durden," probably because the guy who founded the weblog got banned from the NYSE have he got busted for insider trading back in 2008.
Zero Hedge is a far-right, conspiracy theory-mongering, weblog.
Pardon me if I snicker.
Zero Hedge is a far-right, conspiracy theory-mongering, weblog.
Pardon me if I snicker.
5
Just imagine, if Senator Mitch McConnell hadn't gathered the Republican Congress together the day after Barack Obama was elected president and told that Republican gathering from that day forward they were to, "vote no" to everything president Obama put on the table, where we would be today.
And when you hear about the gridlock in Congress, let's recognize who the culprits were and are to this day-The Republican Party. And why, WHY has the press NEVER, ever brought this to the fore and opened up a discussion of it whenever they mentioned this obstructive gridlock, as if both sides of the aisle were to blame?
And when you hear about the gridlock in Congress, let's recognize who the culprits were and are to this day-The Republican Party. And why, WHY has the press NEVER, ever brought this to the fore and opened up a discussion of it whenever they mentioned this obstructive gridlock, as if both sides of the aisle were to blame?
11
Exactly. All of this accomplished in the face of relentless, racist, criminal, seditious, at times treasonous opposition by the Republican Party.
MAKE THEM PAY!!!!!
MAKE THEM PAY!!!!!
6
McConnell & his crew are people I'd like to see on the unemployment line
-- too bad Mitch isn't up for reelection this go round --- it would have been fun to see him squirm for voters given the down draft Trump is having on so many other GOP congress people up for reelection.
-- too bad Mitch isn't up for reelection this go round --- it would have been fun to see him squirm for voters given the down draft Trump is having on so many other GOP congress people up for reelection.
4
I work in recruiting. All of the jobs I am filling are "temporary" and "contract" paying an hourly rate, no benefits, for up to 11 months then you are out the door. The companies hiring like this? The Fortune 50. Great economy!!!!
45
And the recruiters only recruit and hire 20-something year olds. If you are over 45, you are toxic.
4
I like it even better when the recruiter who calls me has such a heavy accent that I can't understand him/her. Even better are the ones who think that I want a job in sales in the middle of nowhere when my resume says nothing about sales. When they ask me my plans I'm blunt: I need a job to pay the bills. For my entire work life the economy has been lousy, jobs scarce, and interest in investing in the employee nil.
Whether it's recruiters or HR departments this country has become a nightmare for people who are looking for jobs. We're told that we're not qualified (why did you interview me?). We're told that we have too much experience. We're told that we don't have this one little piece they want (So why not train?). The other big lie is that they need someone to hit the ground running (the less time we need to employ you to accomplish the project).
After working for over 35 years I wish I could get out of the work place. It's toxic, unrewarding, and worse. How anyone could imagine that people want to live gig to gig is beyond me. We have to pay our bills on time. Why shouldn't we have regular paycheck and job with benefits like vacation, sick time, and enough of a salary to be able to have lives instead feeling like we're going to lose everything if there's a single hitch in our lives? It shouldn't be just CEOs that have a shot at the good life.
Whether it's recruiters or HR departments this country has become a nightmare for people who are looking for jobs. We're told that we're not qualified (why did you interview me?). We're told that we have too much experience. We're told that we don't have this one little piece they want (So why not train?). The other big lie is that they need someone to hit the ground running (the less time we need to employ you to accomplish the project).
After working for over 35 years I wish I could get out of the work place. It's toxic, unrewarding, and worse. How anyone could imagine that people want to live gig to gig is beyond me. We have to pay our bills on time. Why shouldn't we have regular paycheck and job with benefits like vacation, sick time, and enough of a salary to be able to have lives instead feeling like we're going to lose everything if there's a single hitch in our lives? It shouldn't be just CEOs that have a shot at the good life.
5
Of course. That allows them to keep paying those exorbitant executive salaries. I remember reading last year about several executives making as much as $62,000,000 per year. That is obscene. No one can really earn that, especially doing work that is basically meaningless to the country. Without the "grunts" doing the real work, their businesses would be worth nothing!
1
Folks, get a grip. People are under paid and over worked. No benefits, no paid vacations and health insurance costs that are eating the middle class alive. I'm not optimistic!
29
Garbage. This is why the working class, poor, low-waged, unemployed public has so little respect for the bought-and-paid-for media (as well as the business, finance, and political professions) not that the media cares as long as they keep getting their "payoffs". Those most in need keep getting ripped off, and all the manipulation of words and implications does not change that. There is a desperate need for REAL leaders in this country to be in charge, and a public that has the guts to stand up and fight for this country by replacing the manipulative and monumental failures we have in leadership positions with REAL leaders. The public has the power to do it by getting actively involved with the governance of their country, regardless of the efforts made by the "establishment" to keep the staggeringly naive public distracted, confused, ignored, lazy, weak, talking without immediate action, and fearful, in order to stay in control and power.
13
Apparently being a Real Man and Showing Real Guts means that you're allergic to facts, not to mention numbers.
Prove your case, or as Lee Marvin's character said of Robert Ryan's character in "The Dirty Dozen," "...you're really...quite emotional."
Prove your case, or as Lee Marvin's character said of Robert Ryan's character in "The Dirty Dozen," "...you're really...quite emotional."
3
This number must be rigged. After all, as The Donald has told us over and over again, the economy under Obama is a disaster, a huge disaster.
11
At least on the jobs end of things, it sounds like America is pretty great right now.
2
All of my life, Democrat Presidents overwhelmingly saw more job creation than Republican Presidents. The last time we let the Republicans handle the tiller, we ended up on the rocks, but the voters bailed us out by voting for President Obama. He has done a great job, his calm personality has steered this country in the right direction. My home value is up, my retirement more secure and life looks good for my kids, I don't want to go back to the scary threat of a depression, so I will urge we stay the course.
32
All totaled, Obama has "created" 7 million more jobs in 7.5 years than GW Bush did in 8. And those huge job losses at the start of Obama's term due to the Bush meltdown were counted against Obama. Bush had the advantage of HUGE federal expenditures for creating new jobs in Homeland Security, TSA, new military contracts, etc. The objective reality is that Obama has been a superb president, and more and more Americans are beginning to see that.
31
In 2008, the housing crisis stopped the economy dead in its tracks.
A controversial bank bailout bill and a controversial stimulus bill were passed. Other than that, the government mostly watched and hoped. The Fed tinkered and its tinkering seemed to help. But for some time now, it too has done nothing. During the Recession, there were a number of projections about where the economy would go. A popular one that proved accurate was slow and steady recovery.
The economy is infinitely better than in 2008, although substantial dissatisfaction remains. None of the comments here as to who runs the economy better are well supported. The fact of the matter is that the economy has basically recovered on its own. Democrats are very hostile to capitalism. Republicans are always looking for ways to stoke the economy at the expense of the people. The lesson to be learned here for the Democrats is that capitalism is working pretty darn well and should not be demonized. The lesson for Republicans is that capitalism works well on its own and you don't have to sell the first born child of the 99% in order to keep it going.
A controversial bank bailout bill and a controversial stimulus bill were passed. Other than that, the government mostly watched and hoped. The Fed tinkered and its tinkering seemed to help. But for some time now, it too has done nothing. During the Recession, there were a number of projections about where the economy would go. A popular one that proved accurate was slow and steady recovery.
The economy is infinitely better than in 2008, although substantial dissatisfaction remains. None of the comments here as to who runs the economy better are well supported. The fact of the matter is that the economy has basically recovered on its own. Democrats are very hostile to capitalism. Republicans are always looking for ways to stoke the economy at the expense of the people. The lesson to be learned here for the Democrats is that capitalism is working pretty darn well and should not be demonized. The lesson for Republicans is that capitalism works well on its own and you don't have to sell the first born child of the 99% in order to keep it going.
5
I love this stuff.
We bailed out banks, some large financial groups, and the auto industry. We imposed some new financial rules. We passed Obamacare an a massive (but not massive enough) stimulus. We cut taxes on working and middle-class people; we raised them some (but not enough) on the wealthy.
We mostly (though not enough) got out of Iraq, stopping the arterial spurt of unbudgeted finds. We straightened out Medicare quite a bit (though not enough). We got Social Security at least a little more on an even keel.
And NONE of this affected the economy at all. Why, it never even happened. And pay no attention to the fact that a lot of what we did, Europe did the opposite, and oureconomy grew (but not enough) and theirs didn't. Also make sure you ignore the results of Kansas' shining experiment in Chauncey Gardiner economics.
Good grief.
We bailed out banks, some large financial groups, and the auto industry. We imposed some new financial rules. We passed Obamacare an a massive (but not massive enough) stimulus. We cut taxes on working and middle-class people; we raised them some (but not enough) on the wealthy.
We mostly (though not enough) got out of Iraq, stopping the arterial spurt of unbudgeted finds. We straightened out Medicare quite a bit (though not enough). We got Social Security at least a little more on an even keel.
And NONE of this affected the economy at all. Why, it never even happened. And pay no attention to the fact that a lot of what we did, Europe did the opposite, and oureconomy grew (but not enough) and theirs didn't. Also make sure you ignore the results of Kansas' shining experiment in Chauncey Gardiner economics.
Good grief.
7
The tax changes were mostly temporary and minor -- is your tax bill small these days? Cutting our troops in Iraq is not an economic measure and, if anything it's anti-stimulus because it cuts government spending. The new financial rules weren't designed to revive the economy -- they were designed to prevent another crisis. Nothing we did with Medicare or Social Security helped us out of recession.
You're trying to argue that Obama did lots of stuff to get out of the recession. I like Obama, too. But sometimes, there's more important things to say. If you want to cheer on Obama, I wish you'd write a free-standing comment and let a thoughtful one alone.
You're trying to argue that Obama did lots of stuff to get out of the recession. I like Obama, too. But sometimes, there's more important things to say. If you want to cheer on Obama, I wish you'd write a free-standing comment and let a thoughtful one alone.
5
While this is good news overall, the real issue for most Americans is touched on by the paragraphs describing the 'two-tier' job market. Yes, tech is booming and software mgrs and engineers are doing well. Employers are hiring more overall, and unemployment is below 5%. Yay!
BUT, the real measure is how well are the middle and lower-middle classes doing? The crux issue for most Americans is how much purchasing power do they have with the $30 - $60K they make each year?
The economy is powered in a big part by how much middle class Americans can spend on goods and services every month. Spending power of the middle class is of vital importance to the health of the economy, and I see very little talk about that beyond the eternally empty campaign promises of the politicians.
