U.S. Economy Ddded 261,000 Jobs in October & Unemployment Rate at 4.1% (Update: Adjusted 92,000 Jobs Added in Aug & Sep)
PUTTING AMERICA BACK TO WORK AGAIN …
More strong jobs numbers have been reported for October 2017 as 261,000 jobs were added. Compare the job growth with what was going on in 2016. Add this to the GDP at 3% and we have an economy finally headed in the right direction.
Total nonfarm payroll employment rose by 261,000 in October, and the unemployment rate edged down to 4.1 percent, the U.S. Bureau of Labor Statistics reported today. Employment in food services and drinking places increased sharply, mostly offsetting a decline in September that largely reflected the impact of Hurricanes Irma and Harvey. In October, job gains also occurred in professional and business services, manufacturing, and health care.
The number of persons employed part time for economic reasons (sometimes referred to as involuntary part-time workers) declined by 369,000 to 4.8 million in October. These individuals, who would have preferred full-time employment, were working part time because their hours had been cut back or because they were unable to find full time jobs. Over the past 12 months, the number of involuntary part-time workers has decreased by 1.1 million.
The U.S. economy added 261,000 jobs in October and the unemployment rate was 4.1 percent as labor conditions returned to normal following the storm-weakened September.
However, the number was considerably below Wall Street expectations of 310,000. The tick lower in the unemployment rate came against expectations it would hold steady at 4.2 percent.
In addition to the October growth, an initially reported decline of 33,000 for September was revised up to 18,000. August’s count also was revised up from 169,000 to 208,000.
Indeed, the biggest gain in employment came from the hospitality industry, with jobs at food and drinking establishments up by 89,000, reflecting a storm-related rebound. Professional and business services contributed 50,000 to the total while manufacturing added 24,000 and health care increased by 22,000.
In all, employment in the manufacturing sector has increased by 156,000 since President Donald Trump’s election in November 2016. Trump has made blue-collar growth a priority of his economic agenda.
GDP Grew 0.2% For Q1 2015 >>> GDP Shrank 0.7% For Q1 2015.
The GDP was originally said to have grown at a meager 0.2% for the first quarter of 2015 back in April. That was bad enough, however, it gets worse. The GDP was revised down to -0.7%. That means that the economy actually shrank by 0.7%. There was no growth. Way to go Barack Obama with your lousy economic plan that has done nothing but make money for the Wall Street ultra-rich. The GDP in Q4 2014 was 2.6%. It would appear we are headed in the wrong direction. The report was the government’s second estimate of first-quarter GDP. It will publish a final estimate in June. Wow, it may actually get revised to an even worse number.
A tax cut or reduction of regulation is certainly not on the table for this socialist president. Of course Obama and his minions will point to the unemployment number of 5.4% for the uninformed in America. The reality is that unemployment is in double digits.
The U.S. economy went into reverse in the first three months of this year as a severe winter and a widening trade deficit took a harsher toll than initially thought.
The overall economy as measured by the gross domestic product contracted at an annual rate of 0.7 percent in the January-March period, the Commerce Department reported Friday.
The revised figure, weaker than the government’s initial estimate of a meager 0.2 percent growth rate, reflects a bigger trade gap and slower consumer spending. It marked the first decline since a 2.1 percent contraction in the first three months of 2014, a slump that was also blamed on winter weather.
WELCOME TO THE OBAMA ECONOMIC RECOVERY …
The U.S. economy ground nearly to a halt in the first three months of the year, according to government data released Wednesday morning, as exports plunged and severe winter weather helped keep consumers indoors.
The gross domestic product grew between January and March at an annualized rate of 0.2 percent, the U.S. Commerce Department said, adding to the picture of an economy braking sharply after accelerating for much of last year. The pace fell well shy of the 1 percent mark anticipated by analysts and marked the weakest quarter in a year.
The economy had expanded at a rate of 2.2 percent in the final three months of 2014 and at a rate of 2.4 percent for the year.
