The prognosticators made their predictions. And they were WAY off.
What did the experts expect we’d see for job growth? 170,000 new jobs.
What did we actually see? 222,000. That’s almost 30% Higher than the projected number. If Obama was announcing numbers like that, it might be a lead story in the news.
Friday’s report provides reassurance that job growth remains strong even as unemployment, already at a pre-crisis level, falls to below where Federal Reserve officials think it can sustainably go. The news will likely reaffirm the central bank in its plans to slowly withdraw monetary stimulus, and boost the Trump administration as it pursues tax reform and regulatory relief to accelerate growth.
…And it appears that job growth is likely to continue. Layoffs have been increasingly rare, with claims for unemployment benefits running near the lowest levels in decades.
At least in some parts of the country, consequently, joblessness no longer the most pressing problem facing commerce. Instead, a shortage of workers is. — Read More
(And isn’t that a big part of why Trump was elected in the first place?)
Yes, even Joe Biden knows how important that ‘3-letter-word‘ is.
…In continued good news, however, the pressure for companies to find workers appears to be creating more labor supply. The labor force grew by 361,000 in June, bringing up the participation rate to 62.8 percent.
…The persistent job growth of the late recovery has yielded benefits for some of the groups hit the hardest by the recession. Unemployment among Hispanic Americans plunged to 4.8 percent in June, matching the lowest rate on record. For black Americans, unemployment was just 7.1 percent, the lowest mark on record except the dotcom-bubble month of June 2000. — Read More
Who saw the gains from these results?
That might be the best news. It showed up across all sectors, even retail!
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