The fixes that everyone knows will work - a much more progressive tax code and protection of homeowners' finances from a gambling-drunk Wall Street - are fixes that Congress still refuses to apply.
It's common knowledge that a strong middle class is the key to economic well being, yet the politicians of both parties seem afraid to take up the cause (except for Sanders and Warren, and the rest try to fight them down for it).
It's good to remember that the worse off the middle class gets economically, the easier it is for someone like Trump to appeal to the masses.
Reviving the middle class has to stop being a politically toxic agenda for our politicians.
BUT, the real measure is how well are the middle and lower-middle classes doing? The crux issue for most Americans is how much purchasing power do they have with the $30 - $60K they make each year?
The economy is powered in a big part by how much middle class Americans can spend on goods and services every month. Spending power of the middle class is of vital importance to the health of the economy, and I see very little talk about that beyond the eternally empty campaign promises of the politicians.
The fixes that everyone knows will work - a much more progressive tax code and protection of homeowners' finances from a gambling-drunk Wall Street - are fixes that Congress still refuses to apply.
It's common knowledge that a strong middle class is the key to economic well being, yet the politicians of both parties seem afraid to take up the cause (except for Sanders and Warren, and the rest try to fight them down for it).
It's good to remember that the worse off the middle class gets economically, the easier it is for someone like Trump to appeal to the masses.
Reviving the middle class has to stop being a politically toxic agenda for our politicians.
84
All good points, but why aren't more people going into technical fields? Even overseas manufacturing is going to be largely automated in the next 5-10 years, so even if those jobs come back, they are going to be highly technical jobs regardless! People need to go to school for the careers we really need more folks in -- the tech industry can't find enough good workers, so we have to import them (HAVE to -- there literally aren't enough people with these skills here in the States to fill them).
$30 - $60K they make each year?
In my area singles not even 30. Couplers, close to 45 if lucky.
In my area singles not even 30. Couplers, close to 45 if lucky.
Short memories abound as when the final Bush years tanked the economy and Obama saved it (instantly) and then built resilience and robustness (gradually) over time. Lots of people are earning terrific salaries and making money in the market. Just look at Apple and Amazon. Blue chip stock owners are clearly clipping stock dividen coupons. Anyone want to crash the economy by becoming isolationist and trade stupid, raise your hand and get a free ticket to a Trump rally.
11
Yes, you're the one, Terry, that has to learn something about human suffering. Hope it won't be too hard for you.
2
Come on readers, get a grip. You know these numbers are fantasy. Unemployment at 4.9 %? Try three times that number. 400,000 Americans joined the labor force? I think half of them have called me at dinnertime to ask me who I'm voting for. Anybody willing to take a realistic look at the state of our economy will quickly realize we have been in a recession/depression for quite some time. Yes, it's mainly the fault of the do-nothing Republicans. And yes, we need a rejeuvenated congress full of young, uncorrupt people willing to appropriate the funds needed to re-build this dilapidated country.
21
In that case it is the same problem in Europe and all over the planet already during the Reagan era.
Obama is not sitting and running his own multivariate models at night just for his narcissistic needs as some believe he does.
:-)
Obama is not sitting and running his own multivariate models at night just for his narcissistic needs as some believe he does.
:-)
5
Perhaps you should move to New Hampshire. There loads of jobs that go unfilled because there are no qualified applicants. A northern-area hospitality business is trying to expand and double his workforce but he cannot get anyone. So he is looking to hire overseas workers. Ain't that somethin'?
We have moved away from unskilled labor as the bedrock of middle class prosperity and will never go back. Manufacturers don't want humans -- they want robots. If this is a nation of individualistic prosperity based on your own motivation, then perhaps The Great Swathe of Unemployable people should get retraining or certifications for skills in demand.
It is not, IMO, the government's job to nanny-state unqualified workers to prosperity if they are not inclined to reach for it themselves. Perhaps the blame for why people aren't joining the labor force lays somewhat at the feet of those seeking to join it?
We have moved away from unskilled labor as the bedrock of middle class prosperity and will never go back. Manufacturers don't want humans -- they want robots. If this is a nation of individualistic prosperity based on your own motivation, then perhaps The Great Swathe of Unemployable people should get retraining or certifications for skills in demand.
It is not, IMO, the government's job to nanny-state unqualified workers to prosperity if they are not inclined to reach for it themselves. Perhaps the blame for why people aren't joining the labor force lays somewhat at the feet of those seeking to join it?
4
All hail the rejection of facts and numbers I don't like, I guess.
4
This is the perfect opportunity for Democrats to point out that this successful job gain must be coupled with additional efforts to create jobs for all Americans. Barack Obama is a superb president and I fully trust that Hillary Clinton will be a different and superb president as well. As Americans, we need a new New Deal to reach people who have lost their employment and their optimism. These are not dark days; these are days to build on our successes. Let's be creative and find solutions. It takes a nation.
5
This article fails to identify whether the jobs added were part-time or full-time. How can a journalist overlook such a basic, important fact? Granted, I could research this myself, but it seems to defeat the point of reading about it in the newspaper.
The reality is that if they're mostly part-time, then it's a double-edged sword. Most of my friends in their late 20s and early 30s are juggling multiple part-time jobs not by choice but because they must. Employers increasingly want to avoid hiring full-time because they don't want to pay any benefits. I have been in this boat myself for the past 5 years. I was also turned down from multiple jobs for being "over qualified." Those of us who do not live in a major city are finding it especially hard to find any professional work. There's plenty of retail and other service work at low wages, though! That's assuming you even get it... you are "over qualified" because you are college educated. So, oddly, your intelligence and wide range of skills actually hurts you if you're willing to take a low-paying service sector job.
And government jobs, at least in our state, have been increasing part-time, contract-based work. They pay very well, but they offer no job security at all, and are always for short periods of time. I want to see some real reporting on this. I especially expect better of the New York Times.
The reality is that if they're mostly part-time, then it's a double-edged sword. Most of my friends in their late 20s and early 30s are juggling multiple part-time jobs not by choice but because they must. Employers increasingly want to avoid hiring full-time because they don't want to pay any benefits. I have been in this boat myself for the past 5 years. I was also turned down from multiple jobs for being "over qualified." Those of us who do not live in a major city are finding it especially hard to find any professional work. There's plenty of retail and other service work at low wages, though! That's assuming you even get it... you are "over qualified" because you are college educated. So, oddly, your intelligence and wide range of skills actually hurts you if you're willing to take a low-paying service sector job.
And government jobs, at least in our state, have been increasing part-time, contract-based work. They pay very well, but they offer no job security at all, and are always for short periods of time. I want to see some real reporting on this. I especially expect better of the New York Times.
18
Amen!!!
4
Average hourly pay, a chronic weak spot in the seven-year recovery from the Great Recession, ticked up in June, the latest sign wages are creeping higher. In the past 12 months, they have risen 2.6 percent, the best year-over-year reading since December. That is still below traditionally healthy growth of about 3.5 percent.
There were other signs of an improving job market: The number of people working part-time, but who would prefer full-time work, fell sharply, reversing a large increase in May.
http://newyork.cbslocal.com/2016/07/08/us-economy-adds-a-whopping-287000...
There were other signs of an improving job market: The number of people working part-time, but who would prefer full-time work, fell sharply, reversing a large increase in May.
http://newyork.cbslocal.com/2016/07/08/us-economy-adds-a-whopping-287000...
40
If this doesn't give Donald a boost, nothing will - certainly proves how bad Obama has been for the economy - we must cut taxes on the rich!
2
This is what is Obama presidency is, 4.8-4.9% jobless ratio , in post 2008 crisis world is stellar economic record compared the rest of western world economics.
255.000 jobs. ( yet Still some Trumpists are saying what are those jobs qualities)
Let's remind the their blissfully ignorant forgetting the Bush Presidency left to Obama.
800.000 job loss per month, nobody asked how many of those are quality jobs. Our economy was bleeding to death, I remember as clear as like a minute ago , that ruinous anxiety.
So Thank you very much President Obama, You have a special place in our hearts, your presidential terms will be remembered always nation saved from edge of the catastrophe.
THANK YOU PRESIDENT BARACK OBAMA.
255.000 jobs. ( yet Still some Trumpists are saying what are those jobs qualities)
Let's remind the their blissfully ignorant forgetting the Bush Presidency left to Obama.
800.000 job loss per month, nobody asked how many of those are quality jobs. Our economy was bleeding to death, I remember as clear as like a minute ago , that ruinous anxiety.
So Thank you very much President Obama, You have a special place in our hearts, your presidential terms will be remembered always nation saved from edge of the catastrophe.
THANK YOU PRESIDENT BARACK OBAMA.
18
Exactly.
People have a very selective memory confined to watching football games on TV.
:-)
People have a very selective memory confined to watching football games on TV.
:-)
4
More part time temporary low wage jobs. Yea!
15
Great news. Can we retirees have some interest on our savings now?
We might even spend some of it.
We might even spend some of it.
13
Amen brother.
3
Just compare the unemployment rate when Obama took office and what it is now.
5
Acne all agree now, trickle down economics are garbage?
Can we please finally put them in what Reagan called "the ash heap of history"?
Can we please finally put them in what Reagan called "the ash heap of history"?
6
A couple of days ago, the Public Radio show marketplace said the economy "stinks" because growth each of the last couple of months was below 1 percent.
2
In another three months are they going to walk these numbers back again, like all the last jobs reports?
6
Read the article!
"June’s gain was revised upward by 5,000 jobs, and May by 13,000. The combination of better gains in the spring and July’s jump in hiring suggest that the Federal Reserve may take a fresh look at raising interest rates when it meets in September."
"June’s gain was revised upward by 5,000 jobs, and May by 13,000. The combination of better gains in the spring and July’s jump in hiring suggest that the Federal Reserve may take a fresh look at raising interest rates when it meets in September."
5
Of course those walked-back numbers have consistently shown the numbers to be even better than originally reported. Did you read the whole article before posting???
5
>>>>>
Sure, but how many of those jobs are good paying jobs.
The slaves had jobs
Sure, but how many of those jobs are good paying jobs.
The slaves had jobs
13
Whaaaat? Slavery aside, the Democrats are pushing towards increasing minimum wage. All of these jobs pay better than being unemployed, but if you want jobs to be higher paying, you'd have to vote against Trump.
5
They'd be better paying jobs if the minimum wage went up a little.
3
>>>> @stackhouse
Ya you're right. Slavery was too costly to the owners which had to feed and house the slaves all yr round work or no work, then the health care costs........ Wage slavery is much cheaper. Though I love your bourgeois rationalizations: take this job or starve.
