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Friday, March 09, 2018

Net gain of 313,000 jobs in February

For a short month, there was a lot of action in hiring in February. The government reported a net gain of 313,000 jobs in that month. Unemployment remained at 4.1%.

"Manufacturing added 31,000 jobs in February," the official report said.

It's as if someone had a magic wand and brought those jobs back.

"Employment in mining rose by 9,000 in February, with most of the increase in support activities for mining (+7,000). Since a recent low in October 2016, mining has added 69,000 jobs," the official report said.

So much for the death of mining, eh?

"The change in total nonfarm payroll employment for December was revised up from +160,000 to +175,000, and the change for January was revised up from +200,000 to +239,000. With these revisions, employment gains in December and January combined were 54,000 more than previously reported," the official report said.

Black unemployment fell to a record low of 6.4%. Seasonally adjusted, it was an even lower record of 5.9%, the official report said.

For Democrats, that is the most dangerous statistic in the report. If people do better under a Republican president than they did under the first black president, then who needs the Democrats?

By adding 313,000 jobs, the economy beat expectations.

"Economists surveyed by Reuters had been expecting nonfarm payroll growth of 200,000 and the unemployment rate to decline one-tenth of a percent to 4 percent. An increase in the labor force participation rate helped keep the headline unemployment number steady, as the number of those counted as not in the workforce tumbled by 653,000 to just over 95 million," CNBC reported.

4% unemployment is considered full employment, the network reported.

"The underlying economic growth is quite strong, but there's no real pressures from a wages and inflation standpoint. It's very good for risk assets," Greg Peters, senior investment officer at PGIM Fixed Income told CNBC.

Since November 8, 2016, major companies and Red China have pledged nearly 1 trillion dollars in new investments in the United States. The communists plan an $84 billion investment in West Virginia, whose entire economic input is $75 billion a year.

"Wages continue to rise: In February, average hourly earnings for all employees on private nonfarm payrolls rose by 4 cents to $26.75, following a 7-cent gain in January. Over the year, average hourly earnings have increased by 68 cents, or 2.6 percent," CNS News reported.

Add to that the reduction of withholding taxes, and workers are seeing fatter paychecks. This eases pressure to hand out pay raises, which may help ward off inflation.

After a couple of decades of stagnation, we are making America great again.

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The media chose to go to war with Donald John Trump in 2017 rather than accept him as president.

The media chose poorly.

Fake News Follies of 2017 shows how and why. It is available on Kindle and in paperback.

Autographed copies are available. Email me at DonSurber@GMail.com for details. I am including a "director's cut." I will give you the original Chapter 1 that I cut because while the chapter was amusing, it really had nothing to do with the Fake News Follies of 2017.

13 comments:

  1. Zippy thought he had a monopoly on magic wands.

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  2. OOOOOOHhhhhhhhhh, how this must burn the enemedia's butts, and their Dem overlords' butts.

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  3. If 95 million people are old enough to work and aren't, why do we claim that unemployment is only 4.1 percent? 95 million people is almost 1/3 of 320 million people in this country. Or is the 95 million everyone, including minors and the elderly?

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    Replies
    1. I retired at 55 due to a generous early retirement program. Did a couple of interviews but not a good fit. I turn 60 in May. Would still consider working again if it was something I was really into. But I don't HAVE to. I suspect there are more than a few others like me. If Mr. T keeps this stock market rolling, fuck work. More time with my granddaughter!

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    2. Of the nearly 100 million over-16 adults who are included in the labor non-participation pool, roughly 37 million of them are over the age of 65, of which the vast majority are retired and neither working nor looking for work.

      See: https://qz.com/286213/the-chart-obama-haters-love-most-and-the-truth-behind-it/

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  4. I was listening (briefly !!) to radio KSCO out of Santa Cruz, CA yesterday afternoon - some guy was saying that TRUMP was cheating a lot of WVA miners into thinking they could get work in mining - so the poor fools were being tricked into ignoring the "Job Training" O'Bummer had arranged for them.

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    Replies
    1. Them Kalifornians really KNOW how West Virginia is. Sho nuff!

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  5. Keep in mind that the unemployment rate does not include people with part time jobs who want full time jobs (thanks Obummercare) and people who have given up looking for work. The "real" unemployment rate, which the gummint and the Fake News Media never give us is M5. It was double digits under Obungler. It's single digits under Trump. - GOC

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  6. The most important news is the 1% gain in labor force participation, and the 31,000 manufacturing jobs added in February. Watch that number skyrocket as the tax reform and the Trump tariffs take hold. Make American Manufacturing Great Again!

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