[ April 26, 2024 ]
Unemployment drops to Obama levels. Expect plenty of Democrat-media generated COVID panic porn and fearmongering— there is nothing the left can’t stand more than good news – like a silver bullet to Dracula.
The party of misery:
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Payrolls increase by nearly 1.8 million, topping expectations
By: Jeff Cox, CNBC, August 7 2020:
- Nonfarm payrolls increased by 1.763 million in July and the unemployment rate fell to 10.2%.
- Both numbers were better than respective Wall Street forecasts of 1.48 million and 10.6%.
- U.S. jobs rise by 1.763 million in July, vs 1.48 million expected
Two months of record-setting payroll growth slowed in July but was still better than Wall Street estimates even as a rise in coronavirus cases put a damper on the struggling U.S. economy.
Nonfarm payrolls increased 1.763 million for the month. The unemployment rate fell to 10.2% from its previous 11.1%, also better than the estimates from economists surveyed by Dow Jones. An alternative measure that includes discouraged workers and the undermployed holding parttime jobs for economic reasons fell from 18% to 16.5%.
Chart showing change in nonfarm payrolls, compared to the prior month, through July 2020.
The consensus was for growth of 1.48 million and an unemployment rate of 10.6%.
However, there were wide variations around the estimates as the pandemic’s resurgence dented plans to get the shuttered U.S. economy back online. Forecasts ranged from a decline of half a million jobs to a rise of 3 million. May and June saw a combined increase of more than 7.5 million, the fastest two-month rise in U.S. history.
The reason for those big gains, though, was the return of displaced workers who were laid off as the nation sought to stave off the Covid-19 spread.
Even with a three-month gain of 9.3 million workers either newly hired or back to their jobs, the total employment level remained 12.9 million below its February level. The May and June counts were revised up by a total 17,000.
“What the data continues to tell me is that we’re making progress from the pain that was most acute back in March and April. So we continue to have this recovery, but it’s uneven,” said Michael Arone, chief investment strategist for the U.S. SPDR business at State Street Global Advisors. “We still have a lot of wood to chop here, but we’re moving in the right direction.”
Markets reacted little to the news, with stock market futures pointing to a slightly lower open on Wall Street and government bond yields mostly flat.
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24 Comments
3 years ago
All Pray for Trump to win, we need your prayers no matter who you are against the evil left we face today.
3 years ago
Reply to
Achmed Mohandjob
Trump Reimposing Tariffs on Canadian Aluminum
https://www.theepochtimes.com/us-slaps-tariffs-on-canadian-aluminum_3453045.html
“Trump says he signed a proclamation today that will put back in place the 10% tariffs on raw aluminum imports from Canada.
Trump said his administration had only agreed to lift the original tariffs in 2019 because Canada promised it would not “flood our country with exports and kill all our aluminum jobs, which is exactly what they did.”
“Canadian aluminum producers have broken that commitment,” he said.
3 years ago
Reply to
DemocracyRules
I am, ADMITTEDLY, no equity index expert. I made my bones, as a Merc-Jerk, in the belly pit.
However, the truism of a Nasty led market … I’ve yet to see it fail.
But, there IS a first time for everything.
3 years ago
USA Unemployment Falls to 10.2 Percent
https://www.theepochtimes.com/us-economy-adds-1-8-million-jobs-and-unemployment-falls-to-10-2-percent_3453674.html
3 years ago
Unemployment at 10% and going down. The Dow is at pre COVID levels and going up.
Trump in a landslide 2020. MAGA Winning.
3 years ago
Reply to
WildernessOfMirrors
From January through most of February, the Dow Jones Industrials traded over 29,000. 27,000 (plus) is hardly “pre-Covid” levels.
It’s the nasdaq that is at new highs. And, beware of equity rallies led by the nasty.
3 years ago
Reply to
Achmed Mohandjob
You are correct sir.
However I’ll take the Dow at 27,000+ at this time because at the height of the panic the Dow touched 19,000.
So I would say were in the early stages of a new bull or the late stages of the Covid correction.
Trump in a landslide 2020.
3 years ago
Reply to
WildernessOfMirrors
I hope that you are correct. Especially, in your election prediction.
But, tried and true … Beware of equity rallies that are led by the nasty.
