Solid June Jobs Report: 213K New Jobs, 36K Manufacturing Jobs, April & May Nums Revised Upward

[NotfooledbyW]

task0778, post: 20303662

So you can talk shit all you want but the Trump economy is way better.

How many months until the Trumpo recession hits? What will Trumpo have then? Right now he has nothing going for him except the steadily improving Obama economy.

You will have a tough time blaming the recession with Trumpo worsened federal debt on Obama.

 

[mikegriffith1]

Well, actually, the economy began to pick up in 2016 because Obama agreed to the GOP-backed budget deal that protected well over $600 billion in tax cuts/tax breaks and lifted the ban on oil exports.

An interesting argument, but a specious one.

So it's just a coincidence that the economy picked up markedly after the GOP-backed budget deal was enacted? Really? BTW, liberals railed against many of the $686 billion tax cuts/breaks in that deal.

For.one, Obama wanted the lion's share of those tax cuts, and wanted even more for lower earners.

Actually, during the campaign, Obama had pledged to repeal ALL of the Bush tax cuts, and liberal economists had cheered him for this. But, when push came to shove, he ended up leaving 98% of the Bush tax cuts intact as part of the GOP-backed budget deal. I'm guessing you didn't know that.

Second, allowing export of crude oil had little to no overall effect on the economy, as any increased profits were shared by very few.

Sorry, but this is liberal nonsense. The lifting of the oil export ban quickly had a noticeable positive effect. You guys just can't wrap your minds around the fact that we get the biggest bang for the buck with tax and regulation relief when they are aimed at people who employ a lot of other people, i.e., the rich whom you despise. Lifting the oil export ban did not just help the rich but also helped create thousands of new jobs. When you create wealth, you help everyone, because that new wealth enables all kinds of economic activity. JFK understood this fact. To get the facts about the positive economic impact of lifting the oil export ban, you might start with these articles:

8 Facts About U.S. Crude Oil Exports

Texas flood: U.S. oil exports pour into markets worldwide

America's oil exports are booming -- and lifting prices

While manufacturing jobs fell in 2016, they had large increases in 2011 and 2014. I won't waste my time looking for your posts of high praise from back then .

Now you're being dishonest, or careless. If you looked up the manufacturing jobs numbers, you know that you are presenting a selective, misleading picture here. We've added more manufacturing jobs under Trump in just 18 months than we did during Obama's last three years. Since Trump took office, we've added a whopping 344,000 manufacturing jobs. In Obama's last three years, we added 255,000 manufacturing jobs.

Another black mark on Obama's economic record is the U-6, which even Bernie Sanders has called "the real unemployment rate." The average U-6 rate under Bush was a good 2 points lower than it was under Obama. Under Bush, the U-6 averaged just under 8 percent. Under Obama, the U-6 averaged right around 11 percent. In Obama’s best year, which was 2016, the U-6 finally stayed under 10 percent, but just barely. For four years during Obama’s recovery, 2010-2013, the U-6 was routinely in the teens (Bureau of Labor Statistics Data). Again, under Bush the U-6 averaged under 8 percent (U6 Unemployment Rate | Portal Seven).

The U-6 stayed high for so long under Obama because so many of the new jobs--not the majority, but a large number of them--were part-time or modest-wage jobs, and when you have that you're going to have a high U-6. In contrast, under Trump, in just 18 months the U-6 has dropped dramatically, dropping from 9.4 to 7.8. The U-6 NEVER dropped below 9.5 under Obama--NEVER.

 

[mikegriffith1]

Well, actually, the economy began to pick up in 2016 because Obama agreed to the GOP-backed budget deal that protected well over $600 billion in tax cuts/tax breaks and lifted the ban on oil exports.

An interesting argument, but a specious one.

So it's just a coincidence that the economy picked up markedly after the GOP-backed budget deal was enacted? Really? BTW, liberals railed against many of the $686 billion tax cuts/breaks in that deal.

For.one, Obama wanted the lion's share of those tax cuts, and wanted even more for lower earners.

Actually, during the campaign, Obama had pledged to repeal ALL of the Bush tax cuts, and liberal economists had cheered him for this. But, when push came to shove, he ended up leaving 98% of the Bush tax cuts intact as part of the GOP-backed budget deal.

Second, allowing export of crude oil had little to no overall effect on the economy, as any increased profits were shared by very few.