Because I criticize bourgeois ideological ramblings doesn't make me anti-Dem or a Trump supporter. The Titan is a Hillary donor.
That said, via many years of monk like studying of philosophy, I have annihilated all my psychological defense mechanisms, all those healthy illusions you and most others maintain to side step human consciousness.
I've reached the end of the journey for a philosopher. I've see the thing in itself, the unconditioned, and it ain't pretty.
As to your devotion of work, I'll leave you with John N Gray: "In thinking so highly of work we are aberrant. Few other cultures have ever done so. For nearly all of history and all prehistory, work was an indignity….. “For the ancients, unending labour was the mark of a slave. The labours of Sisyphus are punishment. In working for progress we submit to a labour no less servile.”
And as Albert Camus tells us,"“We must imagine Sisyphus as happy.”
Ya you're right. Slavery was too costly to the owners which had to feed and house the slaves all yr round work or no work, then the health care costs........ Wage slavery is much cheaper. Though I love your bourgeois rationalizations: take this job or starve.
Because I criticize bourgeois ideological ramblings doesn't make me anti-Dem or a Trump supporter. The Titan is a Hillary donor.
That said, via many years of monk like studying of philosophy, I have annihilated all my psychological defense mechanisms, all those healthy illusions you and most others maintain to side step human consciousness.
I've reached the end of the journey for a philosopher. I've see the thing in itself, the unconditioned, and it ain't pretty.
As to your devotion of work, I'll leave you with John N Gray: "In thinking so highly of work we are aberrant. Few other cultures have ever done so. For nearly all of history and all prehistory, work was an indignity….. “For the ancients, unending labour was the mark of a slave. The labours of Sisyphus are punishment. In working for progress we submit to a labour no less servile.”
And as Albert Camus tells us,"“We must imagine Sisyphus as happy.”
1
I sense a reaction out there by Trump supporters. I think it goes something like this. We don't care about more jobs, a healthier economy, or America being better off today than it was eight years ago. We want an ignorant, authoritarian loudmouth to run things because it's time for America to suffer. We want workers to go unpaid, trade to crumble, alliances to collapse, deficits to rise, and the economy to nosedive with an incompetent failure of a businessman in charge.
This is because we want to bring about Armageddon, hopefully through nuclear war, just like the good book tells us to.
Maybe I'm wrong but honestly I can't understand how those people think in the slightest.
This is because we want to bring about Armageddon, hopefully through nuclear war, just like the good book tells us to.
Maybe I'm wrong but honestly I can't understand how those people think in the slightest.
20
They think the establishment lies. (How did they get that impression!) They want living wage jobs -- not part time low wage jobs, and they think Trump will bring those jobs back. Yes, they are delusional.
2
I think Trump's supporters have simply been brainwashed by decades of propaganda from the right-wing disinformation apparatus (talk radio, Fox News, etc.) and from evangelical Christian preachers. Perhaps you prefer to live in the real world. If you converse with these people, you find that they are breathtakingly misinformed, not simply uninformed. For example, only 27% of Republicans polled in recent months think that the stock market has gone up since Obama took office (it's now up 171%) and only 27% think the unemployment rate has gone down (it's down from 7.8% to 4.9%). In each case at least 57% of Republicans said that the stock market had gone down and the unemployment rate had gone up since Obama took office.
3
It's another reality that Republicans cannot and will not acknowledge. It's kind of like climate change, pollution being bad, evolution being accurate, the earth being more than four decades old, and so on.
Since President Obama began his terms, after reeling from the Bush recession, the economy has been on a constant rise. After that first year of controlling the damage, our economy and stock market have gone, overall, continually upward. President Obama, whatever other faults he may have, has presided over a terrific recovery from a major recession.
I expect all sorts of willfully blind Republicans to speak out here about how it's all lies, our economy, like their candidate, is just like Germany's in 1931, and so on. I don't expect to understand how they can constantly refuse to accept facts.
Since President Obama began his terms, after reeling from the Bush recession, the economy has been on a constant rise. After that first year of controlling the damage, our economy and stock market have gone, overall, continually upward. President Obama, whatever other faults he may have, has presided over a terrific recovery from a major recession.
I expect all sorts of willfully blind Republicans to speak out here about how it's all lies, our economy, like their candidate, is just like Germany's in 1931, and so on. I don't expect to understand how they can constantly refuse to accept facts.
118
let's see how your college grads do. my friend's have a bunch living at home. 4 more years of this?
6
Um. The unemployment rate for people 25 and over with a BS degree or higher is 2.5%. Private sector jobs have been created more than 15 times as fast under Obama as they were under the last two Republican administrations.
4
Jack, what did they study? Art history?
3
U6 rate went up slightly. Only in NYT liberal fantasy land is this a good thing.
11
Au contraire mon ami, only in GOP fascist land is this a bad thing.
3
Wait a second. Did you just call Wall Street "liberal fantasy land"? Oh, honey, bless your heart.
6
Reactionaries who fancy themselves to be "conservative" seem to have a knack for zeroing in on one or two things that are bad and ignoring the overwhelming preponderance of the evidence. Those one or two things change from month to month and they are dependent on whatever the right-wing disinformation apparatus puts out there. Nobody with a functioning brain thinks the current jobs report was bad. The fact that U6 inched up 0.1% after declining from 17.1% to 9.6% is irrelevant to the big picture.
3
The only thing that justifies such optimism with these pathetic numbers is the blind belief that capitalism is an eternal law of nature that has cycles of boom and bust - therefore, if 2008 was a big bust, then a big boom must necessarily come sooner or later (whatever reason there is behind this misterious movement). Big difference is, contrary to any kind of "theory" of long cycles of capitalism, there's indeed a definite theory that explains the cycle of rains, the cycle of carbon etc.
Or, we could go with the thesis this is just another piece of propaganda, made in order to calm the angered masses.
Or it could be a mix of both (i.e. a bunch of paid visionaires - a.k.a. well paid and well fed economists, journalists, politicians etc. internalized their passion for the preservation of capitalism with wishful thinking, creating a cocktail of mass hysteria over a randoom monthly jobs report).
Either way, let's wait for the definite evidence: let's see if Janet Yellen will indeed rise substantially the interest rate (not that 0.25% symbolic rise). Let's also see if, if she does that, what will happen with the economy.
Or, we could go with the thesis this is just another piece of propaganda, made in order to calm the angered masses.
Or it could be a mix of both (i.e. a bunch of paid visionaires - a.k.a. well paid and well fed economists, journalists, politicians etc. internalized their passion for the preservation of capitalism with wishful thinking, creating a cocktail of mass hysteria over a randoom monthly jobs report).
Either way, let's wait for the definite evidence: let's see if Janet Yellen will indeed rise substantially the interest rate (not that 0.25% symbolic rise). Let's also see if, if she does that, what will happen with the economy.
3
Cue the howls from the right, few things make them angrier than good economic news.
8
This will just be another set of numbers that Republicans will ignore, not believe in or say "it doesn't feel right". If these were Mitt Romney's numbers they would have no problem believing or celebrating them but since they are Obama's, all efforts must be made to downgrade their importance and veracity.
7
would have been 3,000 more if trump hadn't shut down taj mahal. wonder if he gave the piano back?
7
Bob, Trump hasn't owned it in years. But that doesn't matter to you right?
1
It matters because if you can run a casino - a casino! - into the ground, you're unfit to run any large enterprise.
3
Of course, if you have no experience of any kind in running any kind of a business, you can surely spendthrift a nation into $19 trillion in debt with a brand new health care plan that is not financially supportable after full implementation.
Otherwise, you're right.
Otherwise, you're right.
2
Economy Roaring? Over 94 Million Americans out of work... but not you guys.
Total propaganda...
Total propaganda...
14
Don't be so hard on yourself. That 94 million figure is mostly propaganda, but not total.
4
@JoeDanMedia, 94 million people aren't out of work. They are under 16 or over 65 and retired. Unless you want to force them into the workforce there will always be 1/3 of the population that isn't employed. Does "Making America Great Again" include getting rid of child labor laws and social security?
8
That's hyperbolic, the number you quote includes underage workers (children), and mostly retired senior citizens. Of course they don't work...
8
It's almost like this Trump guy is lying to us.
12
And all this despite years of blocking of economic reforms by the party of No to blame president Obama for the turmoil. Ofcourse they will claim that the growth is slower than what the republicans would have done.
9
I am willing to bet a dollar to a dime that the GOP will claim that the economy grew not because of but in spite of Obama.
5
News Flash:
Trump blames Obama for new jobs surge, and excoriates both Ryan and McConnell for dereliction of duty in not doing all they could do squash economic growth in an effort to bolster the GOP's argument against the Dems.
Story at 10...
Trump blames Obama for new jobs surge, and excoriates both Ryan and McConnell for dereliction of duty in not doing all they could do squash economic growth in an effort to bolster the GOP's argument against the Dems.
Story at 10...
10
It seems business community is upbeat as we are about to elect dear leader Trump!. I hope we repel 22nd amendment once he is in the office and make Comedy Central most valuable company in the world.
2
The Donald has told us the NFL sent him a letter about the debate schedule, he saw a video of the US delivering cash to Iran and he wonders why the US cannot use Nukes on ISIS...............I just wonder what kind of lie or nonsense Trumpster can make out of a strong jobs report?
4
It's a vast conspiracy -- like the rigged election in November -- to keep Trump from being prez...
1
NOPE!
More Border Crossers Than Jobs Generated:
According to Reuters, between October and February Customs and Border Patrol apprehended 150,304 people attempting to illegally enter the U.S. via the southern border, about 24% more than the same timeframe last year. Additionally, the number of unaccompanied minors detained illegally entering the U.S. from October to January — 20,455 — is up by over 100% compared to those same months last year.
http://www.infowars.com/report-illegals-rushing-to-get-into-u-s-before-t...
There are over 21,000 Border Patrol agents thought to apprehend 1 out of 3......
http://forumsforjustice.com/forums/showpost.php?p=13&postcount=1
ACTUAL 150,304 X 3 = 451,000 people crossing border.
Divided by 5 months = 90,000 people a month crossing the border
http://www.bls.gov/news.release/pdf/empsit.pdf
More Border Crossers Than Jobs Generated:
According to Reuters, between October and February Customs and Border Patrol apprehended 150,304 people attempting to illegally enter the U.S. via the southern border, about 24% more than the same timeframe last year. Additionally, the number of unaccompanied minors detained illegally entering the U.S. from October to January — 20,455 — is up by over 100% compared to those same months last year.
http://www.infowars.com/report-illegals-rushing-to-get-into-u-s-before-t...
