Jobs growth explodes higher, adding 312,000 Jobs in december, far more than expected-
Jan 7, 2019 17:54:29 #
—1/4/19—
job creation boomed in December. U.S. economy added 312,000 jobs in December and the unemployment rate rose to 3.9 percent, according to data released Friday.
Economists had expected nonfarm payrolls to rise by 176,000 and the unemployment to hold steady at 3.7 percent. The previous month was revised up as well. November, initially reported at a lower than expected 155,000 jobs gain, was revised up to 176,000. October’s gain went from 274,000 to 237,000. That adds up to a net gain of 58,000 from the previous tallies.
The labor market has been one of the bulwarks of the economy, remaining strong even while financial markets have gone wobbly.
Average hourly earnings rose 0.4 percent, more than the 0.3 percent expected. A month earlier, wages grew 0.2 percent. Compared with a year earlier, wages were up 3.2 percent, handily beating consumer price increases. The annual gain tied with October’s for the best since 2009. The average work week rose 0.1 hour to 34.5 hours. The rise in unemployment was due to nearly 400,000 Americans entering the workforce. The labor force participation rate rose by two-tenths of a percentage point. It’s likely that higher wages and plentiful jobs are luring people back into the workforce.
The revival of American manufacturing continued in the final month of 2018. The economy added 32,000 factory jobs for the month, including 19,000 positions added in the durable goods sector. That brings total new manufacturing jobs to 284,000 in 2018, a 37 percent rise from the previous year.
And it was a jolly season for retail, which added 24,000 jobs for the month. Compared to last year, retail employs 92,0-00 more jobs than a year ago.
Construction jobs also came in strong, despite many fears about a slumping housing market. The industry added 38,000 jobs, lifting the annual total to 280,000, 12 percent higher than the prior year.
Restaurants and bars decked the halls with new positions, adding 41,000.
Health care was the strongest sector for the month, with 50,000 new jobs
American Economy Added The Most Manufacturing Jobs in Over 20 years
Donald Trump has delivered on a key promise that many economists said was impossible: manufacturing jobs boomed in 2018.
The manufacturing sector added 284,000 positions over 2018, its best year since 1997.
The revival of American manufacturing was a cornerstone of Trump’s 2016 campaign promise to Make America Great Again. Many economists derided the idea that manufacturing could boom in the U.S., insisting that a combination of automation and globlization meant that factory jobs were gone for good. Some even accused Trump of attempting to “con” the American people with promises of manufacturing jobs.
Perhaps the highest profile attack on Trump’s manufacturing jobs promise came from then-President Barack Obama.
“Well, how exactly are you going to do that? What exactly are you going to do? There’s no answer to it,” Obama said. “He just says, ‘Well, I’m going to negotiate a better deal.’ Well, what, how exactly are you going to negotiate that? What magic wand do you have? And usually the answer is, he doesn’t have an answer.”
Obama’s skepticism is perhaps understandable. On the campaign trail in 2012, Obama pledged to create 1 million manufacturing jobs in his second term. Instead, the U.S. economy added only 549,000 jobs in manufacturing over the following four years. In his final year in office, manufacturing employment actually contracted. For an administration staffed by people who regarded themselves as the smartest economics minds on the scene, the failure to revive manufacturing jobs likely made it seem like an impossible task.
In fact, in Obama’s entire eight-year term, the economy never added as many manufacturing jobs as it did last year. In Obama’s very best year, the economy added 211,000 manufacturing jobs–and that was building from a very low base because so many jobs had been destroyed by the Great Recession.
The 2018 performance is all the more remarkable because it was not a rebound from a recession. In fact, last year the economy added 207,000 manufacturing jobs.
To put it into perspective, Trump’s economy added nearly as many manufacturing jobs in its first two years than Obama’s economy added in his entire second term.
The MAGA Wand
The manufacturing jobs boom also defies the predictions that tariffs and trade disputes would weigh on domestic manufacturers outside of steel and aluminum. Instead, manufacturing added jobs at a faster clip than the broader economy. And far from being crushed, data in January shows that export manufacturing has not only continued to grow but the rate of growth is accelerating.
These are good jobs making lasting products. About two-thirds of 2018’s new manufacturing jobs are in durable goods, which includes machinery, autos, airplanes, and other big-ticket items.
Economists will no doubt spend years figuring out exactly what gave rise to the Trump manufacturing boom and why so many forecasts were so far off-base. No doubt trade policy, tax cuts, and regulatory reform all played a role. But a good deal of the manufacturing revival is likely based on something less tangible but no less real: the revival of hope. People who believe we can “make America great again” are hiring, starting new businesses, and returning to the workforce. Maybe Obama’s “magic wand” comment was not so far off. But he should have called it a MAGA Wand.
mfg jobs added
2012-192k, 2013-120k, 2014-201k, 2015-77k, 2016-o, 2017-201k, 2018-281k approx., rounded from chart-BLS
source- john carney-breitbart- john carney- The MAGA Wand-BLS-
job creation boomed in December. U.S. economy added 312,000 jobs in December and the unemployment rate rose to 3.9 percent, according to data released Friday.
Economists had expected nonfarm payrolls to rise by 176,000 and the unemployment to hold steady at 3.7 percent. The previous month was revised up as well. November, initially reported at a lower than expected 155,000 jobs gain, was revised up to 176,000. October’s gain went from 274,000 to 237,000. That adds up to a net gain of 58,000 from the previous tallies.
The labor market has been one of the bulwarks of the economy, remaining strong even while financial markets have gone wobbly.
