288,000 new private sector jobs and as you would expect the liberals went crazy.
There is some good news. 288,000 new private sector jobs and as you would expect the liberals went crazy. It is the tiniest of silver linings on an otherwise huge cloud system that has engulfed the Democratic Party and their president. It is good news, and we shouldn’t try to minimize the good news. It is good news 2 88,000 nonfarm private, sector jobs were filled (not created but at least filled). The Labor Department revised May 2 numbers up to 224,000 from the previously disclosed 217,000; and April is up to 304,000 from 282,000 so this is very good news .
Why? The more people employed the better off we are all going to be. It looks like these three months add up to a trend (small one but a trend nevertheless) which is a good thing, because the first quarter when the economy lost 2.9% instead of gaining anything it makes you wonder wht the rest of the year will be like.
The unemployment rate fell again, because of the very low participation rate, to 6.1%. The Obama administration has made that basically an important statistic at this point, because it has been so manipulated, but these new jobs are important. To their credit, the liberal New York Times and Wall Street Journal did point out that the labor market is pretty sluggish. The jobless rate is historically high. It should be between 4 and 5% after how many years gone by since Obama said the recession was over June of 2009. So five years into a recovery, there should be a heck of a lot more jobs than this but nonetheless there are jobs.
The share of the working population that is of age 16 and above and circumstance to be working or looking for work, of those that are employed out of that group 62.8%, so it is not yet the economy we were used to in a free country, but it is a better one than we have had. The real crucial problem we are having with the economy today, is the lack of wage increases (The New York Times calls it wage inflation – one would think they could afford to hire an economist who knew the difference). We have inflation. We don’t have wage increases, which in turn is tied to productivity which is not going up either. In the old free America, we had, typically in recovery from a recession, an increase in productivity, which led to an increase in jobs. We generally saw productivity going up (which meant each worker was able to produce more and more items –widgets, sales, thing-a-ma-jigs, whatever it was they were hired to do). Then you saw jobs people being hired, and that meant even more output and you truly had a recovery. And then wages would increase so that people could buy more and more in an accelerated pace and they could spend spending more and the cycle of free enterprise went round and round. At least that was they way it used to be in a free market.
Wages are up 1.2% over the last 12 months and that doesn’t even match inflation by the manipulated numbers of the of the federal government. So lets talk a little bit about the those Americans, who are not in the workforce. In June, the number of Americans 16 years and older, not incarcerated, not in the military, not in a loony bin, able and willing to work out there of the right age- of those not participating in the labor force who fit that description were 92,120,000 individuals. There are 317,300,370 million Americans. So 92 million of the 317 million are able-bodied adults who are not working. When you say 62.3% are working it sound like well that is more than half that kind of sounds good. If you look at it from the other side 36 1/2% who are not working- its 92 million people. By the way that’s up 111,000 adult Americans who could participate but are not in the labor force since April.