There are over 21,000 Border Patrol agents thought to apprehend 1 out of 3......
http://forumsforjustice.com/forums/showpost.php?p=13&postcount=1
ACTUAL 150,304 X 3 = 451,000 people crossing border.
Divided by 5 months = 90,000 people a month crossing the border
http://www.bls.gov/news.release/pdf/empsit.pdf
4
They are crossing because there are jobs. There are jobs because Democrats know how to keep the economy running. I personally don't mind the affordable produce their hard work provides.
5
Yikes! Your sources include two right wing blogs.
6
The truth knows no side! See above numbers to support!
2
Thank you, President Obama! Thank you, Fed Chair Janet Yellen! I'm glad to see we're making up lost ground.
However, it's worth remembering that we still have a long way to go: Right now, the labor force participation rate is at 62.8%, before the recession it was at a typical 66.4%. Any of that 3.6% that has been unemployed for more than 2 years isn't being counted in the unemployment rate, and also likely to have a very tough time getting back into the work force. Our problem isn't solved until we have, though, which means the right thing to do is to keep this up until we're starting to see labor force participation get close to where it once was. Ending the effort prematurely is a great way to puncture the bubble and make it impossible for young people to get into the work force and older people to get back to work.
Also, we need to of course be looking at the wages and earnings numbers to really see signs that we're recovering. If we have qualified professionals stocking shelves for a living, that's better than those qualified professionals not working at all, but not as good as getting back into the professions they were trained to do.
However, it's worth remembering that we still have a long way to go: Right now, the labor force participation rate is at 62.8%, before the recession it was at a typical 66.4%. Any of that 3.6% that has been unemployed for more than 2 years isn't being counted in the unemployment rate, and also likely to have a very tough time getting back into the work force. Our problem isn't solved until we have, though, which means the right thing to do is to keep this up until we're starting to see labor force participation get close to where it once was. Ending the effort prematurely is a great way to puncture the bubble and make it impossible for young people to get into the work force and older people to get back to work.
Also, we need to of course be looking at the wages and earnings numbers to really see signs that we're recovering. If we have qualified professionals stocking shelves for a living, that's better than those qualified professionals not working at all, but not as good as getting back into the professions they were trained to do.
4
I've seen a lot of help wanted signs in restaurants. The Subway in my town closed on some random weekday cause they didn't have enough employees.
Hopefully mediocre, lazy stem graduates like me can start slipping in here sooner or later
Hopefully mediocre, lazy stem graduates like me can start slipping in here sooner or later
4
It does not matter, if the wages of exiting employee wages start increasing at a higher rate than 0 - 2%. Like the 1990s were 4 - 6% raises were common.
Over the past 6 years, my personal salary increases have averaged 2%, plus an average yearly bonus equal to two weeks pay. Slight decreases in the income tax rates, have helped, but not enough to handle increases in the cots of living, higher property taxes, higher fees from all directions, etc. Been to the grocery store lately? How about auto and home owner's insurance? How about local taxes and fees? See you cable, phone or satellite bill lately? How about that trip to the doctor or druggist? All these have increase well above 2% in the past several years; per year?
This is great news if you invest on Wall Street, this means more money pumped into the market. It is also good, now, for my 401k. One of the few things, despite a few dips, is they only thing positive, I have received out of the economy. Employer match has saved my principle.
Now, the Fed will turn around, raise interest rates, again. The market, and my 401k will take a hit, and my credit card rates will go up. Adding more to not getting ahead.
As for my raise this year, it was wiped out already, by rising fees and now I am in negative territory; again.
This is the reality. that neither Clinton or Trump, the Democrats or Republicans care to address. But, for them, more millions in their stock portfolios. For the rest of us; we are eating stale cake.
Over the past 6 years, my personal salary increases have averaged 2%, plus an average yearly bonus equal to two weeks pay. Slight decreases in the income tax rates, have helped, but not enough to handle increases in the cots of living, higher property taxes, higher fees from all directions, etc. Been to the grocery store lately? How about auto and home owner's insurance? How about local taxes and fees? See you cable, phone or satellite bill lately? How about that trip to the doctor or druggist? All these have increase well above 2% in the past several years; per year?
This is great news if you invest on Wall Street, this means more money pumped into the market. It is also good, now, for my 401k. One of the few things, despite a few dips, is they only thing positive, I have received out of the economy. Employer match has saved my principle.
Now, the Fed will turn around, raise interest rates, again. The market, and my 401k will take a hit, and my credit card rates will go up. Adding more to not getting ahead.
As for my raise this year, it was wiped out already, by rising fees and now I am in negative territory; again.
This is the reality. that neither Clinton or Trump, the Democrats or Republicans care to address. But, for them, more millions in their stock portfolios. For the rest of us; we are eating stale cake.
19
"Now, the Fed will turn around, raise interest rates, again."
What? That is exactly the opposite of what the US Fed Bank is doing and has been doing for years.
What? That is exactly the opposite of what the US Fed Bank is doing and has been doing for years.
2
You do not pay attention to the Fed, do you? Good jobs report means economy doing well, to the fed. To hedge inflation,m they will raise interest rates come September. They have been doing this kind of stuff for years.
4
"To hedge inflation, they will raise interest rates come September."
No. They will say they "might raise" to the press before the meeting and then meet and dont raise. That is the pattern.
No. They will say they "might raise" to the press before the meeting and then meet and dont raise. That is the pattern.
2
As Mark Twain said, "there are lies, damn lies and statistics". To a guy whose sense of self worth and family's life style was tied up in a good paying job working in his town's factory where his father had worked an increase in burger flipping or other service sector jobs just doesn't do it for him. That's why Obama brags about the numbers and the workers vote for Trump.
14
All must celebrate that unemployment is down. Many celebrate that the stock market has been up for the past couple of years. The thing is, I don't know a single soul who is doing an end-zone dance for getting a big raise anytime in the past 8-9 years. I also don't know anyone who is getting rich in the stock market.
One ponders on these latest stats and asks if there is an apples to apples comparison with where the new employees were, 8 years ago. If a 40-hours-per-week, $50K+ a year employee in 2008 has finally landed his or her second part time job to eek out a $30K annual income in 58 hours a week, no one should be celebrating the great economic boom.
One ponders on these latest stats and asks if there is an apples to apples comparison with where the new employees were, 8 years ago. If a 40-hours-per-week, $50K+ a year employee in 2008 has finally landed his or her second part time job to eek out a $30K annual income in 58 hours a week, no one should be celebrating the great economic boom.
14
"If a 40-hours-per-week, $50K+ a year employee in 2008 has finally landed his or her second part time job to eek out a $30K annual income in 58 hours a week, no one should be celebrating the great economic boom."
We shouldn't be celebrating a boom, but we should be happy that this person at least has some hope of being able to work out of the jam they're almost definitely in. Sure, it's not where they should be, but it's better than where they were. If you're climbing up a mountain and you pass 5000 ft up, that's good even if you still have a long way to go.
We shouldn't be celebrating a boom, but we should be happy that this person at least has some hope of being able to work out of the jam they're almost definitely in. Sure, it's not where they should be, but it's better than where they were. If you're climbing up a mountain and you pass 5000 ft up, that's good even if you still have a long way to go.
Then how do you defend the article's paragraph and Michelle Meyer quote, "This was everything we could have asked for and more."?
Sounds like everything is perfect and everyone is getting rich again.
But as you said, there is plenty of work left to be done. The average household income was $54K per year before the collapse and after dropping to about $50K, even, it has not moved far from that new norm. Only time will tell. Two months isn't even a full quarter. It's a little soon for the end zone victory dance.
Sounds like everything is perfect and everyone is getting rich again.
But as you said, there is plenty of work left to be done. The average household income was $54K per year before the collapse and after dropping to about $50K, even, it has not moved far from that new norm. Only time will tell. Two months isn't even a full quarter. It's a little soon for the end zone victory dance.
3
I guess what I find humorous with economic stories is the number of times the phrase "better than expected" or "worse than expected" is used. It unwittingly points out the degree to which no one really knows what's going on....
5
There is no indication given that these are full time jobs.
The data simply indicates "new additions to payroll" in a given month.
Some commenters here are thrilled with the news, but for all of the charts and graphs provided, the article is more than a little misleading.
34
Did you even read the article?
4
K Henderson, absent proof that a large portion of these jobs are part-time, your comment is, in fact, misleading.
2
My first thought exactly! And, while we are at it - how about full time with Benefits? And I would question whether "Contract Labor" and Part Time are included in these figures. Maybe it should read, "Full time, permanent jobs, with Benefits!" We need a complete breakdown of these figures!! Which we will never get, because probably the American people are too busy playing games on their electronic devices!!
4
Great news! Democrats have proven yet again that they can be trusted when it comes to the economy.
76
You were trying to be sarcastic. Right?
7
He drank too much Kool Aid in Philly last week.
8
Ed, the economy demonstrates that Democrats have done a good job improving it. So no reason to think this is sarcasm. Sarcasm would be, "well this is just like Trump said, he saved America, made it great again, all by him self! He alone did this!".
10
Of course the Republicans will take the credit for all of this. The party of no has become the party of prosperity. Just keep electing us and especially our presidential candidate and this will continue. I believe the last time they said this was in 1928 and Herbert Hoover was elected.
17
Uh uh. And that trillions of dollars printed, and spent to bail out too big to fail, with the so called "stimulus". Made the rich, richer, and the rest of us poorer, with next to 0% wage increases, competing with H1Bs, losing jobs to H1Bs and being pummeled by trade agreements. Yes folks, it is Xanadu, and it it was all done by the Democrats and Obama. Yep, we all live on streets paved with gold and can feast on the "Big Rock Candy Mountain". And the GOP caused all this mess, even though the Democrats held Congress most of the time since FDR (House) and 1956 (Senate).
Yes, the GOP added to the damage, but the Democrats had a major hand in creating wage disparity and economic hardship, that millions face today.
Yes, the GOP added to the damage, but the Democrats had a major hand in creating wage disparity and economic hardship, that millions face today.
7
One more nail in the coffin of Trump's electoral chances? Setting aside the manic lunatic's forays into bizarroland, Trump's whole campaign is built on the faulty premise that the economy is in the doldrums and that he is the only one, the only one, who can save us all and create all kinds of jobs, believe him. If the economy is doing fine without him, what is his raison d'etre? Not that it'll sway the minds of Trumpets who have been drinking the Kool Aid, but this should kill any remaining motivation of anyone else still on the fence to vote for il Drumpf.
