The American economy is on cruise control, and not all for the good.
Except for March and April, when job creation dipped to 119,000 and 187,000, the economy has added 200,000 jobs a month or more for the past 15 months, continuing the sort of extended performance last seen in 1999, when the economy neared full employment.
It’s not there yet, having still more ground to make up after the Great Recession. But in June, the economy added 223,000 jobs, lowering the unemployment rate two decimal points, to 5.3 percent, its lowest level since April 2008, when it was 5 percent and heading up. Figures for April and May were revised downward, however, shedding 60,000 jobs, though the total for those two months remains a healthy 441,000 jobs.
And the declining unemployment rate was helped by a negative factor: The civilian labor force shrank by 432,000 in June, following an increase of similar magnitude in May. The labor force participation rate declined by 0.3 percentage point, to 62.6 percent in June, keeping it at historically low levels. But the numbers also reflect a trend long expected: the migration of retiring baby boomers off the work rolls.
Another unimpressive performance: wages remained flat in June, with average hourly earnings at $24.95 for the second month in a row, keeping average hourly earnings’ improvements at barely 2 percent for the year, not enough to overcome the cost of inflation. For all the economy’s overall improvements, when it comes to the majority of workers, there are no improvements where it matters: in families’ standards of living.
The number of unemployed people declined by 375,000, to 8.3 million. The more accurate measure of unemployment and underemployment, which includes the number of people working part-time because they cannot find full-time work, or because their hours have been cut back against their will, is 10.5 percent, a decline from May’s 10.8 percent. There were 6.5 million people working part-time in June because they couldn’t work full-time. The number of long-term unemployed (those jobless for 27 weeks or more), who account for a quarter of the ranks of the unemployed, declined by 381,000 to 2.1 million.
93 million Americans not in the labor force.
47 million on SNAP.
50% of all American households receive transfer payments from the government.
Government spending is, roughly, 35% of GDP.
It’d be great if people knew how to read a balance sheet. However, then, people would know how bad it is.
Obama 2015 says
93 million number is padded, since this number includes a lot of Americans who wouldn’t be expected to be working. Specifically:
• People age 16 to 17, who likely are in high school: 9 million
• People who are enrolled in either two- or four-year colleges: 21 million
• People age 65 and older, who have reached retirement age: 40 million people
Truth on the SNAP benefits.
40.2 % are white
25.7 % are black
The Truth says
Now you know that those on the right don’t like to deal with those pesky things most of us call FACTS!
Obama 2015 says
Facts are Kryptonite to the Sheep in the GOP.
Obama 2015 says
Economy still adding jobs.. Damn that Obama and his leadership.
The economy is adding jobs NOT because of liberal/progressive policy’s but in-spite of them. Just what % of all these jobs are what just one president ago are low paying jobs that our left would be saying they are not GOOD jobs? the Average wages for Americans has gone down since 0bama I don’t blame him specifically just his and our lefts agenda ITS not pro-growth economics
Obama 2015 says
Under President Obama’s leadership, the economy has added private sector jobs for 64 straight months. During this span, 12.8 million private sector jobs have been created.
Here is a breakdown. Professional and business services,
health care, retail trade, financial activities, and in transportation and warehousing lead our job growth. Sounds like terrible jobs.
Also why is when Bush I and II were in the White house we lost jobs but when Clinton and Obama occupied the White House jobs came back?
Jobs are Jobs. It is up to the job holder to consider them good or not.
Median Household income in 2009 $50,046 (year he took office) Didn’t create a job until Feb 2010.
Median household income in the United States in 2013 was $51,939;
Not great gains but after losing jobs and economic growth for almost 4 years starting in 2007 that isn’t very bad. Could be better but you have that do nothing Congress for the past 3 years.
Ok check your numbers.If on a average there is 250,000 jobs created a month.But there are a average about 250,000 plus a week enrolling in unemployment.Them numbers don,t look good to me.So if you have a 1,000,000 people a month applying for unemployment and only 250,000 a month getting jobs.How is the unemployment level going down.I know its some liberal math I don”t understand.Some one please explain???????????????????
The monthly job creation numbers reflect net job creation, after job losses have been calculated.
Obama 2015 says
Dam 1+1-2=0 Liberal Math.
What’s the black unemployment and black youth unemployment rates?
Obama 2015 says
It’s fallen from 10.4 percent to 9.6 percent, hitting single digits for the first time in the recovery. Meantime, the gap in labor force participation between blacks and whites has grown narrower than it’s been since September 1999. Since February, the number of blacks with jobs has gone up by 407,000. The number of whites with jobs has declined by 273,000, in part, no doubt, because of a wave of Baby Boomer retirements.
If you are looking for gainful employment don’t come to Palm Coast.
The ” we want to keep it like it is” politicians don’t want jobs. Jobs brings people and families and changes the “keep it like it is” status quo.