Average hourly earnings rose 0.4 percent, more than the 0.3 percent expected. A month earlier, wages grew 0.2 percent. Compared with a year earlier, wages were up 3.2 percent, handily beating consumer price increases. The annual gain tied with October’s for the best since 2009. The average work week rose 0.1 hour to 34.5 hours. The rise in unemployment was due to nearly 400,000 Americans entering the workforce. The labor force participation rate rose by two-tenths of a percentage point. It’s likely that higher wages and plentiful jobs are luring people back into the workforce.
The revival of American manufacturing continued in the final month of 2018. The economy added 32,000 factory jobs for the month, including 19,000 positions added in the durable goods sector. That brings total new manufacturing jobs to 284,000 in 2018, a 37 percent rise from the previous year.
And it was a jolly season for retail, which added 24,000 jobs for the month. Compared to last year, retail employs 92,0-00 more jobs than a year ago.
Construction jobs also came in strong, despite many fears about a slumping housing market. The industry added 38,000 jobs, lifting the annual total to 280,000, 12 percent higher than the prior year.
Restaurants and bars decked the halls with new positions, adding 41,000.
Health care was the strongest sector for the month, with 50,000 new jobs
American Economy Added The Most Manufacturing Jobs in Over 20 years
Donald Trump has delivered on a key promise that many economists said was impossible: manufacturing jobs boomed in 2018.
The manufacturing sector added 284,000 positions over 2018, its best year since 1997.
The revival of American manufacturing was a cornerstone of Trump’s 2016 campaign promise to Make America Great Again. Many economists derided the idea that manufacturing could boom in the U.S., insisting that a combination of automation and globlization meant that factory jobs were gone for good. Some even accused Trump of attempting to “con” the American people with promises of manufacturing jobs.
Perhaps the highest profile attack on Trump’s manufacturing jobs promise came from then-President Barack Obama.
“Well, how exactly are you going to do that? What exactly are you going to do? There’s no answer to it,” Obama said. “He just says, ‘Well, I’m going to negotiate a better deal.’ Well, what, how exactly are you going to negotiate that? What magic wand do you have? And usually the answer is, he doesn’t have an answer.”
Obama’s skepticism is perhaps understandable. On the campaign trail in 2012, Obama pledged to create 1 million manufacturing jobs in his second term. Instead, the U.S. economy added only 549,000 jobs in manufacturing over the following four years. In his final year in office, manufacturing employment actually contracted. For an administration staffed by people who regarded themselves as the smartest economics minds on the scene, the failure to revive manufacturing jobs likely made it seem like an impossible task.
In fact, in Obama’s entire eight-year term, the economy never added as many manufacturing jobs as it did last year. In Obama’s very best year, the economy added 211,000 manufacturing jobs–and that was building from a very low base because so many jobs had been destroyed by the Great Recession.
The 2018 performance is all the more remarkable because it was not a rebound from a recession. In fact, last year the economy added 207,000 manufacturing jobs.
To put it into perspective, Trump’s economy added nearly as many manufacturing jobs in its first two years than Obama’s economy added in his entire second term.
The MAGA Wand
The manufacturing jobs boom also defies the predictions that tariffs and trade disputes would weigh on domestic manufacturers outside of steel and aluminum. Instead, manufacturing added jobs at a faster clip than the broader economy. And far from being crushed, data in January shows that export manufacturing has not only continued to grow but the rate of growth is accelerating.
These are good jobs making lasting products. About two-thirds of 2018’s new manufacturing jobs are in durable goods, which includes machinery, autos, airplanes, and other big-ticket items.
Economists will no doubt spend years figuring out exactly what gave rise to the Trump manufacturing boom and why so many forecasts were so far off-base. No doubt trade policy, tax cuts, and regulatory reform all played a role. But a good deal of the manufacturing revival is likely based on something less tangible but no less real: the revival of hope. People who believe we can “make America great again” are hiring, starting new businesses, and returning to the workforce. Maybe Obama’s “magic wand” comment was not so far off. But he should have called it a MAGA Wand.
mfg jobs added
2012-192k, 2013-120k, 2014-201k, 2015-77k, 2016-o, 2017-201k, 2018-281k approx., rounded from chart-BLS
source- john carney-breitbart- john carney- The MAGA Wand-BLS-
Jan 7, 2019 20:06:14 #
Jan 7, 2019 22:15:29 #
thebigp wrote:
—1/4/19— br job creation boomed in December. U.S. ... (show quote)
Why did the unemployment rate go up, you did not mention that inflation went up. You were pounding your chest 1 year ago about the stock market rising now that it’s crashing you never mention the stock market these manufacturing jobs is great news but let’s see if they go the same way the stock market is going. Home foreclosures are on the rise the stock market is crashing, inflation is rising faster than wages are increasing, Auto sales are down its taking on the same trend we were in under Bush. Don’t ever forget that Trump took office with a rising economy of 76 straight months of positive job growth and unemployment at 4.2%. And the stock market
What you fail to mention because you want to maintain your ignorance to facts. When Obama took office we were just entering into a Republican created recession where unemployment rose to 10.2% 5
Million foreclosures, the banks failing, the Auto industry going bankrupt, and this country was purging 800,000 jobs a month. But I don’t Expect an ignorant to facts Trump
supporters to even understand where this country was when Obama took office.
The manufacturing jobs was great and now your out pounding your chest. When the stock market was up you were pounding your chest. WTF happened to the chest pounding on the stock market. GOd dammit I am retired I lost $8,000 in October another $17,000 in Nov and I haven’t got December’s report yet. So don’t Tell me he is making America great because manufacturing jobs increased.
Wages did rise but that got sucked up by inflation.
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