Sorry, but this is liberal nonsense. The lifting of the oil export ban quickly had a noticeable positive effect. You guys just can't wrap your minds around the fact that we get the biggest bang for the buck with tax and regulation relief when they are aimed at people who employ a lot of other people, i.e., the rich whom you despise. Lifting the oil export ban did not just help the rich but also helped create thousands of new jobs. When you create wealth, you help everyone, because that new wealth enables all kinds of economic activity. JFK understood this fact. To get the facts about the positive economic impact of lifting the oil export ban, you might start with these articles:

8 Facts About U.S. Crude Oil Exports

Texas flood: U.S. oil exports pour into markets worldwide

America's oil exports are booming -- and lifting prices

Texas's economy has especially benefited from the ending of the oil export ban.

While manufacturing jobs fell in 2016, they had large increases in 2011 and 2014. I won't waste my time looking for your posts of high praise from back then .

If you looked up the manufacturing jobs numbers, you know that you are presenting a selective, misleading picture here. We've added more manufacturing jobs under Trump in just 18 months than we did during Obama's last three years. Since Trump took office, we've added a whopping 344,000 manufacturing jobs. In Obama's last three years, we added 255,000 manufacturing jobs.

Another black mark on Obama's economic record is the U-6, which even Bernie Sanders has called "the real unemployment rate." The average U-6 rate under Bush was a good 2 points lower than it was under Obama. Under Bush, the U-6 averaged just under 8 percent. Under Obama, the U-6 averaged right around 11 percent. In Obama’s best year, which was 2016, the U-6 finally stayed under 10 percent, but just barely. For four years during Obama’s recovery, 2010-2013, the U-6 was routinely in the teens (Bureau of Labor Statistics Data). Again, under Bush the U-6 averaged under 8 percent (U6 Unemployment Rate | Portal Seven).

The U-6 stayed high for so long under Obama because so many of the new jobs--not the majority, but a large number of them--were part-time or modest-wage jobs, and when you have that you're going to have a high U-6. In contrast, under Trump, in just 18 months the U-6 has dropped dramatically, dropping from 9.4 to 7.8 percent. The U-6 NEVER dropped below 9.2 under Obama--NEVER. (And that only happened *after* Trump was elected and businesses began to invest and hire in anticipation of a pro-business administration coming to power.)

 

[Correll]

[QUOTE="mikegriffith1, post: 20301867, member: 40621"...]

* 36,000 manufacturing jobs were created, the second largest increase in 10 years (Bureau of Labor Statistics Data). It is especially encouraging that "nearly all" of the new manufacturing jobs were in durable goods:

Durable goods manufacturing accounted for nearly all of the increase, including job gains in fabricated metal products (+7,000), computer and electronic products (+5,000), and primary metals (+3,000). Motor vehicles and parts also added jobs over the month (+12,000), after declining by 8,000 in May. Over the past year, manufacturing has added 285,000 jobs.[/QUOTE]

​

This is huge. This is what the anti-trumpers and Free Traders said could NOT happen, manufacturing jobs coming BACK to America. Computers and cars? That is high end manufacturing and good jobs!

* The numbers for April and May were revised upward: "The change in total non-farm payroll employment for April was revised up from +159,000
to +175,000, and the change for May was revised up from +223,000 to +244,000." That's an upward revision of 27,000 jobs for those two months.

Why does it always seem that these numbers have to be revised UPWARDS, during Republicans administrations?


Almost like vile number crunching deep state libs are playing games, putting party ahead of professional responsibility.

 

[rightwinger]

No, it's an absolute improvement over the Obama economy.

But that is a vapid statement. When an economy is growing and improving, of course it gets better, as time passes

Obama's economy barely averaged about 2% growth since the recession ended in June 2010, which isn't what I'd call growing and improving. And it didn't get better as time passed either. Not until Trump came along and started cutting regulations and taxes. You can call it vapid, I call it reality. They're saying the 2nd qtr GDP numbers will come in at around 3.8%, Obama's economy never got close to that. Wage growth is better now and so is the number of discouraged workers that gave up under Obama who are now re-entering the labor force. So you can talk shit all you want but the Trump economy is way better.

Trumps GDP has shown no improvement over the Obama economy he called a disaster

Trump promised consistent GDP over four percent, he is not above three after a year and a half

 

[edward37]

Although by an odd statistical quirk, the unemployment rate rose by 0.2%, going from 3.8% to 4.0%, the BLS employment report for June is loaded with good news:

* The number of persons employed rose by 213,000: "Total non-farm payroll employment increased by 213,000 in June."

