{"id":13511,"date":"2018-06-03T08:46:42","date_gmt":"2018-06-03T13:46:42","guid":{"rendered":"http:\/\/thetruthplainansimple.info\/thebiblerevealed\/?p=13511"},"modified":"2019-11-20T11:49:29","modified_gmt":"2019-11-20T17:49:29","slug":"is-president-donald-trumps-economy-exposing-former-president-obamas-purported-great-economy-as-a-liberal-media-deception-and-fraud","status":"publish","type":"post","link":"http:\/\/thetruthplainansimple.info\/thebiblerevealed\/is-president-donald-trumps-economy-exposing-former-president-obamas-purported-great-economy-as-a-liberal-media-deception-and-fraud\/","title":{"rendered":"Is President “Donald Trumps’ Economy Exposing “Former President Obama’s” -“Purported Great Economy” As A Liberal Media Deception And Fraud?"},"content":{"rendered":"
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New Milestones in Jobs Report Signal A Bustling Economy.<\/h2>\n

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By\u00a0\u00a0NELSON D. SCHWARTZ\u00a0\u00a0<\/span><\/a><\/span>

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The American economy roared into overdrive last month, the Labor Department reported Friday, extending the longest streak of job growth on record and echoing other recent signs of strength.<\/strong><\/p>\n

The unemployment rate fell to 3.8 percent, its lowest level since the heady days of the dot-com boom in early 2000.<\/strong><\/p>\n

The net increase of 223,000 jobs reflected healthy gains in a broad range of industries, from manufacturing and transportation to health care and retailing.<\/strong><\/p>\n

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Source: Bureau of Labor Statistics<\/strong><\/div>\n<\/div>\n<\/figure>\n

The monthly numbers are traditionally kept under wraps by the Labor Department until their release, under rules meant to keep officials from influencing markets by discussing them publicly beforehand or immediately afterward. <\/strong><\/p>\n

But in an\u00a0unusual departure from protocol<\/a>, President Trump hinted on Twitter more than an hour before the announcement that positive data was in store. \u201cLooking forward to seeing the employment numbers at 8:30 this morning,\u201d\u00a0he tweeted<\/a>.<\/strong><\/p>\n

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It was the 92nd consecutive month of job creation. Most economists expect the momentum to continue, but a deeper drop in the unemployment rate or a big bump up in average hourly earnings would stoke fears of inflation and, in turn, a more hawkish Federal Reserve.<\/strong><\/p>\n

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Fed policymakers are almost certain to raise interest rates when they meet this month, with at least one additional increase likely in the second half of 2018.<\/strong><\/p>\n

In May, average hourly earnings rose slightly, lifting the year-on-year gain to 2.7 percent. That\u2019s healthy enough to assuage fears that wages are stagnating but not so strong as to change the Fed\u2019s expected course.<\/strong><\/p>\n

\u201cIt was a stronger report than expected, but it wasn\u2019t so hot as to lead the Fed to believe it\u2019s behind the curve,\u201d said Michael Gapen, chief United States economist at Barclays, adding that the Fed\u2019s plans shouldn\u2019t worry stock-market bulls. \u201cIt will keep the Fed on its gradual normalization path.\u201d<\/strong><\/p>\n

Indeed, the stock market rallied in the wake of the news. The Standard & Poor\u2019s 500-stock index finished the day up more than 1 percent. Bond prices dipped slightly as traders braced for the possibility of faster economic growth, lifting the yield on benchmark 10-year Treasury bonds to 2.9 percent.<\/strong><\/p>\n

Mr. Gapen believes the unemployment rate could sink as low as 3 percent by the end of 2019. That would bring it to levels last seen in 1953, the height of the economic boom after World War II.<\/strong><\/p>\n

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Source: Bureau of Labor Statistics<\/strong><\/div>\n<\/div>\n<\/figure>\n

