After the U.S. Department of Labor released the latest jobs and unemployment numbers, DNC Chair and former Labor Secretary Tom Perez released the following statement:
“With slow wage growth, rising health care premiums, and skyrocketing gas prices across the country, Donald Trump’s reckless policies are hurting millions of hardworking families. Trump and Republicans in Congress have been so determined to undermine workers that they held a Supreme Court seat hostage for nearly a year in order to nominate an aggressively anti-union justice, who became the deciding vote in last week’s disgraceful decision in the Janus case.
Hispanic-Latino Unemployment Rate Hits Lowest Level on Record
( CNSNews) The national seasonally-adjusted unemployment rate for Hispanics and Latinos in the U.S. labor force fell to the lowest level on record in June of 2017, U.S. Bureau of Labor Statistics (BLS) data released Friday show.
In June, the unemployment rate for Hispanics and Latinos, aged 16 and up, was 4.6%, down from its May level of 4.9%. Before June’s record, the lowest monthly Hispanic-Latino unemployment rate since BLS began tracking the statistic in 1973 was 4.8%.
The June #JobsReport shows what is at stake from the brewing storm of rising health costs, spiraling trade uncertainty & an economy being hollowed out to enrich big corporations & the wealthiest 1 percent. Americans deserve better than the GOP’s raw deal. https://t.co/WAVwdHh6BN
President Trump boasted on Thursday about the growth of U.S. jobs while addressing supporters at a “Make America Great Again” rally in Great Falls, Montana:
“We’ve created 3.4 million jobs since Election Day, which nobody can’t even believe”
Trump Scoreboard still showing better numbers on jobs than wages as total hiring tops 2 million for the presidency
( Marketwatch ) The latest update to the Trump Scoreboard continues to shows more progress on adding new jobs than boosting wages of the already employed.
The Trump Scoreboard, MarketWatch’s tracker of jobs, pay and stock-market performance during the 45th presidency, showed that 2.18 million jobs have been created since the real-estate magnate took office, after 213,000 new jobs were added in June.
But wage growth, as measured by the 12-month change in average hourly earnings for production and nonsupervisory workers, is still mediocre. After 2.7% growth in June, median wage growth for his presidency stands at 2.5% — slower than the 3-plus percent gains during the presidencies of George W. Bush and Bill Clinton.
And as Trump ratchets up the trade war, the stock market SPX, +0.92% hasn’t been able to build on a stellar first year.
The jobs reports for May and April were both revised upward, meaning the economy added more jobs than previously thought. May added 244,000 jobs, compared with the previous estimate of 223,000. April added 175,00, compared with 159,000.
The U.S. economy added 213,000 jobs in June as American businesses extended their hiring spree, according to a report released Friday by the Labor Department. The unemployment rate rose to 4.0 percent as more Americans entered the workforce.
The U.S. economy has added an average of over 200,000 jobs a month this year, far above the 100,000 that economists believe is required to keep up with the growth of the workforce. Minutes from the last meeting of the Federal Reserve released Thursday revealed that Fed officials believe unemployment is below its long-term sustainable level.
Average hourly earnings rose 2.7 percent year over year, slightly below expectations of a 2.8 percent increase. That is slightly disappointing for workers but also likely to fend off fears that inflation or interest rates will rise faster than expected.
For the first time, there are more job openings than there are eligible workers to fill them.
Private payrolls grew less than expected in June, likely due not just to a slowdown in hiring but also a decline in the labor pool.
Economists expect wage pressures to continue building as part of increasing inflation.
( CNBC ) America’s labor shortage is approaching epidemic proportions, and it could be employers who end up paying.
A report Thursday from ADP and Moody’s Analytics cast an even brighter light on what is becoming one of the most important economic stories of 2018: the difficulty employers are having in finding qualified employees to fill a record 6.7 million job openings.
Truck drivers are in perilously low supply, Silicon Valley continues to struggle to fill vacancies, and employers across the grid are coping with a skills mismatch as the economy edges ever closer to full employment.
“Business’ number one problem is finding qualified workers,” Mark Zandi, chief economist at Moody’s Analytics, said in a statement. “At the current pace of job growth, if sustained, this problem is set to get much worse. These labor shortages will only intensify across all industries and company sizes. ”
There are 6.7 million job openings and just 6.4 million available workers to fill them, according to the Bureau of Labor Statistics.
April marked the second month in a row that there were more vacancies than available hires, a phenomenon that had not happened before 2018.
( CNBC ) The jobs market has reached what should be some kind of inflection point: there are now more openings than there are workers.
April marked the second month in a row this historic event has occurred, and the gap is growing.
According to the monthly Job Openings and Labor Turnover Survey released Tuesday, there were just shy of 6.7 million open positions in April, the most recent month for which data are available. That represented an increase of 65,000 from March and is a record.
The number of vacancies is pulling well ahead of the number the Bureau of Labor Statistics counts as unemployed. This year is the first time the level of the unemployed exceeded the jobs available since the BLS started tracking JOLTS numbers in 2000.
As of April, the total workers looking and eligible for jobs fell to 6.35 million, a decrease from 6.58 million the previous month. The number fell further in May to 6.06 million, though there is no comparable JOLTS data for that month.
“The fundamentals all look very solid right now,” said Gus Faucher, chief economist at PNC. “You’ve got job growth and wage gains that are supporting consumer spending, and tax cuts as well. There’s a little bit of a drag from higher energy prices, but the positives far outweigh that. Business incentives are in good shape.”
Then, the ISM manufacturing index registered a 58.7 reading — representing the percentage of businesses that report expanding conditions — that also topped Wall Street estimates. Finally, the construction spending report showed a monthly gain of 1.8 percent, a full point higher than expectations.
Put together, the data helped fuel expectations that first-quarter growth of 2.2 percent will be the low-water point of 2018.
“May’s rebound in jobs together with yesterday’s report of solid income growth and the rise in consumer confidence points to the economy functioning very well,” the National Retail Federation’s chief economist, Jack Kleinhenz, said in a statement. “Solid fundamentals in the job market are encouraging for retail spending, as employment gains generate additional income for consumers and consequently increase spending.”
The most recent slate of widely followed barometers could see economists ratchet up growth expectations.
U.S. manufacturers are hiring more workers, boosting wages and increasing domestic investments following the passage of the Tax Cuts and Jobs Act.
Seventy-two percent of manufacturers are ramping up workers’ wages and benefits, according to a new survey from the National Association of Manufacturers (NAM). Meanwhile, 77% of survey respondents said they were hiring more workers, while 86% are investing more in plants and equipment.
“Manufacturing in America is now rising to new heights, thanks to tax reform, and as a result, manufacturers of all sizes are already investing more, growing more, hiring more and paying more. They are already improving lives and livelihoods,” NAM Board Chair David Farr said in a statement.
Meanwhile, optimism among manufacturers remains near all-time highs. More than 93% of manufacturers have a positive outlook on their company’s prospects in the U.S. economy – the second-highest level ever recorded by the National Association of Manufacturers – its most recent quarterly survey revealed.