* 36,000 manufacturing jobs were created, the second largest increase in 10 years (Bureau of Labor Statistics Data). It is especially encouraging that "nearly all" of the new manufacturing jobs were in durable goods:

Durable goods manufacturing accounted for nearly all of the increase, including job gains in fabricated metal products (+7,000), computer and electronic products (+5,000), and primary metals (+3,000). Motor vehicles and parts also added jobs over the month (+12,000), after declining by 8,000 in May. Over the past year, manufacturing has added 285,000 jobs.​

* The numbers for April and May were revised upward: "The change in total non-farm payroll employment for April was revised up from +159,000
to +175,000, and the change for May was revised up from +223,000 to +244,000." That's an upward revision of 27,000 jobs for those two months.

* The number of "discouraged workers" has now dropped by 155,000 from June of last year: "Among the marginally attached, there were 359,000 discouraged workers in June, down by 155,000 from a year earlier."

* The labor force participation rate (LFPR) rose by 0.2%.

* Wages rose again: "In June, average hourly earnings for all employees on private non-farm payrolls rose by 5 cents to $26.98. Over the year, average hourly earnings have increased by 72 cents, or 2.7 percent. Average hourly earnings of private-sector production and non-supervisory employees increased by 4 cents to $22.62 in June."

Seems you left out how black unemployment is back up ...you know the stat trumps been bullshitting about the last month

 

[rightwinger]

task0778, post: 20303662

So you can talk shit all you want but the Trump economy is way better.

How many months until the Trumpo recession hits? What will Trumpo have then? Right now he has nothing going for him except the steadily improving Obama economy.

You will have a tough time blaming the recession with Trumpo worsened federal debt on Obama.

The worst thing about Trumps debt is that he is piling it up in a strong economy with no wars

All coming from a party that faked outrage over debt for eight years

 

[rightwinger]

The following is from forbes.com, written in Feb 2012:

When Barack Obama entered office in January, 2009, the labor force participation rate was 65.7%, meaning nearly two-thirds of working age Americans were working or looking for work.

When the recession supposedly officially ended in June, 2009, the labor force participation rate was still 65.7%.

In the latest, much celebrated, unemployment report, the labor force participation rate had plummeted to 63.7%, the most rapid decline in U.S. history. That means that under President Obama nearly 5 million Americans have fled the workforce in hopeless despair.

The trick is that when those 5 million are not counted as in the work force, they are not counted as unemployed either. They may desperately need and want jobs. They may be in poverty, as many undoubtedly are, with America suffering today more people in poverty than in the entire half century the Census Bureau has been counting poverty. But they are not even counted in that 8.3% unemployment rate that Obama and his media cheerleaders were so tirelessly celebrating last week.

If they were counted, the unemployment rate today would be a far more realistic 11%, better reflecting the suffering in the real economy under Obamanomics.

Just last month, while the Bureau of Labor Statistics reported finding 243,000 new jobs, they also reported in the same release that an additional 1.2 million workers had dropped out of the work force altogether, giving up hope under Obama. If labor force participation had remained the same in January, 2012 just as it was the month before in December, 2011, the unemployment rate would have risen to 8.7% in January rather than supposedly declining to 8.3% as reported.

Some additional facts highlight how misleading the reported unemployment rate, and the political rhetoric around it, can be. One year ago, 99 million Americans were unemployed or otherwise not working, and the unemployment rate was 9.1%. Today, while the reported unemployment rate is 8.3%, over 100 million Americans are unemployed or otherwise not working.

In January, 2009, 11.6 million Americans were unemployed, with 23% of those unemployed for more than 6 months. By January, 2012, 12.8 million were unemployed, with 43% of those out of work more than 6 months.

At the official end of the recession in June, 2009, America was 12.6 million jobs short of full employment. By January, 2012, we were 15.2 million jobs short, falling behind by another 244,000 in that month alone.

The time has come to begin to raise questions about the precipitous decline in the labor force assumed by BLS. Are the career bureaucrats there partial to President Obama, and favorable towards promoting his political chances for reelection? Or has the Obama Administration placed someone in a leadership slot over at the BLS or the unemployment statistics branch that is imposing this assumed sharp decline? Because of the oddness of this record setting decline, coinciding with President Obama’s ascension to office, these questions bear further investigation.

But even with the steep decline in labor force participation, the BLS report for January still shows some horrific numbers more than 4 years after the start of the recession. Besides the 12.8 million unemployed, another 8.2 million were “employed part time for economic reasons.” The BLS explains that “These individuals were working part-time because their hours had been cut back or because they were unable to find a full-time job.”

Another 2.8 million “wanted and were available for work, and had looked for a job sometime in the prior 12 months,” but “were not counted as unemployed because they had not searched for work in the four weeks preceding the survey.”

