The Pardu

The Pardu
Watchful eyes and ears feed the brain, thus nourishing the brain cells.

Saturday, August 6, 2016

The July 2016 Jobs Report (Why Turn The Economy Over To The GOP?)


After the General elections in November 2008, conservatives and their politicians set about adopting a mindset of future resistance to the newly elect (President-elect) Barack Obama. The President-elect was simply too much take in a national of intolerance for all things socially diverse, he was a Democrat and (heaven forbid) the man was a black man born to a Kenyan father and white American mother. Yes, the President Elect was without question "The Other."

Resistance to The Other would take on unprecedented form with one example which can not be found any place in US History. Seventeen Republicans meet at a Washington DC restaurant to literally plot and commit to total obstruction of a nation.



 They met during a time when George W. Bush and GOP policy left a nation on the brink of economic collapse while shedding as many as 450K to 800K jobs per month. I could never understand how media avoided analogous acts by others who worked over the centuries to undercut our national sovereignty and national well-being.


The cabal and the GOP fought hard to obstruct. Within months the Obama economic team preceded to expend resources from the Stimulus, and the results showed within weeks.
If that graphic didn't work for you, the chart that follows offers a red dot trend indicator. 

Notice the meme that follows includes the year 2008. Obama wasn't inaugurated until January 20, 2009. Yet, obstruction started immediately after John McCain and his running mate conceded the General Election lose. 


The July 2016 jobs report shows the Obama economy is moving well beyond healing. 


As the July report moves into information archives, we are going to send our archive contribution along with a few pieces of data to our contribution to the archive. 
CNN MONEY

July Jobs Report


The image bellow includes a few significant economic indicators.  





Change in Total Nonfarm Payroll Employment:
+255,000(p) in Jul 2016Historical DataChange in Total Private Average Hourly Earnings for All Employees:
+$0.08(p) in Jul 2016Historical DataChange in Total Private Average Weekly Hours for All Employees:
+0.1(p) in Jul 2016Historical DataPercent change in Total Private Aggregate Weekly Hours for All Employees:
+0.5%(p) in Jul 2016Historical DataChange in Manufacturing Average Weekly Hours for All Employees:
unchanged in Jul 2016Historical DataChange in Manufacturing Average Weekly Overtime for All Employees:
+0.1(p) in Jul 2016Historical DataChange in Total Private Real Average Hourly Earnings for All Employees:
-$0.02(p) in Jun 2016
Historical Data


The Right, especially GOP operatives/pundits often speak of our grow in low paying jobs. GOP talking point strategy includes such misinformation despite data of wage growth and past months reports indicating increases in higher paying jobs.



White House dot gov has a jobs report page which includes five key points regarding the July report. I have excerpted the first two points below. The remaining three points can be easily located at the  White House Blog (White House dot gov).
July Jobs Report (Excerpt)
The economy added 255,000 jobs in July, as the unemployment rate held steady and labor force participation rose, and wage growth picked up.

The economy added 255,000 jobs in July following robust job growth in June, as the unemployment rate held steady at 4.9 percent and labor force participation rose. U.S. businesses have now added 15.0 million jobs since private-sector job growth turned positive in early 2010, and the longest streak of total job growth on record continued in July. So far in 2016, job growth has averaged a solid 186,000 jobs a month, well above the pace needed to maintain a low and stable unemployment rate, and nominal hourly earnings for private employees have increased at an annual rate of nearly 3 percent so far in 2016, much faster than the pace of inflation. Nevertheless, more work remains to sustain faster wage growth and to ensure that the benefits of the recovery are broadly shared, including investing in infrastructure, implementing the high-standards Trans-Pacific Partnership, raising the minimum wage, and guaranteeing access to paid parental leave.

FIVE KEY POINTS ON THE LABOR MARKET IN JULY 2016

1. U.S. businesses have now added 15.0 million jobs since private-sector job growth turned positive in early 2010. Today, we learned that private employment rose by 217,000 jobs in July, following a similarly robust gain of 259,000 jobs in June. Total nonfarm employment rose by 255,000 jobs in July, above the pace of recent months and substantially higher than the pace of about 80,000 jobs per month that CEA estimates is necessary to maintain a low and stable unemployment rate given the impact of demographic trends on labor force participation. Total job growth for May and June was revised up by a combined 18,000 jobs. The unemployment rate held steady at 4.9 percent in July, and the labor force participation rate ticked up to 62.8 percent—the same rate as in October 2013 despite the aging of the U.S. population putting downward pressure on the participation rate. So far in 2016, nominal earnings for private-sector workers have increased at an annual rate of 2.9 percent, and wage growth over the past year is tied for the fastest twelve-month pace since the start of the recovery.
Private-Sector Payroll Employment
2. Nominal hourly earnings for private-sector workers have risen at an annual rate of 2.9 percent so far in 2016, well above the pace of inflation. Over the past twelve months, nominal hourly earnings for all private-sector workers have increased 2.6 percent, while consumer prices have risen just 1.0 percent over the past year (through June, the most recent data available). As the chart below shows, nominal hourly earnings have grown faster than consumer prices each year since 2012, translating into real wage gains for American workers. While nominal wage growth has been faster so far in 2016 than in 2015, consumer price inflation has picked up slightly as energy prices have moderated somewhat after falling sharply in 2014 and 2015. Nevertheless, real wage growth—a key component of rising living standards—has broadly picked up over the last three years as the recovery in the U.S. labor market has strengthened.
Hourly Earnings Growth and Consumer Price Inflation


According to all cable news hosts, the US economy is a critical issue for voters as we approach the fall General elections.  We hope voters are seeking data regarding the US economy and avoiding total acceptance of talking head (naysayers) hosts and pundits from CNN and Fox News. 

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