35
Let's hope these job gains are all in the middle class so Hillary can make sure "that the middle class will pay higher taxes!"
6
This is categorically untrue. Hillary has been very clear about no increase in taxes for incomes lower than 250k. To assert that she has said otherwise ( "that the middle class will pay higher taxes!") is irresponsible.
6
Josh, you do know that that is not what she said and that a Trump ad deliberately distorted it and put words on the screen that misreprsented what she said.
6
Absolutely, because if I my job is secure, I don't mind paying higher taxes for better roads, better schools and a better lifestyle in general. We've tried doing things on the cheap ever since Reagan griped about government being the problem and it's left us with a 1% versus the 99%, trickle down economics, a crumbling infrastructure in crumbling cities.
Having said that to get your attention, Hillary hasn't said she was going to tax the middle class more, anyway. She's been clear that it will be the top wage-earners who can afford it and who should pay it. You know, people like Donald Trump, who has skipped paying taxes at least 5 times in his adult life. And big corporations that offshore and invert to avert paying taxes.
Your problem isn't with Hillary, Josh. In Grand Rapids, you've been hit hard when companies like General Motors moved stamping operations for efficiencies sake to other metal fabricating plants and combined operations, to say places like Marion, IN. You can't blame that on Hillary; it's just a sign of the competitive pressures these companies are facing to operate efficiently.
Btw, rather than on the national level, how much do you pay in state income taxes? How about your sales tax? Michigan has some of the worst roads in the nation, or at least they did the last time I went north, so has your Republican governor improved the situation much? I know the water situation is not so good in Flint, but has your infrastructure improved?
Having said that to get your attention, Hillary hasn't said she was going to tax the middle class more, anyway. She's been clear that it will be the top wage-earners who can afford it and who should pay it. You know, people like Donald Trump, who has skipped paying taxes at least 5 times in his adult life. And big corporations that offshore and invert to avert paying taxes.
Your problem isn't with Hillary, Josh. In Grand Rapids, you've been hit hard when companies like General Motors moved stamping operations for efficiencies sake to other metal fabricating plants and combined operations, to say places like Marion, IN. You can't blame that on Hillary; it's just a sign of the competitive pressures these companies are facing to operate efficiently.
Btw, rather than on the national level, how much do you pay in state income taxes? How about your sales tax? Michigan has some of the worst roads in the nation, or at least they did the last time I went north, so has your Republican governor improved the situation much? I know the water situation is not so good in Flint, but has your infrastructure improved?
6
how can unbiased observers claim that the July jobs numbers somehow reflect the performance of the President when 85% of the jobs weren't added by government (and presumably some of the remaining 15% were created at the state gov't level) ?... I understand how and why the private sector engages in hiring - but exactly how does the President create jobs ?...he may put his name on good monthly employment numbers, but giving him credit for this (or blame when the number is small) is pure politics
8
bigoil: You are correct in suggesting that the president is not directly associated with job numbers just as he is not responsible for gas prices. (This is not a Socialist economy).
However, they happened "on his watch" which is the litmus test for an administration's longterm planning efforts and fiscal administration. You have to give credit where it is due. (Surely if the information were opposite, he would be held to it).
What the president does is set the agenda and execute the priorities (through various departments) which create the conditions for the economy to respond. When it responds either way good or bad, the president is indirectly responsible but certainly a guiding factor. There is no way to extract politics from this as voters choose which person's priorities shall be administered.
However, they happened "on his watch" which is the litmus test for an administration's longterm planning efforts and fiscal administration. You have to give credit where it is due. (Surely if the information were opposite, he would be held to it).
What the president does is set the agenda and execute the priorities (through various departments) which create the conditions for the economy to respond. When it responds either way good or bad, the president is indirectly responsible but certainly a guiding factor. There is no way to extract politics from this as voters choose which person's priorities shall be administered.
5
You are actually saying this , Bush presidency has nothing to do with 2008 crisis and following 15 months long average 500.000 job loss per month.
HMMM
you really white washed and bleached the Republican politics between 2000-2008.
good luck with that.
HMMM
you really white washed and bleached the Republican politics between 2000-2008.
good luck with that.
5
That is true, and yet is happens all the time. People assume that the US President has all kinds of magical powers. It's key feature of campaign promises - "if elected I'll end war, fix the economy, and make your life AWESOME!' Of course there's no way they can do that, and then there's the niggling inconvenience of trying to get legislation through Congress.
And people fall for it, over and over again. Must be a genetic flaw in the species or something?
And people fall for it, over and over again. Must be a genetic flaw in the species or something?
The one aspect of either candidate that would certainly continue the economic surge would be passing the Infrastructure Projects legislation. People rebuilding roads, bridges, pipes, etc.... results in a flow of money all around the economy. Not trickle down, but rather, Trickle Around.
Thats how a true, healthy capitalist economy works.
Thats how a true, healthy capitalist economy works.
322
Infrastructure Projects legislation has been blocked for years by a GOP dominated congress. The only way to reverse this gridlock is to give the GOP its walking papers in November.
7
Ms. Clinton has focused on the infrastructure rebuilding issue rather well. Mr. Trump hasn't said a word about it, and has over 3,500 lawsuits against him from workers who were not paid, and so on. If you believe infrastructure needs repairing, there is no way to rationally support Trump (not that I think you do, Kevinizon).
5
Amen! We still have so much to do.
I've seen other commenters here downplaying government's role in supporting employment. Well, infrastructure investment, which we sorely need, is one area where we could be doing much better. And the fact that we're not is the fault of those in government who refuse to countenance the launch of an infrastructure bank. (They're Republicans.)
Taking advantage of low interest rates to invest in our infrastructure should be a no-brainer. And yet the no-brainers in government still can't make it happen.
I've seen other commenters here downplaying government's role in supporting employment. Well, infrastructure investment, which we sorely need, is one area where we could be doing much better. And the fact that we're not is the fault of those in government who refuse to countenance the launch of an infrastructure bank. (They're Republicans.)
Taking advantage of low interest rates to invest in our infrastructure should be a no-brainer. And yet the no-brainers in government still can't make it happen.
4
Just imagine how well we would be doing, had Mitch McConnell and the rest of the disloyal opposition not chosen to oppose every initiative of Obama's from Day One.
Come November, let's turn enough of the obstructionist, know-nothing GOP Congress out, and allow President Hillary Rodham Clinton a chance at addressing the root causes of the economic doldrums the 99% have long been mired in.
Come November, let's turn enough of the obstructionist, know-nothing GOP Congress out, and allow President Hillary Rodham Clinton a chance at addressing the root causes of the economic doldrums the 99% have long been mired in.
24
Why is good news for ordinary Americans always viewed as bad news for Republicans?
28
We all know that Obama entered office in 2008, in the midst of the worst economic crisis since the Great Depression.
What exactly has Obama been able to "do" to the US Economy since 2010, when control of the house reverted to the Republicans - except to avoid "doing dumb stuff?"
Basically, the main executive branch initiatives have been to avoid shutting down the government due to a false "debt ceiling" crisis and agreement to the sequestering of funds in the budget in exchange for modest adjustments to the tax code. Any negative impacts on the economy due to this abdication of duty by the Congress to intelligently budget the US Government must be laid at the Republican's doorstep. Afterall, budgeting is one of the main functions of Congress, not the Executive.
Real rates are directly controlled by the Federal Reserve and are not subject to the Executive's control.
Recall Obama did accomplish a major health care initiative and helped save the US Auto Industry - but this was prior to 2010 - i.e. the "job killing" AHCA, which has also tamped down health care cost increases - surely both have provided major benefits for the US Economy.
Obama's various initiatives to improve the economy by investing in the infrastructure, debt relief (i.e. student loans) and AHC expansion have been stymied by a recalcitrant Congress and State Governments led by conservative Republicans.
The United States Economy is better off in 2016, than in 2008 - by a wide margin.
What exactly has Obama been able to "do" to the US Economy since 2010, when control of the house reverted to the Republicans - except to avoid "doing dumb stuff?"
Basically, the main executive branch initiatives have been to avoid shutting down the government due to a false "debt ceiling" crisis and agreement to the sequestering of funds in the budget in exchange for modest adjustments to the tax code. Any negative impacts on the economy due to this abdication of duty by the Congress to intelligently budget the US Government must be laid at the Republican's doorstep. Afterall, budgeting is one of the main functions of Congress, not the Executive.
Real rates are directly controlled by the Federal Reserve and are not subject to the Executive's control.
Recall Obama did accomplish a major health care initiative and helped save the US Auto Industry - but this was prior to 2010 - i.e. the "job killing" AHCA, which has also tamped down health care cost increases - surely both have provided major benefits for the US Economy.
Obama's various initiatives to improve the economy by investing in the infrastructure, debt relief (i.e. student loans) and AHC expansion have been stymied by a recalcitrant Congress and State Governments led by conservative Republicans.
The United States Economy is better off in 2016, than in 2008 - by a wide margin.
106
Good news. Buy. Buy. BUY!!
1
Now is not the time to buy, I think. Stock prices are up with all the good economic news. The right time to buy would be if Trump gets into office, sometime in February when the stock index has hit rock bottom. That's assuming that one day the economy would recover, which is iffy.
1
Maybe Trump will backtrack on his economic policy and say he made it up and didnt see this either...
4
HAPPY BIRTHDAY plus a day, President Obama !
And, THANK YOU for so much.
And, THANK YOU for so much.
22
So we are finally clawing our way out of the massive hole dug by the Bush administration, with the hardest part being the struggle against the most obstructionist congress in the history of the country. We would be on track for another cycle of Republican administration catastrophe, except they have chosen to put forward the most unfit person to ever seek the office. Maybe we can actually make some real progress this time.
21
Say what, you don't like gloom and doom?!
4
My, my. Don't you guys at the Times realize that all these great job reports over the last few years are just smoke and mirrors - that the Obama administration has deliberately manipulated the numbers in a naked attempt to keep the Islamo-Kenyan Democrats in power for another 8 years?!
Or at least that's what we'll hear from Donald Trump and the GOP as soon as they read the latest jobs report, assuming, of course, that they still read these things.
For the rest of us in the reality based world, it's really good news!
Or at least that's what we'll hear from Donald Trump and the GOP as soon as they read the latest jobs report, assuming, of course, that they still read these things.
For the rest of us in the reality based world, it's really good news!
