The American economy continued to outperform expectations in February, adding 295,000 jobs and lowering the unemployment rate by two decimal points, to 5.5 percent. In Europe, only Austria, Denmark, Norway and Switzerland have healthier unemployment rates, with Britain’s almost equal to that of the United States. Wages in the United States, however, continue to sag, growing by just 3 cents over the month, and just 2 percent over the past year, not enough to overcome inflation, let alone give workers a sense that they’re getting ahead.
The February jobs report represents the 60th consecutive month of private-sector job growth, 53 consecutive months of job growth overall, adding 12 million jobs over the stretch, and 12 straight months of job creation exceeding 200,000, the longest such streak in 20 years, the Labor Department reported. Another encouraging quirk: for the first time in 30 years, every single state reported falling unemployment in February.
“But this isn’t a moment to take a victory lap or spike the football,” Labor Secretary Thomas Perez said in a statement. “We’re doing very well, but we can do even better, especially with so many working families still not being lifted by the rising tide.
The number of part-time workers remains high, at 19.5 million, some 800,000 more than a year ago. But the more closely-watched indicator of people working part-time because they can’t find full-time work, or because their hours have been cut back–the involuntary part-time workers–has improved, falling from 7.2 million a year ago to to 6.6 million in February, in seasonally adjusted numbers. Over the year, the total number of people employed has increased by almost 4 million, with the increase entirely in the private sector. Some 20.5 million people are employed by government, but that number remained unchanged over the year.
The alternative, or U-6, unemployment rate, which takes into account underemployment as well as unemployment and discouraged workers who have fallen out of the workforce, has fallen significantly in the past 12 months, from 12.6 percent last February to 11 percent last month. In Florida, however, that rate remains among the highest in the country, at 12.8 percent. Florida’s job growth has primarily taken place in the service sector, with low-wage jobs accounting for most gains.
Obama 2015 says
The February jobs report represents the 60th consecutive month of private-sector job growth, 53 consecutive months of job growth overall, adding 12 million jobs over the stretch, and 12 straight months of job creation exceeding 200,000, the longest such streak in 20 years, the Labor Department reported.
#ThanksObama
Sherry Epley says
Right On Obama 2015! I’m certain there will be follow on comments from the FOX zealots as soon as FOX feeds them the twisted spin on these numbers. LOL!
Rob says
Continued job growth, Wall Street S&P posted a record high, even Walmart is giving raises.
Darn that Obama.
Obama 2015 says
The comments are not even based in any truth. 99% of the time they are just talking points that are headlines on facebook sites and Fox News.
One of my favorites is the Obama phone, the same program that Regan started for land lines was refined to cell phones so those lazy freeloaders had a phone number to call to get a job. Yet it is Obama’s fault they have a free phone.
I just wish someone that dislikes the President would provide real issues and not made up BS.
What is amazing to me is this President has put himself out in front of all the critics and naysayers and he has pushed this country in a great direction. He has been beaten down so many times most presidents would have phoned it in after 2012. Since 2009 he has killed more terrorists, ended more wars, Helped GM and Ford to make great vehicles and thanks to the health care law the economy is adding jobs to keep up with the demand of insured Americans .
Some members of the GOP and the independent party have helped him but I have never seen a president so committed to helping the middle class.
Also the job numbers have been calculated the same way for the past 30 years. If they aren’t correct, Bush did an even worse job in his last two years.
Obama 2015 says
Walmart giving raises.. I better bring my coat to hell.
Obama 2015 says
Also the US dollar value is up…
Euro falls to 11-year low; rand falls to 13-year low; dollar nears 8-year high against yen..
http://news.morningstar.com/all/dow-jones/us-markets/2015030611041/currencies-dollar-index-hits-11-year-high-on-strong-jobs-report.aspx
The ICE U.S. Dollar Index(DXY), a measure of the buck’s strength against a basket of six rival currencies, finished the day up 1.3% to 97.63, its highest level in ,more than 11 1/2 years.
The dollar’s exchange rate with the euro comprises more than half of the index’s value.
Friday’s gains pushed the index to its largest annualized gain since March 1985.
Sherry Epley says
Anyone watching the Netflix series “House of Cards”? There is an episode (maybe 4 or 5) in the 2015 line up that shows a speech by a Presidential candidate. In that speech, she points out that “Walmart” pays wages so low that most employees qualify for food stamps. . . and that those food stamps are most often cashed in at “Walmart”. Therefore “Walmart” is double dipping into the government coffers. I was astonished that they actually used “Walmart’s” name in such a derogatory way in that program. . . without fear of a slander suit.
OK, call me silly. . . but I am wondering if the announced Walmart raises have something to do with the “House of Cards” episode. Wouldn’t that be a hoot!
BTW great “factual” comments Obama 2015! Keep up the good work. . . always a good read!