[ April 23, 2024 ]
https://twitter.com/PamelaGeller/status/1048236352683298817
America’s Unemployment Rate Falls to Its Lowest Level in Almost 50 Years
The Bureau of Labor Statistics (BLS) released its monthly Employment Situation Report today, which shows continued evidence of a strong labor market. The U.S. unemployment rate is now the lowest it has been in nearly 50 years, payroll employment continued its historic streak of positive jobs gains, and average weekly wages continued to rise.
BLS’s September survey of households offers evidence of a booming United States economy. The unemployment rate dropped 0.2 percentage points (p.p.) over the month to 3.7 percent, the lowest it has been since December 1969 (see figure below). This is only the tenth month since 1970 that the unemployment rate has been recorded below 4 percent, with five of these months occurring in 2018. We know this decrease in the unemployment rate is due to more people finding jobs, as the labor force participation rate remained unchanged in September.
Story continues below advertisementIn addition to the nearly 50-year low for the overall unemployment rate, unemployment also reached historic lows for multiple demographic groups. The unemployment rate for Hispanics fell to 4.5 percent (matching July 2018), the lowest rate ever recorded. For women, the unemployment rate fell to 3.6 percent (matching May 2018), which was the lowest rate in nearly 65 years. The unemployment rate for those with a high school degree and no college attendance hit 3.7 percent, the lowest since April 2001. Furthermore, September was the first month since December 2000 that the number of people who are unemployed fell below 6 million.
The BLS survey of employers, also released today, showed that nonfarm payroll employment rose by 134,000 jobs in September. While below expectations for the month of September, employment gains in August were upwardly revised by 69,000 jobs, now showing 270,000 jobs gained that month—a very healthy number. Including the upward revisions in both July and August, average job growth per month is 208,000 for 2018, exceeding the average monthly gains in 2016 (195,000) and 2017 (182,000). Since President Trump was elected in November 2016, the strong United States economy has created 4.2 million jobs.
Job growth has been strong across the board during the first 20 months of this Administration. Since the President took office, goods-producing industries (construction, manufacturing, and mining and logging) have added almost 900,000 jobs. Of the 14 sectors measured, only retail trade, leisure and hospitality, and other services experienced job losses in September, and the employment decline in leisure and hospitality employment (-17,000) can likely be partially attributed to the effects of Hurricane Florence.
Nominal average hourly earnings rose by 2.8 percent over the past 12 months, while nominal weekly earnings growth was even stronger at 3.4 percent over the past 12 months. This is the fifth consecutive month with nominal 12-month growth over 3 percent—the longest streak with 3 percent nominal weekly earnings growth since 2010. Real wages (which take inflation into account) are also growing. Based on the most recent Personal Consumption Expenditures (PCE) price index data from August, inflation in the past year was 2.2 percent (September data will be available later this month).
Overall, the surveys released by BLS today offer more evidence of a booming United States economy and a strong labor market.
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12 Comments
5 years ago
Obama and Hillary will be along any moment to correct the record to show this is all just a flow on from their time in government, just like our Labor party, the equivalent of the Dems, tried when things took an upturn when they lost government in 2013.
5 years ago
Reply to
Trevor Fortune
It won’t work. Trump campaigned on that and is delivering. People can SEE the change. Those out of work KNOW it was due to Obama’s worldview. Obama tried that and was literally laughed at. He spends time in Europe promoting the same failed policies including open borders etc. and people don’t want it.
5 years ago
NICE!
That’s all due to our President Trump!
Wages and salaries are going up too!
Tax cuts and less regulation work.
See why cheap labor globalists hate him world wide?
Trump is a worldwide disruptor of the new world order.
5 years ago
Reply to
felix1999
You correct about the labor market but it is just a sharing of the wealth with the “laborers”.
The first world countries have preyed on the 2nd and 3rd world countries for their skilled, moneyed and youth or some combination for many decades. The pollys sold our lifestyles for “prosperity”. Good economic managers stay in power.
Imagine the USA if for 40 50 60 years you lost skilled, moneyed and youth to other countries. You would be a basket case. Well check out photos of the middle east say Afghanistan, from the 60s and 70s. Compare them to today.
Then when the basket cases send jihads back west we send our young to invade and subdue.
India is another great example. Who hasn’t seen an Indian doctor in a western country. They are here chasing the dollar. It is great saves us training our own young – cheap!
See https://www.lifedeathprizes.com/real-life-crime/indias-daughter-the-gang-rape-and-murder-of-jyoti-singh-50017
Why was she sent to tiny Singapore for the best chance of life? Where she died.
I bet the chinese government loves the west’s migration policies. Who is going to leave, pro establishment or anti- establishment?
I say go President Trump!!!!!!!!
5 years ago
Reply to
Peter WF
If these third worlders are so talented and brilliant, why not make their third world country great again. Pool those super star talents and take back their country. Why run away and go to the evil U.S.?
We make it a point to AVOID third world doctors satisfying a quota. The odds are the only reason they are practicing medicine is because of their race or ethnicity. No thanks. I am not concerned about feelings…
Yes, I know Obama believes we are getting “their brightest and best”. LOL!
Here’s an average world wide IQ map. Now match that up to Obama’s “best and brightest”.
Are you impressed with AGGRESSION and INBREEDING? Well we have a map for that one too beneath the average world IQ map. You might say, well that’s not my problem… well they claim Islam is the fastest growing “religion” so it is a problem. Amazingly, inbreeding and aggression go together! Islamic countries lead the charge on that too.
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5 years ago
Under the Negro it went sky high. Figures – Negroes don’t like to work.
5 years ago
Tariffs –
Bad for the west because it protects inefficient industries.
Good for china because it promotes economic growth and local manufacturing. Why isn’t this true for the west? Is it just the marketing?
5 years ago
Reply to
Peter WF
Hello, Peter WF. That is the best way that I have seen the politicians and economists ideas set forth. VERY good. We are supposed to give open and free access to OUR markets, because that’s “good for the US” … yet Canada, the EU, China, et al … Tariffs placed on US products is so good for them. I actually know people that believe that!
5 years ago
Reply to
Peter WF
Reasonable tarrifs and excise taxes provided enough money then the illegal income tax came along. I don’t particularly agree with excise taxes, though. Reasonable tarrifs work in a robust economy because countries that understand free enterprise chomp at the bit to sell quality products of all stripes to the U.S.A. when conditions are favorable. Countries with young economies produce less expensive products primarily due to lower wages, so for Americans, quality merchandise with reasonable tarrifs can be reasonably priced. No need for idiotic “fairness” policies and regulations. The market takes care of itself. America first for Americans.
5 years ago
Democrats changed how unemployment was tabulated in the 80s to make Reagan’s booming economy look bad and Carter’s economic debacle look good. Now they are hoist on their own petard. Expect them to change again when they get back in power because stupid people still vote.
https://liberalsbackwardsthink.com/2018/10/04/trump-not-cowed-by-two-faced-democrats-nor-by-two-faced-republicans/
5 years ago
It’s all about confidence in the best President since, I don’t know…Washington? Washington was known for keeping his mitts off something that didn’t need mitts on. He spent most of his time weeding his rutabegas or something. I’m pretty sure Trump would prefer doing something like that, except for the swamp and liars in the MSM.
5 years ago
Well done President Trump and the clever Americans that voted him in
