MAGA: US created 225,000 Jobs last Month (January 2020)

Nonfarm payrolls surged 225,000 for the month, well above Wall Street estimates for a 158,000 gain.

The unemployment rate ticked higher to 3.6%, but for the right reason as the labor force participation rate increased 0.2 percentage points to 63.4%, matching its highest level since June 2013.

Average hourly earnings rose 3.1% over a year ago to $28.44, ahead of estimates for 3% growth

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PUBLISHED FRI, FEB 7 2020 8:30 AM EST
UPDATED 2 HOURS AGO
Jeff Cox
@JEFFCOXCNBCCOM
@JEFF.COX.7528

WASHINGTON — An unseasonably mild January helped power the U.S. jobs market to more gains, with nonfarm payrolls rising 225,000 for the month, well above Wall Street estimates.

The unemployment rate ticked higher to 3.6%, but for the right reason as the labor force participation rate increased 0.2 percentage points to 63.4%, matching its highest level since June 2013, according to data released Friday by the Labor Department.

https://www.cnbc.com/amp/2020/02/07/us-nonfarm-payrolls-january-2019.html

@FactsMatter @SaremChuuk @SakaSaka @errr @visafree @redsnapper @nesian691 @coconut @IronYouth

Comments

  • I'm still waiting for the economy to down like @SaremChuuk @FactsMatter said it would. Its been 3 years and it keeps going up.
  • Fake cover up you bring out eh @! reaper?. the truth is the opposite of your empty coconut! is how I see it?
  • Trump has make a believer out of me.
  • And the number of jobs created during the Fascist-in-Chief's three years in office is still less than the number of jobs created during President Obama's last three years in office. By about 1.5 million jobs, right asshole?

    https://www.cnn.com/2020/02/06/economy/trump-obama-jobs-comparison/index.html
  • 100 million jobs under Trump.

    MAGA
  • Here are the numbers because you can't read for shit:

    During Trump's first 36 months in office, the US economy has gained 6.6 million jobs. But during a comparable 36-month period at the end of Obama's tenure, employers added 8.1 million jobs, or 23% more than what has been added since Trump took office.
  • 100 millions jobs, Not bad for a guy who you said would brought about the apocalypse.
  • The only way to defeat Trump is to suppress views of this vibrant economy. Progressive pessimists like Sarem and Pelosi who fake their religion are trying their darnedest. But the electorate is enjoying this economy. Heck, my 401K has skyrocketed since Trump became president. There are more higher paid jobs now than when Obummer was president. People don't need CNN to realize they are earning and spending more. XOXOXOXOXOXO
  • the economy that Obama built after the recession in 2008, he the coward like to reap the sow, and the blind and dumb are been fool by this president.
  • Reaper, I disagree with you because you don’t see the whole truth about the US economy under Trump as well as Trumps predecessors.

    Here’s why:

    Presidents often receive a lot of credit when the economy is performing well and a barrage of criticism when it doesn't, despite the fact they don't wield direct power over it.

    Any combination of factors can throw the US economy out of balance, like the dotcom bubble bursting during Bush's first term, or the subprime mortgage crisis in the housing market that led to the Great Recession during the Obama Admin

    Let’s compare:

    President Trump has repeatedly pointed to the growing American economy as the strongest indicator of his success throughout his time in the White House, calling it "terrific" and "the greatest in the history of the country."

    At the State of the Union Address on Tuesday, Trump said "our economy is the best it has ever been," and placed it at the center of his 2020 re-election bid.

    He's also used his economic record as a shield to fend off the Democratic-led impeachment proceedings that are now likely to end with his acquittal in the GOP-led Senate.

    But how does it compare to his immediate predecessors, Barack Obama and George W. Bush?

    A closer look at the Trump economy reveals a conflicting portrait - though it was certainly not in a beat-up state when the president took office in 2017 as he has claimed

    See Part 2 of this thread
  • Part II;

    Let’s look at the highs and lows of the Trump, Obama, and Bush economies on key indicators like gross domestic product, unemployment, wages, and the federal debt.

    As you will or can see, they paint a mixed picture around Trump's bold claims during his State of the Union Act.

    GROSS DOMESTIC PRODUCT:

    Overall economic growth, as measured by quarterly GDP growth rates, has been steady.

    Gross domestic product measures the total value of all goods and services provided by the country in a year, essentially the economic output. The ideal GDP growth rate is between 2% and 3%.

    GDP growth was consistently strong during the George W. Bush administration, averaging out to 2.1% per year when adjusted for inflation, according to the Hudson Institute. But during the financial crisis, the US GDP plummeted and the economy contracted 2.5% in 2009.

    The Obama administration confronted the worst economic crisis since the Great Depression when it initially took office. It passed a massive stimulus package in February 2009 to jumpstart the economy - and it was successful. The Congressional Budget Office said in a report that GDP growth was higher from 2009-2012 in part due to the legislation.

    Trump has benefited from Obama's economic stewardship, as GDP growth under his watch has consistently been between 2% to 3%. In 2018, GDP growth stood at 2.9%, but the economy expanded only 2.3% last year, the weakest pace of his presidency yet.

    UNEMPLOYMENT:

    Unemployment shot up dramatically during the financial crisis at the end of George W. Bush's and the start of Barack Obama's terms before steadily dropping for most of the decade.

    The unemployment rate measures the share of the labor force that is jobless and it fluctuates depending on economic conditions. But when the economy is healthy and growing, it can be expected to decline.

    The Federal Reserve estimates the natural rate of unemployment to range from 4.5% to 5%, which fiscal and monetary policymakers use to project full employment.

    The unemployment rate hovered between 4% and 6% for most of the Bush presidency, spiking dramatically during the 2008-09 financial crisis to 7.8% just as he left office in January 2009.