That makes nearly 24 million Americans unemployed or underemployed. The unemployment rate in January counting them is not 11%, but 15.1% as reported by the BLS, a depression era level of unemployment.
.
.
In contrast, under Obama’s non-recovery America has suffered the longest period of unemployment this high since the Great Depression, with record numbers fleeing the work force in despair. More than four years after the recession started, we are still over 5 million jobs below the peak before the recession. Real median family income has fallen by 10%, all the way back to 1996 levels. More Americans are in poverty today than at any time since Census began keeping poverty records over 50 years ago. Last year, real economic growth totaled 1.7%.

When President Obama entered office in January, 2009, the recession was already in its 13th month. His responsibility was to manage a timely, robust recovery to get America back on track again. What he gave us instead, with his outdated, throwback, Keynesian economics, is the worst economic recovery since the Great Depression. A recovery now, way too little, way too late, cannot go back and change that record. For that record of American suffering and despair, the voters will now hold Obama accountable.

Don't Be Fooled, The Obama Unemployment Rate Is 11%

Don’t be fooled

The unemployment rate under Trump is 54%

 

[edthecynic]

Oh, hogwash. I watched Fox News all the time in the Obama years, and their coverage of the economy was much more balanced than that.

Oh, hogwash!
The FOX Gossip Channel's idea of balanced was to use the U3 rate as the "REAL" unemployment rate for Bush and the U6 rate for Obama.

But the U-6 rate was lower under Bush than it was under Obama on average. The U-6 stayed unusually high under Obama, even though the U-2 dropped.

It figures YOU would be too dishonest to admit the FOX Rumor Mill were being deliberately deceptive comparing Bush's U-3 rate to Obama's U-6 rate.
You never let me down for dishonesty!!!!!

 

[edthecynic]

They're saying the 2nd qtr GDP numbers will come in at around 3.8%, Obama's economy never got close to that.

That is yet another Limbaugh Lie parroted by mindless drones!!!!

Obama had a quarter of 5.2% GDP growth, the best Donnie Dirt Bag has done is 3.2% and his last quarter, the first quarter since his tax cuts went into effect, was 2.0%

 

[rightwinger]

They're saying the 2nd qtr GDP numbers will come in at around 3.8%, Obama's economy never got close to that.

That is yet another Limbaugh Lie parroted by mindless drones!!!!

Obama had a quarter of 5.2% GDP growth, the best Donnie Dirt Bag has done is 3.2% and his last quarter, the first quarter since his tax cuts went into effect, was 2.0%

Trumps GDP is a disaster

Obama would be embarrassed

 

[edthecynic]

So it's just a coincidence that the economy picked up markedly after the GOP-backed budget deal was enacted? Really?

Do you mean the budget deal the GOP called the #obamaquester?

 

[fbj]

What did Obama do for the BLACKS PEOPLE?

 

[edward37]

What did Obama do for the BLACKS PEOPLE?

Gave them hope hope that not all Americans were racist

 

[fbj]

What did Obama do for the BLACKS PEOPLE?

Gave them hope hope that not all Americans were racist

What did he do for the blacks who don't care about racism?

 

[edward37]

What did Obama do for the BLACKS PEOPLE?

Gave them hope hope that not all Americans were racist

What did he do for the blacks who don't care about racism?

What black in this country doesn't care about racism? ,,,,I can think of one offhand SC judge pervert Thomas

 

[fbj]

What did Obama do for the BLACKS PEOPLE?

Gave them hope hope that not all Americans were racist

What did he do for the blacks who don't care about racism?

What black in this country doesn't care about racism? ,,,,I can think of one offhand SC judge pervert Thomas

Why do I need to concern myself about the feelings of white people? That would make mentally weak

 

[edward37]

What did Obama do for the BLACKS PEOPLE?

Gave them hope hope that not all Americans were racist

What did he do for the blacks who don't care about racism?

What black in this country doesn't care about racism? ,,,,I can think of one offhand SC judge pervert Thomas

Why do I need to concern myself about the feelings of white people? That would make mentally weak

Maybe you would concern yourself if your son got shot in the back by a cop

 

[fbj]

What did Obama do for the BLACKS PEOPLE?

Gave them hope hope that not all Americans were racist

What did he do for the blacks who don't care about racism?

What black in this country doesn't care about racism? ,,,,I can think of one offhand SC judge pervert Thomas

Why do I need to concern myself about the feelings of white people? That would make mentally weak

Maybe you would concern yourself if your son got shot in the back by a cop

well if i am a good parent then my son wouldn't be living life like a animal to get shot by the cop!!!!!

 

[rightwinger]

What did Obama do for the BLACKS PEOPLE?

Dropped their unemployment rate by 7 percent