Obama 2015 says
So all the construction on Palm Coast Parkway and the old Publix shopping center is keeping it like it is? What would you like to come to Palm Coast for gainful employment?
1. 9 million, 16-17 year olds AND 21 million college aged kids that the left COUNTS if they have, even, PT jobs. However, NOT to be counted when they don’t? Logic fail, left. But…you have your blind followers.
2. The left and government counts, actually, PT jobs in their employment numbers to boost them. But, according to the left…30 hours is now full time. More…logic fail.
3. Government spending representing 35% of GDP. That means 1/3 of our “booming” economy is held up by government taking from people who earned and giving it to people who didn’t. Not addressed. Gee…can’t imagine why???
4. Defending the huge uptick in SNAP percentage by quoting “race statistics”??? Logic fail. That, immediately, tells you they have no explanation, nor response, for one simple question: If our economy is “booming” why are so many people unable to purchase their own food and in need of a SNAP program? Wait, I’ll answer that one with #5.
Better yet…let’s look at Maine and what they did with their SNAP program:
They had, roughly, 12,000 single, working aged, fully able people on SNAP. They passed legislation that required these 12,000 people to do 1, only 1, of three things:
1. Have a PT job working, at least, 20 hours a week. OR
2. Volunteer and document it, 24 hours a month. OR
3. Be receiving verified jobs training.
Results: in 4 months, 9,000 of them were off SNAP. I know, I know…doing ONE of those three things was a tough ask…and they’re really the “victims”, right?
5. It’s all the fault of the 1%!
Except, we have over 80, fully funded, entitlement programs and have spent, as of 2012, over $22 trillion and have the same exact poverty rate as we did in 1967! That’s failure only a leftist can embrace or ignore.
…and don’t forget that the left would have you vote in Mrs. 1% herself, Hillary Clinton, whose network is over $100 million and she’s worked for our government for over 20 years! Please, ignore Cheslea’s $10.5 million NYC, Central Park pad and her hedge fund husband too! Lord knows, Chelsea has worked extremely hard giving speeches about her vast experience as a reporter and employee of “the foundation”.
6. Want to watch a leftists head explode??? Ask them what “unfunded liabilities” are and how much its projected to cost our country in the next 20 years? Then, ask them how they expect us to pay for it. Ka-boom.
Obama 2015 says
Again you are using talking point and not facts.
The Maine program kicked 9K off food stamps and trying to do one of the 3 things is pretty impossible if you live in an area with depressed opportunities.
You said that 93 million people are not in the work force. I am saying 70 million can’t be counted toward this number since they can’t be considered part of the work force. If they join most times it is part time and not to support a family.
Same exact poverty rate as we did in 1967!
Unfunded liabilities can be eliminated once the bush tax cuts are expired.
The rest of your comments read like a text message from my drunk ex and I am voting for Bernie Sanders ..
Bernie Sanders is a socialist. He is, at least, an admitted believer in Marx. He doesn’t hide behind the reinvented words of “liberal” and “progressive”, as most all of you democrats do. I default to freedom, so we have nothing in common, 0bam-bam2015.
I know you have trouble with reading comprehension…it’s 1967, not 1965. My goodness, you can’t even get the years right! I expect nothing less though. You…in a past debate, brought the year, 1967…you did. Stick by your numbers, man.
Only in leftist la-la land is volunteering 24 hours a month…”impossible if you live in an area with depressed opportunities”. Logic fail, try again. 9,000 gone. So, finally, are you not entitled to a job, you are not entitled to be living your healthy, single, working life on the backs of someone else’s labor…taken, through threat of force, by the federal government. You can volunteer and have it verified…anywhere.
You’re saying you and yours count people when it suits you and they’re not to be counted when they don’t. Again, logic fail. 50% of families are on the federal dole. Again, in leftist la-la land they truly expect 50% of the population to: pay federal taxes, grow the economy, pay the national debt…and provide for the entitlements of the other half. Simply and utterly ridiculously impossible. This is why “socialism” fails…its financially insolvent.
“Unfunded liabilities can be eliminated”??? Eliminated? At this point, it is apparent you don’t even understand what an unfunded liability is. They’ll never end, they’re a reality every month and change with mortality, births, etc. Current, life spans have increased…which makes the Ponzi scheme non-solvent in a relatively short time.
You don’t have fiscal facts…you regurgitate tired, lame talking points and data that are not grounded in reality. Probably, because you actually have quoted “Mother Jones”…are they still selling bongs?
The left has no idea what they are doing in matters of the financial and economic health/ growth of our country, none at all. Their accounting principles are 10 times worse than any corporation you could ever imagine. After all, 0bama is here, what, with all his experience as a “community organizer”. I used to “community organize” too, in college…with every keg party.
This from the GAO…