    As a result, Obama inherited an economy in free-fall. The unemployment rate peaked at 10.2% in October 2009 during the recession and 8.7 million jobs were lost from early 2007 and 2010, according to the Center for Budget and Policy Priorities. But it started falling steadily in 2011 and that trend continued for the rest of the Obama presidency.

    President Trump took office as the economy continued its recovery - and as it underwent a decade-long expansion, the longest in American history. The current employment rate stood at 3.5% as of December 2019 - the lowest in a half-century.

    JOB GROWTH:

    Job growth, another key labor market measure, followed a similar pattern. The Great Recession destroyed millions of jobs per quarter, but the economy has steadily added around 200,000 jobs per month since President Obama's second term.

    Again, Job growth is another key indicator of the economy's health.

    During the first few years of the Bush administration, the economy struggled adding jobs. A recession struck in 2001, which lasted eight months and shed jobs at that time. Then it bounced back - and its growth was steady until the 2008 financial crisis when jobs disappeared at a breakneck pace. In January 2009, 808,000 jobs were lost, the low point for this indicator during the Great Recession.

    Obama tried stemming those job losses early on in his term, and the economy started stabilizing in 2010. They soon turned into gains - and he averaged out around 109,000 jobs created every month for eight years (when those massive losses at the outset of his presidency are also taken into account).

    Job growth during the Trump presidency has largely matched its pace under Obama, fueled by a strong economy. But economists say that the president's ongoing trade disputes with China and other major economies are taking a bite out of the jobs market and the broader economy.

    Wage growth for non-supervisory and production workers in the private sector slowed down after the recession, but mostly picked up during President Trump's first term as the labor market has tightened.
  • Part 3:

    During the first few years of the Bush administration, the economy struggled adding jobs. A recession struck in 2001, which lasted eight months and shed jobs at that time. Then it bounced back - and its growth was steady until the 2008 financial crisis when jobs disappeared at a breakneck pace. In January 2009, 808,000 jobs were lost, the low point for this indicator during the Great Recession.

    Obama tried stemming those job losses early on in his term, and the economy started stabilizing in 2010. They soon turned into gains - and he averaged out around 109,000 jobs created every month for eight years (when those massive losses at the outset of his presidency are also taken into account).

    Job growth during the Trump presidency has largely matched its pace under Obama, fueled by a strong economy. But economists say that the president's ongoing trade disputes with China and other major economies are taking a bite out of the jobs market and the broader economy.

    Wage growth for non-supervisory and production workers in the private sector slowed down after the recession, but mostly picked up during President Trump's first term as the labor market has tightened.

    Wage gains were steady for much of the Bush administration, fluctuating between two and four percent each year.

    Then wage growth took a hit during the financial crisis, and gains were anemic for much of the Obama presidency. The Obama economic team referred to it as "the unfinished business" of his time in the Oval Office.

    During the Trump presidency, wages have climbed and its grew at more than 3 percent before slowing down again. The GOP tax cuts may have boosted it, but economists also point to the tight labor market as a factor leading businesses to increase salaries to lure workers and fill open jobs.

    Some economists believe that wages should be growing faster, given record lows in unemployment. They've proposed some possible explanations, including declining rates of unionization that stifle the ability of workers to negotiate for better pay, lack of competition within some industries, and the outsourcing of jobs to workers paid less.

    The typical household's income fell dramatically after the recession, but has recovered since Obama's second term.

    Bush's first term saw household's incomes trend downward because of two economic downturns, but they swung upward until 2007 before declining steeply during the Great Recession.

    The recession stretched into June 2009, according to the National Bureau of Economic Research, well into the first year of the Obama presidency. The recession dealt a blow to family incomes, which struggled to recover alongside a battered economy. However, incomes started rising in 2012.

    That trend has continued during Trump's presidency. By 2018, the average middle-class family saw their income grow to $63,179, according to the Census Bureau.

    The stock market hit its bottom early in Obama's first term, and has been mostly increasing ever since, although Trump's first term has seen a lot of volatility amid uncertainty around Trump's trade disputes with other countries and concern that the economy may be slowing.

    The S&P ticked upward for much of the Bush presidency, but took a severe hit during the Great Recession along with the rest of the stock market.

    Obama presided over the S&P's steady recovery, which continued through the end of his presidency.

    Under Trump, that recovery has swung between gains and losses, brought on a summer 2019 recession scare coupled with the uncertainty stemming from his trade war with China.

    The federal deficit ballooned in the 2009 fiscal year, as the government ramped up spending and tax revenues fell in the wake of the crisis. Deficits shrank in subsequent years, but have increased under Trump.

    TRADE DEFICITS:

    The federal deficit is the shortfall between federal revenue and how much the government spends in a fiscal year.

    When the economy is healthy, the federal deficit is expected to shrink since the government pulls back on spending and has more space to raise taxes.

    Bush took over a strong economy from his predecessor, Bill Clinton, with a budget surplus of $128 billion in fiscal year 2001. And it was the last time the US government had a surplus on its hands. The wars in Iraq and Afghanistan, as well as a series of tax cuts, erased it and jacked up the deficit.

    Obama ran massive deficits in his 2009 stimulus package to jolt the economy during the Great Recession. Then the next year, he passed an $858 billion tax cut that included an extension of the Bush tax cuts that had similarly ramped up deficits almost a decade before.

    Trump has continued running massive deficits during his presidency, which only widened with the passage of the 2017 GOP tax cuts. The Congressional Budget Office projected the tax cuts will add $1.9 trillion to the deficit over the next decade. The deficit stood at $984 trillion for fiscal year 2019, and it will surpass $1 trillion next year, according to CBO projections.

    As a result of those deficits, the total federal debt has increased over the last three presidents and is now over $23 trillion.
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