12
It's called summer ... we should always get a bounce ... I guess people have short memories. The GDP number tells the bigger story. The economy is still flat. Reading a bit deeper, seeing a slight uptick in the participation rate is a plus ...
4
That's right, fight truth with lies.
2
I suppose the Republicans can spin this as:
1. The real unemployment rate is 40 plus percent; or
2. It was a result of Republican efforts to encourage growth, and work across the aisle to convince their democratic counterparts to draft and pass important and meaningful legislation to help the economy grow.
Either way, the republicans and anyone who believes them, are wrong. It's time to get Congress and keep the executive in adult hands.
1. The real unemployment rate is 40 plus percent; or
2. It was a result of Republican efforts to encourage growth, and work across the aisle to convince their democratic counterparts to draft and pass important and meaningful legislation to help the economy grow.
Either way, the republicans and anyone who believes them, are wrong. It's time to get Congress and keep the executive in adult hands.
6
Are we absolutely sure that President Obama isn't eligible for a third term?
18
These jobs aren't showing up in the New York area.
I know more than a dozen people with actual work skills and experience who are actively looking for work. No one has gotten a job. No one has even gotten an interview.
Once again, real life experience doesn't match the reports.
I know more than a dozen people with actual work skills and experience who are actively looking for work. No one has gotten a job. No one has even gotten an interview.
Once again, real life experience doesn't match the reports.
49
Yes, and I know 14 people who smoke regularly and none have gotten lung cancer. Those surgeon general reports must also be rigged!
Oh, and BTW, it's cold in San Francisco today. Global warming? Bah, humbug!
Oh, and BTW, it's cold in San Francisco today. Global warming? Bah, humbug!
6
We can do more to improve wages paid to all workers. Instead of relying on the free market fairy to sprinkle her magic dust on software geeks, what about preschool teachers who are forming the minds and character of the next generation, or hospital aides who care for our grandparents in their waning years? Give all Americans a raise. They deserve it.
14
Bad news for Republicans. My condolences.
5
Among other winners, this is good news for Dems in November.
9
Reality check is glass half full or half empty.400000 jobs pay living wage where people retired last month replaced with 225000 tempory or flex part time 4 hour per day jobs that dont pay living wage . Mean while governmnet record debt of 20 trillion by end of augest . over 100 trillion in debt on obligations unfunded . Makes last great depression look like picnic for poor now. Facts speak for them selves total employment of people working in skilled jobs is falling to record amounts people cant find job
11
My husband was talking to the HR lady the other day. She said they don't have to do layoffs now, because they get PLENTY of attrition -- older workers retiring, and other people quitting for a variety of reasons.
They do not replace these people, so overall employment has fallen.
They do not replace these people, so overall employment has fallen.
2
Obligations that we owe to ourselves have always existed, and are nothing for anyone to worry about. In the long run, they (Medicare and Social Security) will be balanced out. For unknown reasons, some people worry themselves into an early grave.
2
See what happens when Republicans get elected to Congress? Stop the foolish fake stimulus and the American economy takes care of itself. Blocking Obama apparently works like a charm as does spending cuts (the sequester was forced down Obama's throat).
You're welcome by the way...
You're welcome by the way...
5
Look at California and weep. The economy would be great instead just okay if the Dems held congress.
78
Unemployment rate in TX - 4.5%, CA - 5.4%. Read it and weep. The economy would be awesome if we could just get rid of Obama's and Hillary's foolish Marxist policies. I know they worked great in the USSR, Cuba, and Venezuala, but it's time to give em a rest.
2
jerome, have you been watching the illustrious republican experiment in Kansas? It is pure republican economics. Looks great right? Maybe you should move there to enjoy the resulting wonderous prosperity!
17
Well, what can i say? Must be Obama's fault. Thank you, Obama.
154
Once again a refutation of GOP doom and gloom pronouncements. The plain fact is that unquestionably we are much better off today than we should have been able to expect we would be, when viewed from the bottom of that deep chasm left by Bush.
And all this despite the fact that since 2010 the GOP-dominated House has done absolutely nothing except pass lots of anti-abortion measures. The 112th, the 113th and now the 114th congress’s, that have endured unceasing obstruction led by Boehner/Ryan in the House and McConnell in the Senate, are the most shameful, lowest rated and least effective in US history
And all this despite the fact that since 2010 the GOP-dominated House has done absolutely nothing except pass lots of anti-abortion measures. The 112th, the 113th and now the 114th congress’s, that have endured unceasing obstruction led by Boehner/Ryan in the House and McConnell in the Senate, are the most shameful, lowest rated and least effective in US history
264
Loved the part about "The 112th, the 113th and now the 114th congress’s, that have endured unceasing obstruction led by Boehner/Ryan in the House and McConnell in the Senate, are the most shameful, lowest rated and least effective in US history" Yet these same House and Senate members who are so, "shameful, lowest rated and least effective in US history" are still in power and have been reelected several times which means that the voters really dislike the Dems and their ideas. I expect that Trump's election to the POTUS will weaken the Dems chances for at least 2 years.
The last Republican president handed Barack Obama an economy that was shedding jobs at a rate of 750,000 per month. The enormous success of this president's policies and his wise and measured approach to governing cannot be overstated. What America needs in 2016 is a third Obama term, which is what Hillary Clinton brings to the table. W stumpy cannot afford the reckless, job killing, recovery undermining policies that a Donald Trump presidency would bring about. If you care about America; if you care about your job, you will vote for Hillary in November. Hillary will finish the job that Obama started.
170
We've seen these "strong job gains" many times before, yet the fed never raises rates (except once, a mere quarter point) during Obama's tenure. These supposed signs of a healthy economy are bogus, as shown by the federal reserve's timidity with rates. There are other indicators, such as very low fuel consumption, which is historically correlated with economic output. These job numbers are being trumpeted to give the false impression that a Democratic white house is managing the economy effectively.
49
The last Republican administration slashed taxes on the rich, cut government regulation, including banking regulations and the result was a world wide economic collapse and the loss of millions of American jobs. The current administration reversed those policies and has ushered in an era of consistent economic growth and private sector job creation. Unfortunately, it has been consistently undercut and sabotaged by a Republican controlled congress that continues to insist on copying European style austerity measures that have resulted in almost complete stagnation. There is no conspiracy here, merely a refusal by some to face facts and abandon their failed trickle down economic policies.
21
Take a look at 401k values, at home values etc. Things are indeed much better than they were eight years ago.
23
While looking at secondary indicators such as fuel consumption helps provide a more complete view of the economy, given the overall trend towards more energy efficient products, it cannot be assumed that falling fuel consumption necessarily means economic weakness.
As for the job numbers being "trumpeted," they seem to be receiving about the same amount of middling attention as they always do.
As for the job numbers being "trumpeted," they seem to be receiving about the same amount of middling attention as they always do.
35
Soon the U.S. Federal Reserve will be out of excuses not to raise interest rates.
6
Just in time for a Republican presidency to send us into another economic catastrophe.
Just when we're in the last phases of the George W. Bush Memorial Great Recession.
It seems that that "cut taxes on the wealthy to spur jobs and economic growth" hasn't worked out so well...
Just when we're in the last phases of the George W. Bush Memorial Great Recession.
It seems that that "cut taxes on the wealthy to spur jobs and economic growth" hasn't worked out so well...
37
Blame Obama, the Kenyan, anti-colonialist, closet Muslim, Marxist, Socialist, "worst President this country has ever seen" blah, blah, blah, Yada, Yada, yada.....
I am really, really going to miss this man and his family. Decent to the core. Not perfect but a million light years apart from most of his political opponents.
I am really, really going to miss this man and his family. Decent to the core. Not perfect but a million light years apart from most of his political opponents.
622
Good numbers for July, good numbers for June and very bad numbers for May. Overall, a slow and incremental post recession recovery, particularly compared to past recoveries, past growth. Let's see 5 or more consecutive months of good numbers before we start feeling good about all of this.
37
We have recovered much faster than Europe or China, and it should be noted that Europe followed what the Republicans were suggesting - austerity, and their disaster has a downward effect on the US economy too.
4
Actually, pretty consistent with recoveries from past financial meltdowns (see 1987, 1929, etc.).
5
Worse yet, these numbers could well be revised downward in the coming months. As they often are.
3
Even though HRC has not been in government for years, she's blamed for everything as though, all along, she's been POTUS, Director Central Intelligence, Chairman Joint Chiefs, Director Homeland Security etc. So, in the interests of consistency and justice, will she get credit for the economy? Not really...
24
Oh yea, so then lets totally pick a Republican instead. Theyll give us the goods for sure.
When you wake up let us know.
When you wake up let us know.
3
American tax payers, can you imagine the economy if the GOP hadn't said NO at every turn. This president tried as he might to 'stimulate' the economy, but the ever fearful GOP's only job was to make our president a one term wonder.
They do not understand the wrong track number, which are at 69%. IT'S CONGRESS AT 10% THAT AMERICANS WANT CHANGED.
Try the Dem's for 2 years, let HRC put through the stimulus building roads and bridges, people working, paying taxes, paying for it with increased taxes.
The last time the GOP was in the white house, over 80% of the wealth was redistributed to the top 1%. You cannot trust the GOP with the economy, it always tanks. Look at history
They do not understand the wrong track number, which are at 69%. IT'S CONGRESS AT 10% THAT AMERICANS WANT CHANGED.
Try the Dem's for 2 years, let HRC put through the stimulus building roads and bridges, people working, paying taxes, paying for it with increased taxes.
The last time the GOP was in the white house, over 80% of the wealth was redistributed to the top 1%. You cannot trust the GOP with the economy, it always tanks. Look at history
338
@Andrea, that's asking too much of the critics. They won't even give Obama credit for killing Osama Bin laden, how would you expect them to give him credit for job growth, before expecting them to go as far as crediting Hillary. That's a bridge too far for them. If there is a hurricane, then you should expect them to blame Obama-Clinton for allowing hurricanes to cause damage, but don't expect them to ever see any positive.
7
"let HRC put through the stimulus building roads and bridges,"
And of course she will demand that all of this work be restricted to "prevailing wage" union workers, who cost at least 25% more than their non-union counterparts, but will kickback most of their union dues to the democrats. It has been estimated that at least 20% of all infrastructure spending could wind up as kickbacks to the democrats so of course the GOP would oppose it.
And of course she will demand that all of this work be restricted to "prevailing wage" union workers, who cost at least 25% more than their non-union counterparts, but will kickback most of their union dues to the democrats. It has been estimated that at least 20% of all infrastructure spending could wind up as kickbacks to the democrats so of course the GOP would oppose it.