Forbes - U.S. GDP Gained A Sluggish 0.2% In First Quarter 2015, Its like Deja vu all over again.
If you were feeling a bit of déjà vu Wednesday morning look no further than the latest reading of U.S. economic growth for the cause. Like the initial estimate of first quarter 2014 GDP, the first reading says the economy grew in Q1 2015 — but very, very, very slowly.
On Wednesday, the Bureau of Economic Analysis released its advance estimate of real gross domestic product for the first quarter of this year— covering January, February and March. The release showed output in the U.S. increasing at a rate of 0.2%. This is a huge deceleration from the fourth quarter 2014 when real GDP gained 2.2%. Economists on average were anticipating growth of 1% in Q1.
Last year the GDP reading was ultimately revised to negative 2.1% then economic growth rebounded sharply in the second (4.6%) and third (5%) quarters.
Adjustment of GDP … US Economy Shrunk By Most in Five Years in First Quarter, Commerce Dept Says – 2.9%
RECOVERY, WHAT OBAMA ECONOMIC RECOVERY?
Obamanomics at its finest … The Obama economy is worse than first reported. The GDP for QTR 1 for 2014 was not -1.0%, it was -2.9%!!! This marks the biggest decline since early 2009 when the Great Recession was winding down.
The U.S. economy contracted at a worse pace than previously estimated in the first quarter, marking its sharpest pullback since the recession ended five years ago.
Gross domestic product, the broadest measure of goods and services produced across the economy, contracted at a seasonally adjusted annual rate of 2.9% in the first three months of the year, according to the Commerce Department’s third reading released Wednesday. That was the fastest rate of decline since the first quarter of 2009, when output fell 5.9%.
Commerce had previously estimated output fell by 1% in the first quarter as manufacturers drew down inventories rather than produce new goods and as unusually harsh weather kept consumers at home and shut down work sites. Exports also declined after a surge late last year.
The media lap dogs sat “don’t freak out” with regards to the terrible GDP for Q1 2014. Hmm, would they be saying the same for GWB? Here are the excuses for the reason why you should not fret about the -2.9 GDP, it’s the weather’s fault, it’s not a final number:and other data show the economy is improving. Really, it’s not the final numbers? They just revised it down from -1% to -2.9%, do you mean it could get revised even lower?
More from Newsbusters and the liberal media spin.
And you thought 0.1% GDP was bad …
On Thursday the Commerce Department adjusted down the first quarter GDP, Gross domestic product, to – 1.0% for the first three months of 2014. The agency had initially last month estimated GDP grew at a 0.1% rate in the first quarter. Oops, missed it by that much. How’s that Obamanomics working out for you America? A recession is defined as a period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters. However, because job wages have remained stagnant, if you have one, while food prices are up, gas prices are up and energy prices are up, most Americans feel that we are still in a recession.
The recovery that wasn’t. Of course the Obama folks are quick to point to the harsh winter weather for the downturn. Hmm, what happened to global warming? But what happened in the first quarter of 2014 … how about Obamacare enrollment?
The United States GDP shrank at an annual rate of 1.0 percent in the first quarter of 2014, according to the second estimate released by the Commerce Department. It is the worst performance in three years and comes lower than a preliminary estimated 0.1 percent expansion, due to a sharper fall in private inventory investment and a bigger trade deficit.
The downturn in the percent change in real GDP primarily reflected a downturn in exports, a larger decrease in private inventory investment, and downturns in nonresidential fixed investment and in state and local government spending that were partly offset by an upturn in federal government spending.
The price index for gross domestic purchases, which measures prices paid by U.S. residents, increased 1.3 percent in the first quarter, 0.1 percentage point less than in the advance estimate; this index increased 1.5 percent in the fourth quarter. Excluding food and energy prices, the price index for gross domestic purchases increased 1.3 percent in the first quarter, compared with an increase of 1.8 percent in the fourth.