3 years ago
Reply to
Achmed Mohandjob
Yes, agreed. And yes, the Dow is still lagging. But it’s back up to about June 2019, and that’s not too bad. Funny: S. Korean stocks are fully back up to pre-Covid levels. So now, the S. Korean news is full of worry about a ‘bubble’. Economists just worry a lot.
https://www.tradingview.com/symbols/TVC-KOSPI/
3 years ago
Reply to
DemocracyRules
Pursuant to my charts (probably wrong) the KOSPI is at 27 month highs, not all time highs.
But, again …my charts are probably wrong.
3 years ago
Reply to
Achmed Mohandjob
Fortunately my only exposure to the market at this time is an energy ETF. Has been that way for over a year. Trying to take advantage of the low oil prices hoping they spike enough so I can make a quick $1000.
3 years ago
Trump Lays Out Second Term Economic Agenda in 6 Promises to US Workers
https://www.theepochtimes.com/trump-lays-out-second-term-economic-agenda-in-6-promises-to-us-workers_3453542.html
On Aug. 6,Trump, visited to the crucial battleground state of Ohio and laid out an economic plan with six promises to U.S. workers if he is reelected:
1. Defeat the Covid-19 virus
2. Use the Defense Production Act to mobilize the country’s industrial capacity, while low taxes and fewer regulations would make the US “more prosperous and resilient than ever before.”
3. Trump will turn America into the “premier medical manufacturer, pharmacy, and drugstore of the world.”
4. “We will onshore millions of new manufacturing jobs, across many other critical sectors that are vital to our national security and prosperity.”
5. Trump will use every tool at his disposal, including tariffs, to fight for fair trade. “To be a strong nation, America must be a manufacturing nation and not be led by a bunch of fools…that means protecting our national industrial base.”
6. Sixth, Trump vowed to “put American workers first, always.”
3 years ago
Trump Lays Out Second Term Economic Agenda in 6 Promises to US Workers
https://www.theepochtimes.com/trump-lays-out-second-term-economic-agenda-in-6-promises-to-us-workers_3453542.html
On Aug. 6,Trump, visited to the crucial battleground state of Ohio and laid out an economic plan with six promises to U.S. workers if he is reelected:
1. Defeat the Covid-19 virus
2. Use the Defense Production Act to mobilize the country’s industrial capacity, while low taxes and fewer regulations would make the US “more prosperous and resilient than ever before.”
3. Trump will turn America into the “premier medical manufacturer, pharmacy, and drugstore of the world.”
4. “We will onshore millions of new manufacturing jobs, across many other critical sectors that are vital to our national security and prosperity.”
5. Trump will use every tool at his disposal, including tariffs, to fight for fair trade. “To be a strong nation, America must be a manufacturing nation and not be led by a bunch of fools…that means protecting our national industrial base.”
6. Sixth, Trump vowed to “put American workers first, always.”
3 years ago
And the only treason that they are that high in unemployment is due to the libturd politicians shutting down their states!
3 years ago
BEFORE THE RETIRED OR THOSE FORTUNATE ENOUGH TO HAVE A GOOD JOB FOR A REASONABLE EMPLOYER GET TOO EXCITED THE SAD REALITY IS HOPEFULLY MOST OF THESE FIGURES ARE JUST PEOPLE WHO WERE FURLOUGHED GETTING THEIR JOBS BACK! AS AN UNEMPLOYED PERSON, I CAN TELL YOU THE ECONOMY IS PRETTY MUCH IN THE TOILET! ALSO A LOT OF UNSCRUPULOUS EMPLOYERS ARE TAKING ADVANTAGE TO HIRE NEW FOLKS BACK FOR LESS $ AND LESS COMPENSATION!
THINGS WERE REALLY STARTING TO GET DECENT IN MARCH BUT THE MAOIST CHINESE AND THEIR FRICKING COVID 19 DID WHAT IT WAS SUPPOSED TO DO AND HELP THE CHINESE FAVORITES OF THE democ-RAT PARTY! SEE https://bigleaguepolitics.com/bombshell-chinese-scientist-who-fled-from-country-claims-covid-19-was-created-in-military-lab/ FOR CLARIFICATION! SUPER SUMMER RIGHTISTS!
3 years ago
TRUMP….exceeding expectations since 2016.
TRUMP 2020