The only negative in the report was a slight drop in the share of Americans who are either working or looking for a job, paced by a 170,000 increase in the number of people not in the labor force. That, in turn, put downward pressure on the unemployment rate, which sank from 3.9 percent in April.<\/strong><\/p>\n

Still, the overall report painted a picture of a robust labor market by any measure. Unemployment among African-Americans fell to 5.9 percent from 6.6 percent in April, the lowest since the Labor Department began breaking out unemployment by race in 1972. Among college graduates, the unemployment rate is 2 percent, while it stands at 3.9 percent for workers with a high school diploma.<\/strong><\/p>\n

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\u201cIt was certainly a good number, with some weather-related bounce-back in construction,\u201d said Diane Swonk, an economist with Grant Thornton.<\/strong><\/p>\n

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A jobs fair last month in Holmdel, N.J., viewed from the township library. Average earnings last month rose by 8 cents an hour and are up 2.7 percent over the past year.<\/span>Credit<\/span>Stephen Speranza for The New York Times.<\/span><\/strong><\/p>\n

Wages, Wages, Wages<\/strong><\/h4>\n

Ms. Swonk said the great conundrum in the current economic environment was why wage growth had been so modest. After all, a tighter labor market should prompt employers to raise salaries to keep the workers they have and lure new ones, right?<\/strong><\/p>\n

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People discussing job opportunities at the George Washington Bridge Bus Station in Upper Manhattan, where new stores are opening.<\/span>\u00a0Credit<\/span>Gregg Vigliotti for The New York Times<\/span><\/strong><\/p>\n

In theory, yes, but in practice it hasn\u2019t been working out that way \u2014 and everything from slow productivity growth to the decline of unions and digital disruption has been cited as a reason.<\/strong><\/p>\n

\u201cThis is the last shoe to drop in the labor market,\u201d said Torsten Slok, chief international economist at Deutsche Bank. \u201cIt\u2019s just a matter of time before wages start going up more strongly, but there\u2019s frustration that it hasn\u2019t happened yet, even though unemployment is the lowest it has been in almost 18 years.\u201d<\/strong><\/p>\n

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Source: Bureau of Labor Statistics<\/strong><\/div>\n<\/div>\n<\/figure>\n

Besides the other potential causes, Mr. Slok has one of his own: While job switchers are being rewarded with raises, people who stay where they are not. Nearly 15 percent of what he calls \u201cjob stayers\u201d saw no increase in wages in the past 12 months. At comparable periods in past economic cycles, that share was more like 10 percent.<\/strong><\/p>\n

\u201cIf you just stay around, you have less bargaining power,\u201d Mr. Slok said.<\/strong><\/p>\n

Back From the Sidelines?<\/strong><\/h4>\n

Sectors like construction, energy, transportation and hospitals have been especially tight, Ms. Swonk said, with some employers offering signing bonuses to lure workers. For evidence of the trend, she is watching teenage unemployment, which was 12.8 percent last month. In April, it stood at 12.9 percent, down from 14.7 percent in April 2017.<\/strong><\/p>\n

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The teenage unemployment rate is significant because this cohort is a prime beneficiary of tight labor markets, Ms. Swonk explained. When there was more slack in the system, teenagers had to compete with 50-somethings for scarce jobs. Now, as the latter group finds higher-paying positions, young workers are filling the gap.<\/strong><\/p>\n

In some regions, workers have grown particularly scarce, forcing companies to pony up to compete for new hires. Union Pacific, the railroad giant, has long struggled to find mechanics, electricians and other skilled trade workers. But now it is having trouble filling even unskilled positions in some areas.<\/strong><\/p>\n

In Council Bluffs, Iowa, where the unemployment rate is under 3 percent, Union Pacific has started offering $20,000 in hiring incentives for train crews \u2014 a job requiring no experience or education beyond a high school diploma. In some cases, the company isn\u2019t even waiting for students to graduate to start the recruiting process.<\/strong><\/p>\n