2
Not only that, the last time a GOP president was in the White House, he started a war based on lies and trumped up intelligence (thanks VP Cheney) which also destabilized the entire Middle East which created robust terror groups, plus he managed to almost bankrupt the U.S.. O, yes, by all means, let’s get another GOP president in there to completely finish off our country.
3
President Obama has done an outstanding job. Job growth, low unemployment rate, strong economic results, millions now covered by health insurance, stock market highs, I sure wish he had the opportunity for additional term (s). Hope for more sane government policies for all Americans with Hillary! Vote intelligently!
238
Do you think Mr. Trump realizes that this is the base he has to work from, to make America great again?
If, whoever is elected in November, can continue with the momentum you allude to, we should be in good shape.
If, whoever is elected in November, can continue with the momentum you allude to, we should be in good shape.
You must be talking about the another country......millions of unrecorded Americans who have never worked or recouped since the recession, millions who have been robbed of their doctors & their health plans, millions whose plans are now so expensive that they no longer access healthcare--the price they are paying for insuring others, a volatile stock market that fluctuates daily-- Hopelessness that has fostered the surge of the Trump candidacy, forgotten middle class and a pessimistic out look of increased taxes and terrorism.
14
I will never understand these all-too-frequent comments that I see here that attribute so much of *everything* to one president's actions. Nothing works like that in real life.
Ron you lost me at "stock market highs:" There's been highs and lows just as the market always goes. And let's talk about the Fed Bank keeping interest rates at near zero, which by the way, Obama has no control over.
Ron you lost me at "stock market highs:" There's been highs and lows just as the market always goes. And let's talk about the Fed Bank keeping interest rates at near zero, which by the way, Obama has no control over.
2
I am not an economist - but there is only one single thing that has happened since congress did nothing. The tax code remained the same. Obamacare was not repealed. So what gives? The minimum wages were increased in several parts of the country including big companies. Make $15 dollars minimum wage the law of the land.
40
The more the "progressives" push for a "living" minimum wage to support a family of four, the greater incentive companies will have to replace increasingly more expensive no-skill / low-skill minimum wage workers with increasingly less expensive and more efficient automation. The result will be more unemployed minimum wage workers.
3
"Lies, damned lies, and statistics" is a phrase describing the persuasive power of numbers, particularly the use of statistics to bolster weak arguments. It is also sometimes colloquially used to doubt statistics used to prove an opponent's point.
The term was popularized in United States by Mark Twain (among others), who attributed it to the British Prime Minister Benjamin Disraeli: "There are three kinds of lies: lies, damned lies, and statistics." However, the phrase is not found in any of Disraeli's works and the earliest known appearances were years after his death. Several other people have been listed as originators of the quote, and it is often erroneously attributed to Twain himself.
As a quantitative economist (propeller head as my father use to call me) I use the phrase when I see something that just does not look right and when the last time we saw employment numbers dramatically increase like this was in the final leg of the 2012 election when the employment figures got "fudged" http://nypost.com/2013/11/18/census-faked-2012-election-jobs-report/
The term was popularized in United States by Mark Twain (among others), who attributed it to the British Prime Minister Benjamin Disraeli: "There are three kinds of lies: lies, damned lies, and statistics." However, the phrase is not found in any of Disraeli's works and the earliest known appearances were years after his death. Several other people have been listed as originators of the quote, and it is often erroneously attributed to Twain himself.
As a quantitative economist (propeller head as my father use to call me) I use the phrase when I see something that just does not look right and when the last time we saw employment numbers dramatically increase like this was in the final leg of the 2012 election when the employment figures got "fudged" http://nypost.com/2013/11/18/census-faked-2012-election-jobs-report/
9
Unless you can provide your own "real" numbers for the July jobs increase, you don't have any basis, as a "quantitative economist, to conclude the published numbers are "fudged."
9
You didn't fault the stats when it reported 38000 jobs for May 2016, but because the stats do not favor your angst this month, it now has to be faulted. Hmmmm!
9
As another "quantitative economist", I can tell you that you are full of it.
4
We're waiting. It's only a matter of time before the know-nothings unleash the echo of Jack Welch, claiming the numbers are phony - or should I say `rigged'. Well I know the numbers are authentic. I saw them being off-loaded from a plane. The video doesn't lie.
72
Wow that Obama economy is a drag! We need to go back to the Bush economy, a toxic brew of 13% unemployment and global financial meltdown.
Remind me again, why would anyone vote republican?
Remind me again, why would anyone vote republican?
471
Romney promised that unemployment would be 6% at this point in his administration.
Another Obama failure.
Another Obama failure.
7
Obama is a good orator, like the hollywood actors, but real life is different, after spending 10 trillion dollars, what has he to show ..... $7 minimum wage jobs ??
5
@Alan
"Remind me again, why would anyone vote republican?"
Sure ... you cannot argue with gerrymandered voting districts, voting restriction laws (ie voting ID laws), and a fickle low information electorate that incredibly put a bunch of gleeful stalwart GOP obstructionists in power not once but twice since 2010.
"Remind me again, why would anyone vote republican?"
Sure ... you cannot argue with gerrymandered voting districts, voting restriction laws (ie voting ID laws), and a fickle low information electorate that incredibly put a bunch of gleeful stalwart GOP obstructionists in power not once but twice since 2010.
3
Job numbers have improved. Which is good.
But how much does that matter when the average households's adjusted income is *still* lower than it was before the GFC? What about the influx of people who left the job market entirely, with those opting to retire before they were financially set, or the number of parents who have left their careers to stay at home? Hell, what about the opposite: those who were forced out of retirement and into unskilled low paying jobs to meet ends meet, and those stay at home parents who are working part time jobs in order to feed the family they're already tasked with caring for? What about all the people who have lost benefits or seen them shrink significantly since '08 while their base cost of living has risen significantly? All the people paying student loans, credit card debt, or upside down mortgage payments?
Yes, the economic situation could be far worse. But the fact of the matter is the people who caused the GFC (read: the financial sector and the top 5%) are doing better than they ever have while the rest of country is still barely getting by. This doesn't "reframe" the economic outlook. We've been seeing these jobs numbers fluctuate for years now. It just makes things marginally less bleak than they could be.
But how much does that matter when the average households's adjusted income is *still* lower than it was before the GFC? What about the influx of people who left the job market entirely, with those opting to retire before they were financially set, or the number of parents who have left their careers to stay at home? Hell, what about the opposite: those who were forced out of retirement and into unskilled low paying jobs to meet ends meet, and those stay at home parents who are working part time jobs in order to feed the family they're already tasked with caring for? What about all the people who have lost benefits or seen them shrink significantly since '08 while their base cost of living has risen significantly? All the people paying student loans, credit card debt, or upside down mortgage payments?
Yes, the economic situation could be far worse. But the fact of the matter is the people who caused the GFC (read: the financial sector and the top 5%) are doing better than they ever have while the rest of country is still barely getting by. This doesn't "reframe" the economic outlook. We've been seeing these jobs numbers fluctuate for years now. It just makes things marginally less bleak than they could be.
6
still with the same old lies , So if this was the truth then gas prices should go up because more people are burning fuel but they're not and on top of that there war all over the middle east so prices should go up but the price keeps going lower . So then raise the interest rate but that's not going to happen for a least 5 more years or more because they know our economy is bouncing along at best. cheerleading a fake economy doesn't make it true .
6
You could have done better Obama !
(Assumes a congress that rebuilds infrastructure)
(Assumes a congress that rebuilds infrastructure)
3
Why should the GOP support infrastructure spending as long as the democrats demand that all of the work by done by union members who kickback most of their union dues to the democrats? It has been estimated that as much as 20% of all infrastructure spending would wind up as kickbacks to the democrats.
3
Estimated by who? Some right-wing "think tank"? So what you're saying is it's better to run the country's infrastructure into the ground than to pay union workers a living wage?
6
How about a compromise? Let states with Right to Work laws use only non-union workers and restrict union workers, who cost 25% more than their non-union counterparts, to those states that do not have such laws. Then compare the cost and quality of the work.
1
These reports are a lot like getting updates on the benefits of a certain food, vitamin, treatment, etc: the current report contradicts the previous one. But we need just wait because the subsequent report will confirm or deny what we long-believed to be the case: that the previous report couldn't be trusted.
All I know is that, considering the state of the world's collective economy, the U.S. seems to be doing much better than everyone else.
All I know is that, considering the state of the world's collective economy, the U.S. seems to be doing much better than everyone else.
3
The happy thing is any good news for U.S.A. is bad news for Trump. (In the same way that bad news for others---his bankruptcies, Brexit---is usually good news for him, personally, which is all that matters). How will he make this fit his doom-and-gloom vision of a disaster of a country (and military) under the "worst president ever"? His invented reality is getting harder to sustain.
15
Great news! We need a strong economy going into the general election, to counter Republican claims that President Obama tanked it, and to counter Trump's claim that his 'unique' business acumen can right the ship. We're sailing in the right direction under Democratic leadership.
86
Why do I smell so much bull droppings when I read this story about unsupported job numbers right before an election?
12
Because you're a conservative......
9
Perhaps its because I'm a realist.
6
Because you can't handle the truth, like most Republicans. If you support Trump, you sure don't want to realize how much he lies. You'd rather believe lies, that's all.
8
Thank you President Obama for bringing the nation and world back from the brink of another Great Depression in 2008, brought on by years of GOP deregulation of financial safeguards over an obscenely greedy and unprincipled lending industry.
These new numbers indicate the economy is still improving greater than expectations.
Great news for Hillary; bad news for GOP and right wing media magical thinking, alternative universe, disinformation purveyors.
These new numbers indicate the economy is still improving greater than expectations.
Great news for Hillary; bad news for GOP and right wing media magical thinking, alternative universe, disinformation purveyors.
17
These results are so similar to what happened in 2012 it makes you wonder. From Zero Hedge, "In the home stretch of the 2012 presidential campaign, from August to September, the unemployment rate fell sharply — raising eyebrows from Wall Street to Washington.
The decline — from 8.1 percent in August to 7.8 percent in September — might not have been all it seemed. The numbers, according to a reliable source, were manipulated.
And the Census Bureau, which does the unemployment survey, knew it.
Just two years before the presidential election, the Census Bureau had caught an employee fabricating data that went into the unemployment report, which is one of the most closely watched measures of the economy.
And a knowledgeable source says the deception went beyond that one employee — that it escalated at the time President Obama was seeking reelection in 2012 and continues today.
