Another Month of Strong Jobs Growth

[applegrove]

Another Month of Strong Jobs Growth

May 3, 2019 at 8:33 am EDT By Taegan Goddard 96 Comments

https://politicalwire.com/2019/05/03/economy-produced-another-month-of-strong-growth/

"SNIP....

New York Times: “Employers added 263,000 jobs last month, underscoring the economy’s resilience after some analysts had feared earlier in the year that a slowdown was coming.”

“The unemployment rate was 3.6 percent, the lowest level of the 10-year recovery, down from 3.8 percent in March.”

....SNIP"

And no wage increase. Curiouser and curiouser.

[maxsolomon]

1. Thanks, Obama!

His Economy just won't stop chugging along.

F President Jagoff taking Credit for the foundation Obama laid.

[JDC]

10. +1000

[applegrove]

12. And baby boomers all retiring. It is mostly demographics.

[More_Cowbell]

2. Jobs growth alone isn't the whole picture

Many people are working two jobs, very often a second "gig" job, and yet still don't have the earning power that a single person did in the 1960s.

In addition, the unemployment rate reflects people who've permanently stopped trying to find a job.

Trump doesn't care what he's doing to the economy.

[FBaggins]

5. One correction

In addition, the unemployment rate reflects people who've permanently stopped trying to find a job.

That's incorrect. The "headline" unemployment rate does not include people who stopped looking for a job - but that's because the definition of "unemployed" has never included people who aren't looking. OTOH, the U6 unemployment figure does include people who stop looking specifically because they don't believe that there are any jobs out there for them. These people are referred to as "discouraged" and do "count". However, even that number is near historic lows.

[VOX]

3. Just read a cautionary note regarding part-time positions.

From today’s Washington Post (can’t link, I’m behind a paywall):

U.S. unemployment fell to 3.6 percent, lowest since 1969

Washington Post
By Heather Long

May 3 at 9:20 AM PT
<snip>
“The job market looks good on about any measure," said Matthew Luzzetti, chief U.S. economist at Deutsche Bank. "While the unemployment rate is the lowest since 1969, a better measure is to look at the unemployment rate that includes people working part time because they can’t find a full-time job. That is low, but it’s only the lowest since 2000.”
<snip>

[NewJeffCT]

4. meh

2 months ago, the job growth was 20,000

[FBaggins]

6. Actually...

... two months ago may have been originally reported at 20k. But It was revised upward last month to +33k and then again this month to +56k.

[Vinca]

7. Given the clusterfuck that is Trump, it's hard to believe these numbers.

[applegrove]

8. Demographics.

[StClone]

9. Why is this not reported more?

Retiring workers, with lowering birth rate, and pushing workers out of the country is a big story left untold. Not the whole story, but it is never mentioned.

[applegrove]

11. I make a point of saying it and saying it.