Jobless Claims Remain at Half-Century Low Initial Claims, Fell to 204,000 in the Week Ended Sept. 8, 2018
MORE GREAT ECONOMIC NEWS …
As reported at the WSJ, initial jobless claims have fallen to 204,000, the lowest level since December 1969. More great news for the Trump administration. How many good economic indicators must be done under President Donald Trump before it becomes obvious, the reason for the great economy is his policies and the tax cuts?
The number of Americans filing applications for new unemployment benefits fell last week, remaining at a half-century low for the second-straight week.
Initial jobless claims, a proxy for layoffs across the U.S., fell by 1,000 to a seasonally adjusted 204,000 in the week ended Sept. 8, the Labor Department said Thursday. This is the lowest level since December 1969. Unemployment benefit applications were near this level last week too.
Economists surveyed by The Wall Street Journal expected 210,000 new claims last week.
Data can be volatile from week to week. The four-week moving average of claims, a steadier measure, fell 2,000 to 208,000, also the lowest level since 1969.
Jobless claims have remained low in recent years, as the labor market continues to tighten and managers face difficulty finding qualified employees.
Thursday’s report showed the number of claims workers made for longer than a week declined by 15,000 to 1,696,000 in the week ended Sept. 1. The figure, also known as continuing claims, is reported with a one-week lag.
Another great jobs report courtesy of the Trump economy ….
As reported at CNBC, 201,000 jobs added to the U.S. economy in August as payroll and wage growth both beat expectations. Economists were predicting a 195,000 payroll gain. Jobs, jobs and more jobs added. Welcome to the Trump economy.
Long-awaited wage growth posted a recovery high in August while payroll gains beat expectations and the unemployment rate held near a generational low of 3.9 percent, according to a Bureau of Labor Statistics report Friday.
Average hourly earnings rose 2.9 percent for the month on an annualized basis, while nonfarm payrolls grew by 201,000. Economists surveyed by Reuters had been expecting earnings to rise 2.7 percent, payrolls to increase by 191,000 and the jobless level to decline one-tenth of a point to 3.8 percent.
The biggest contributor to job gains was professional and business services, which added 53,000. Heath care grew by 33,000, wholesale trade rose by 22,000, and transportation and warehousing contributed 20,000 to the total.
There also were 6,000 new mining jobs in a profession that has added 104,000 positions since October 2016, primarily in support activities.
Construction also grew by 23,000, though manufacturing lost 3,000 positions.
Average hourly earnings increased 10 cents for the month to $27.16.
DON’T LOOK NOW BUT TRUMP IS GOOD FOR MILLENNIAL JOBS ALSO …
In a WSJ article, Youth unemployment has hot a 52 year low. Youth unemployment is the unemployment of young people, defined by the United Nations as 16–24 years old. Many of these people for the past 8 years of Obama and final years of GWB have struggled to ever be employed. A 24 year old youth may have never been able to get a job due to the bad economy, restriction of jobs available and older individuals having to take positions that were once deemed high school jobs.
As stated at the WSJ, Americans between the age of 16 and 24 had its lowest midsummer jobless rate since 1966. This is what President Donald Trump’s “Make America Great Again” means. Individuals who have suffered previously, once again have a chance to grow and prosper. This youth unemployment low is in line with the record low unemployment rates for blacks, Hispanics, Asians and women. The economy is roaring and it is due to Trump cutting regulations, the Republican-Trump tax cuts and creating a table environment for business to flourish.
July 2018 Unemployment Rate Falls to 3.9% … 37,000 Manufacturing Jobs Created … Record Low Hispanic Unemployment at 4.5%
UNEMPLOYMENT RATE FALLS TO 3.9% …
From CNBC, although the total nonfarm payrolls increased by 157,000 for the month, below the 190,000 expected … the unemployment rate fell to 3.9%. However, there are some gems in this jobs report. Manufacturing increased by 37,000 jobs bringing the 12-month total gain to 327,000. Remember when we were told that we would never see these types of jobs again, unless Trump had a magic wand.
According to the Bureau of Labor Statistics reported Friday, unemployment for Hispanic workers again hit a new record low in July of 4.5%.
Payroll growth turned sluggish in July after two robust months, though the unemployment rate edged lower and the overall jobs picture continued to look solid, according to Labor Department numbers released Friday.
Total nonfarm payrolls increased by 157,000 for the month, below the 190,000 expected in a survey of Reuters economists and the lowest gain since March. The unemployment rate fell one-tenth of a percentage point to 3.9 percent, as expected, and is around its lowest level in nearly 50 years.
In the key wages category, average hourly earnings also met expectations, increasing 2.7 percent over the same period a year ago. The Federal Reserve is closely watching the wages component as it seeks to meet its 2 percent inflation target.
Though the July reading missed estimates, previous months’ report were revised substantially higher. The May reading jumped from 244,000 to 268,000 while June’s number increased from 213,000 originally reported up to 248,000, for a total net upward revision of 59,000 for the two months.
Average gains for the three-month period were a strong 224,000.
37,000 more manufacturing jobs created with Trump’s magic wand
213,000 Jobs Created in June 2018 … Unempoyment up to 4% Because 601,000 Americans Reenter the Workforce!!!
ANOTHER BETTER THAN EXPECTED JOBS REPORT …
The June 2018 jobs report was released this morning, 213,000 jobs were created in June, well above the expected gain of 195,000. The unemployment rate ticked up .2% from 3.8% to 4.0%; however, that is because the labor force grew by 601,000.
The unemployment rate moved higher, off an 18-year low, to 4% from May’s 3.8%. Economists say the slight move higher is a positive as it reflects more workers entering the workforce after sitting on the sidelines, drawn by the plethora of jobs. In June, 601,000 Americans entered the labor force, and not all found jobs.
Nonfarm payrolls rose 213,000 in June and the unemployment rate was 4 percent, according to a government report Friday.
Economists surveyed by Reuters had expected a gain of 195,000 and the jobless rate to hold steady at 3.8 percent, which had been tied for the lowest since 1969.
In addition to the payroll gains, average hourly earnings rose 2.7 percent year over year, a bit below expectations of a 2.8 percent increase.
Despite increasing talk about the economy being near full employment, hiring continues to grow. Along with June’s upside surprise, the Bureau of Labor Statistics revised April’s count up from 159,000 to 175,000 and May’s from 223,000 to 244,000, a total of 37,000 more than initially stated.