“He’s not the only one,” said the source, who asked to remain anonymous for now but is willing to talk with the Labor Department and Congress if asked."
http://www.zerohedge.com/news/2016-08-05/dont-show-jack-welch-chart
The decline — from 8.1 percent in August to 7.8 percent in September — might not have been all it seemed. The numbers, according to a reliable source, were manipulated.
And the Census Bureau, which does the unemployment survey, knew it.
Just two years before the presidential election, the Census Bureau had caught an employee fabricating data that went into the unemployment report, which is one of the most closely watched measures of the economy.
And a knowledgeable source says the deception went beyond that one employee — that it escalated at the time President Obama was seeking reelection in 2012 and continues today.
“He’s not the only one,” said the source, who asked to remain anonymous for now but is willing to talk with the Labor Department and Congress if asked."
http://www.zerohedge.com/news/2016-08-05/dont-show-jack-welch-chart
10
"The decline — from 8.1 percent in August to 7.8 percent in September — might not have been all it seemed. The numbers, according to a reliable source, were manipulated.
And the Census Bureau, which does the unemployment survey, knew it."
Ugh. Another repetition of the fake NY Post "expose" that surfaced in the lead up to the 2012 election. It was a lie. The unemployment rate declined exactly as stated by the Census Bureau. The primary source for the Post article (one Julius Buckmon) left the Census Bureau 13 months before the statistics were supposedly doctored. This primary source claimed that he was the one responsible for doctoring the rate, but since he wasn't even working there, how did he do it? Magic? And no other sources to talk with the Labor Department and Congress were ever identified.
One day after the Post reported this lie, other news outlets followed up and tore the lie to pieces.
http://www.cjr.org/the_audit/bogus_new_york_post_story_census.php
http://www.businessinsider.com/ny-post-election-jobs-numbers-bls-obama-c...
But with the Internet, right wing conspiracy theories never die.
And the Census Bureau, which does the unemployment survey, knew it."
Ugh. Another repetition of the fake NY Post "expose" that surfaced in the lead up to the 2012 election. It was a lie. The unemployment rate declined exactly as stated by the Census Bureau. The primary source for the Post article (one Julius Buckmon) left the Census Bureau 13 months before the statistics were supposedly doctored. This primary source claimed that he was the one responsible for doctoring the rate, but since he wasn't even working there, how did he do it? Magic? And no other sources to talk with the Labor Department and Congress were ever identified.
One day after the Post reported this lie, other news outlets followed up and tore the lie to pieces.
http://www.cjr.org/the_audit/bogus_new_york_post_story_census.php
http://www.businessinsider.com/ny-post-election-jobs-numbers-bls-obama-c...
But with the Internet, right wing conspiracy theories never die.
4
Convenient that this a validator to raise rates in September. The findings for June are skewed. The 'job growth' would be a reflection of temporary/part time/seasonal employment. Those jobs will end and decrease significantly once summer has ended.
5
Who is to blame for these job gains?
The community organizer professor occupying the White House?
What does Obama know about the "business" of job creation, deficits, debts, profits, losses, regulations and laws?
Obama is no Romney nor Trump. Thank God!
The community organizer professor occupying the White House?
What does Obama know about the "business" of job creation, deficits, debts, profits, losses, regulations and laws?
Obama is no Romney nor Trump. Thank God!
269
Isn't it a pleasant turn of events that a "lowly" community organizer shows those captains of industry (well hedge funds and scams in the case of Romney & Trump) how to do the job right ??
I remember vividly how, at a prior GOP convention, Rudy Giuliani derisively asked "a community organizer?? What the heck is that ?" (He may not have said "heck", of course)
Well, given our experience with President Obama, it suggests that that is a most important early job for any president aiming to genuinely help all the country.
I remember vividly how, at a prior GOP convention, Rudy Giuliani derisively asked "a community organizer?? What the heck is that ?" (He may not have said "heck", of course)
Well, given our experience with President Obama, it suggests that that is a most important early job for any president aiming to genuinely help all the country.
2
You are correct, sir!,...President Obama is no Bush, McCain, Romney, Palin, Ryan or Trumpence! Truly thank the Diety!
Our country is the better for it.
Our country is the better for it.
Still 94,333,000 Americans did not participate in the labor force in July. Only 62.8 percent of the nation’s workforce actually participated in July. For perspective, the labor force participation rate dropped to 62.4 percent in September 2015, its lowest point since 1977. Under President Obama, the best participation rate was 65.8 percent in February 2009. Based on these stark facts, one can only conclude that work force participate in the USA during the Obama Administration has not improved very much at all, but has remained stagnate.
11
Source?
4
And here's an explanation why--http://qz.com/286213/the-chart-obama-haters-love-most-and-the-truth-behi...
PS: I think you mean stagnant.
PS: I think you mean stagnant.
6
The baby boomers are retiring and leaving the work force. Are you going to blame the fact that baby boomers are aging on Obama too?
The number of people in the workforce began dipping around 2010...when boomers turned 62-65...prime retiring age.
The number of people in the workforce began dipping around 2010...when boomers turned 62-65...prime retiring age.
9
Positive economic news continues. Trump and the GOP continue on the path to implosion. Thanks Obama! Thanks Hillary! Thanks Donald!
17
Even after stomping their Republican feet on the brakes for 7.5 years, the GOP still can't kill the economy.
Imagine if there were two major political parties instead of just one trying to help Americans ?
"What’s more, increases in the minimum wage in many (Democratic) states recently, plus increases in the lowest-tier salaries by big employers like Walmart, Target and Aetna, are beginning to ripple through the broader work force."
Higher wages don't kill jobs; Republican politics do.
Imagine if there were two major political parties instead of just one trying to help Americans ?
"What’s more, increases in the minimum wage in many (Democratic) states recently, plus increases in the lowest-tier salaries by big employers like Walmart, Target and Aetna, are beginning to ripple through the broader work force."
Higher wages don't kill jobs; Republican politics do.
609
Sir - that makes far too much sense. Please get a grip on yourself.
16
@Socrates:
Amen, brother, amen!
Amen, brother, amen!
15
The quote you reference came from the reporter -- How does one pinpoint the reason for this uptick? in one quarter! As someone who could .. but does not call themselves an economists ... I know it's not possible.
2
Record low real rates in the US are spiking asset prices indiscriminately and forcing foreign central banks to depreciate their currencies radically, hurting global growth.
The central banks would do well to take a course in fire prevention and conservation techniques.
Forest fires serve a purpose in nature, increasing biodiversity and the regeneration of plant food.
But in the early 20th century, people started employing fire suppression techniques that allowed debris to build up in the forests over time.
The increase in debris eventually led to the spread of highly destructive crown fires which spread quickly from their original source, changed directions unexpectedly, and jumped across natural fire breaks.
These catastrophic and ruinous fires served no ecological benefit, nor could they be readily controlled.
It took 6 decades of disastrous fires for experts to realize natural and prescribed controlled fires served a purpose in reducing a fire's fuel, regenerated the land and benefitted ecology.
Central bankers have not learned the role of market and economic cycles in clearing out the accumulation of risk to prevent far more destructive cyclical crashes.
They are using financial suppression strategies that have the side effect of leading investors to take vastly increased market risk to chase yield.
Fiscal policy can mitigate the impact of creative destruction and address structural issues that impede growth more effectively than monetary policy.
The central banks would do well to take a course in fire prevention and conservation techniques.
Forest fires serve a purpose in nature, increasing biodiversity and the regeneration of plant food.
But in the early 20th century, people started employing fire suppression techniques that allowed debris to build up in the forests over time.
The increase in debris eventually led to the spread of highly destructive crown fires which spread quickly from their original source, changed directions unexpectedly, and jumped across natural fire breaks.
These catastrophic and ruinous fires served no ecological benefit, nor could they be readily controlled.
It took 6 decades of disastrous fires for experts to realize natural and prescribed controlled fires served a purpose in reducing a fire's fuel, regenerated the land and benefitted ecology.
Central bankers have not learned the role of market and economic cycles in clearing out the accumulation of risk to prevent far more destructive cyclical crashes.
They are using financial suppression strategies that have the side effect of leading investors to take vastly increased market risk to chase yield.
Fiscal policy can mitigate the impact of creative destruction and address structural issues that impede growth more effectively than monetary policy.
17
You spend more time on the metaphor than the reality.
Let me speak more plainly for you.
When negative real interest rates drive up P/E and price/cash flow multiples, not increasing greater profits or cash flow, market risk increases dangerously.
The central banks were heroes post-Crisis by stabilizing markets in free-fall and reducing the cost of debt servicing.
It was addressing a cyclical problem.
But just because highly accommodative monetary policy is appropriate at times, does not mean more is better always.
The Bank of England has the lowest interest rates in over 300 years, the BOJ is discussing "helicopter money" (combining fiscal and monetary policy) and the ECB has negative rates and is buying BBB corporate debt,
Investors are taking enormous interest rate, credit, and foreign exchange risk without understanding the risks. This is the mortgage crisis redux.
Central bankers are supposed to be wise.
The economy is strong enough to move ahead without training wheels and bubble wrap.
The economy faces structural problems that require a fiscal response, not more easy money pump priming that will never give an unemployed high school graduate a mechanical engineering job.
When negative real interest rates drive up P/E and price/cash flow multiples, not increasing greater profits or cash flow, market risk increases dangerously.
The central banks were heroes post-Crisis by stabilizing markets in free-fall and reducing the cost of debt servicing.
It was addressing a cyclical problem.
But just because highly accommodative monetary policy is appropriate at times, does not mean more is better always.
The Bank of England has the lowest interest rates in over 300 years, the BOJ is discussing "helicopter money" (combining fiscal and monetary policy) and the ECB has negative rates and is buying BBB corporate debt,
Investors are taking enormous interest rate, credit, and foreign exchange risk without understanding the risks. This is the mortgage crisis redux.
Central bankers are supposed to be wise.
The economy is strong enough to move ahead without training wheels and bubble wrap.
The economy faces structural problems that require a fiscal response, not more easy money pump priming that will never give an unemployed high school graduate a mechanical engineering job.
3
Of course, it's all Obama's fault!
369
Thats why we need Trump to slow down the hiring process and fire everybody LOL
10
Dems celebrating on $7 min wage jobs, that too part time
5
Yea let Trump run the show, well totally see improvement.
I think you are seriously mistaken sir.
I think you are seriously mistaken sir.
1
Can't wait to hear how The Donald and the GOP will spin this robust jobs report as HORRIBLE news for the American economy.
"If you want to live like a Republican, vote Democratic".