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\u201cWe have communities where we work where the unemployment rate is a percent and a half,\u201d said Lance Fritz, Union Pacific\u2019s chairman and chief executive. \u201cFinding people to do work there is mostly about getting them in high school and making them aware of the career path so that when they graduate and are in the work force, we get them.\u201d<\/strong><\/p>\n

Turning to Trucking<\/strong><\/h4>\n

In Wisconsin, workers like Chris Bogan are benefiting from a surprisingly tight labor market. When he was laid off last fall by Appleton Coated, a paper mill, he feared the worst. As his family\u2019s main breadwinner, Mr. Bogan was earning $28.66 per hour, a solidly middle-class wage in the Neenah area, which The New York Times\u00a0reported on in November<\/a>.<\/strong><\/p>\n

As it turned out, a shortage of workers in one of the industries recently cited in the Fed\u2019s Beige Book economic survey \u2014 trucking \u2014 came to Mr. Bogan\u2019s rescue. The day the mill shut, he signed up for a course at Fox Valley Technical College to get a license to drive trucks. And the day after he graduated, he landed a job at a local trucking company.<\/strong><\/p>\n

\u201cI didn\u2019t wait around,\u201d Mr. Bogan said. \u201cI graduated on a Thursday night and went to the trucking company office on Friday morning.\u201d<\/strong><\/p>\n

Trucking accounted for nearly 7,000 of the jobs gained nationwide last month. And the demand for workers that Mr. Bogan encountered is part of the larger economic picture in Wisconsin, which has one of the nation\u2019s lowest unemployment rates. The jobless rate there stands at 2.8 percent, down from 3.3 percent a year ago.<\/strong><\/p>\n

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In fact, after the mill resumed production and Mr. Bogan got a call asking if he\u2019d like to come back, he politely declined. Under a Teamsters union contract, Mr. Bogan\u2019s employer covers all of the cost of his health insurance, so he\u2019s essentially earning the same take-home pay as before.<\/strong><\/p>\n

\u201cThings are going pretty well,\u201d he said. \u201cI love it. Instead of just watching that machine turning, I\u2019m outside, and it\u2019s different every day.\u201d<\/strong><\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

New Milestones in Jobs Report Signal A Bustling Economy.   By\u00a0\u00a0NELSON D. SCHWARTZ\u00a0\u00a0JUNE 1, 2018 Continue reading the main story   The American economy roared into overdrive last month, the Labor Department reported Friday, extending the longest streak of job growth on record and echoing other recent signs of strength. The unemployment rate fell to…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1032,268,93],"tags":[1383],"class_list":["post-13511","post","type-post","status-publish","format-standard","hentry","category-president-trump","category-u-s-economy","category-u-s-news","tag-is-president-donald-trumps-economy-exposing-former-president-obamas-purported-great-economy-as-a-liberal-media-deception-and-fraud"],"_links":{"self":[{"href":"http:\/\/thetruthplainansimple.info\/thebiblerevealed\/wp-json\/wp\/v2\/posts\/13511","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/thetruthplainansimple.info\/thebiblerevealed\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/thetruthplainansimple.info\/thebiblerevealed\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/thetruthplainansimple.info\/thebiblerevealed\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/thetruthplainansimple.info\/thebiblerevealed\/wp-json\/wp\/v2\/comments?post=13511"}],"version-history":[{"count":0,"href":"http:\/\/thetruthplainansimple.info\/thebiblerevealed\/wp-json\/wp\/v2\/posts\/13511\/revisions"}],"wp:attachment":[{"href":"http:\/\/thetruthplainansimple.info\/thebiblerevealed\/wp-json\/wp\/v2\/media?parent=13511"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/thetruthplainansimple.info\/thebiblerevealed\/wp-json\/wp\/v2\/categories?post=13511"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/thetruthplainansimple.info\/thebiblerevealed\/wp-json\/wp\/v2\/tags?post=13511"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}