Trump Just Made Jaw-Dropping History While At G20, Daring To Do What No Other President Has Before
While at the G20 summit the President made a remarkable presidential milestone. As of the end of June, the President was able to add 220,000 jobs to the American economy. These are the best numbers since February when the expectations were around 174,000. These were reported by the Labor Department’s Bureau of Labor Statistics. The Department noted that the number of employed Americans made another record last month with a total of 153,168,000 being employed.
The number of Americans not in the labor force is currently at 94,813,000. This came after several months of straight monthly gains since the Presidents inauguration. Those counted in the labor force are those who are age 16 and older who are not institutionalized or currently serving in the military. The number includes those who are disabled, housewives, students, retirees, and those who are simply no longer looking for work.
From June the labor force participation rate increased a tenth of a point and came out to 62.8 percent. This number is within two-tenths of the point where it was from since last January. There is no clear trend, as was noted by the BLS.
The unemployment rate in June increased only one-tenth of a point to 4.4 percent which is a historic low. A few days ago the President tweeted out a comment on the statistics saying,
“Really great numbers on jobs & the economy! Things are starting to kick in now, and we have just begun! Don’t like steel & aluminum dumping!”
He was referencing a report from the day before the Fourth of July which showed that manufacturers were growing faster in the past three years than they ever had before. Over 1,000 jobs were added to the economy in just June which makes for a total of 12,396,000 manufacturing jobs.
The number of non-institutionalized people was 254,957,000 and of those approximately 160,145,000 were participating in the labor workforce. Meaning they were actively looking for or holding down a full-time job. That portion is 62.8 percent of the civilian noninstitutionalized population.
CNS reported the following statistics,
“The change in total nonfarm payroll employment for April was revised up from +174,000 to +207,000; and the change for May was revised up from +138,000 to +152,000. BLS noted that with these revisions, employment gains in April and May combined were 47,000 more than previously reported. Monthly revisions result from additional reports received from businesses and government agencies since the last published estimates and from the recalculation of seasonal factors.
Over the past 3 months, job gains have averaged 194,000 per month. In a June 29, 2017 update, the Congressional Budget Office said it expects the U.S. labor market to tighten in the next two years, as greater demand for workers will push the unemployment rate down and the labor force participation rate up.
The projected demand for workers will encourage more people to participate in the labor force, temporarily offsetting the projected decline in participation arising from such factors as the ongoing retirement of baby boomers. CBO projects that the unemployment rate will remain around 4.3 percent by the end of 2017 and then drop further to 4.2 percent in early 2018.”
The Congressional Budget Office reported the following information,
– The labor force participating rate is expected to remain somewhat constant and consistent over a period of two years. This is the number of civilian non-institutionalized people who are over 16 and have jobs or don’t have jobs but are actively looking for new work
– Tightening the labor market more will increase growth as well as salaries over a period of two years
– Price inflation will continue to increase over the rest of 2017 as well as interest rates
– Over the next ten years, the labor force growth will be stifled by a slow population growth because of an aging population and increase in retirees from the baby boomer generation.
“BLS noted that with these revisions, employment gains in April and May combined were 47,000 more than previously reported. Monthly revisions result from additional reports received from businesses and government agencies since the last published estimates and from the recalculation of seasonal factors.
Over the past 3 months, job gains have averaged 194,000 per month.
In a June 29, 2017 update, the Congressional Budget Office said it expects the U.S. labor market to tighten in the next two years, as greater demand for workers will push the unemployment rate down and the labor force participation rate up.
The projected demand for workers will encourage more people to participate in the labor force, temporarily offsetting the projected decline in participation arising from such factors as the ongoing retirement of baby boomers.