Jobs, Payroll and Employment Numbers in for May
The BLS reported their May employment numbers:
Now, it appears to me that this means that your average American worker is earning 4% more than they did a year ago, that unemployment for adults is around 4%, and that the economy has created pushing 10M jobs since 2003 when the Bush tax cuts went into effect.
The markets have taken notice of the positives:
Clearly what this means for the American economy is that:
We see that every single premise offered is wrong. The tax cuts are creating jobs which increases the competition for workers forcing companies to pay more. Adult unemployment is almost non-existent (especially for whites, but is at historic lows--lower than during the Clinton boom years--for minorities as well) so employers can only pay the worst performing adults minimum wage because there are so many new jobs created every day. Teenagers that lack job skills are the most likely to be unemployed and also by far the most likely to make minimum wage. The “outsourcing” boogeyman that Dems campaigned on the last two election cycles does not exist at the Macroeconomic level. Some jobs have gone overseas and that sucks for the people that lose them. But the economy as a whole has created close to 10M net jobs since 2003 and that is counting the job losses to “outsourcing”. If the new jobs created were low paying, average hourly wages would be dropping not rising.
Hating Bush and wanting these things to be untrue due to that hatred, or hating the wealthy because they drive H2’s and keep getting richer, is not sufficient to logically ignore the facts. Whining about homelessness, or lack of healthcare, or poor wages, or unemployment is not enough to override the facts. Having a bleeding heart may indeed cut the blood flow to one’s brain that processes economic data, but the facts are in--Republican policies of tax cuts, less regulation, and a pro-business climate work. They stimulate job growth and that benefits everyone. Even the middle class working man has a 401k and the rising stock market and rising wages are good for the middle class. Wage growth is outpacing inflation and a huge part of that is due to the “Walmart effect” or the forced lower prices and efficiencies that Walmart has placed on all businesses by creating competition. Now, I will open it up to the trolls to post how wrong I am on all accounts and why we need Hillary, Barack, or John “haircut, two Americas” Edwards to save the country from poverty. Please enlighten us:
Nonfarm payroll employment increased by 157,000 in May, and the unemployment rate was unchanged at 4.5 percent, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. Health care and food services added jobs, while employment declined in manufacturing. Average hourly earnings rose by 6 cents, or 0.3 percent, over the month.
The number of unemployed persons (6.8 million) and the unemployment rate (4.5 percent) were unchanged in May. The jobless rate has ranged from 4.4 to 4.6 percent since September 2006. Over the month, the jobless rates for the major worker groups--adult men (4.0 percent), adult women (3.8 percent), teenagers (15.7 percent), whites (3.9 percent), blacks (8.5 percent), and Hispanics (5.8 percent)--showed little or no change. The unemployment rate for Asians was 2.9 percent, not seasonally adjusted.
Average hourly earnings of production and nonsupervisory workers on private nonfarm payrolls increased by 6 cents, or 0.3 percent, in May to $17.30, seasonally adjusted. Average weekly earnings grew by 0.6 percent over the month to $586.47. Over the year, average hourly and weekly earnings rose by 3.8 and 4.1 percent, respectively.
Now, it appears to me that this means that your average American worker is earning 4% more than they did a year ago, that unemployment for adults is around 4%, and that the economy has created pushing 10M jobs since 2003 when the Bush tax cuts went into effect.
The markets have taken notice of the positives:
The economic data capped a week of better-than-forecast earnings and acquisitions that added to more than $1 trillion in takeovers so far this year. The Standard & Poor’s 500 Index surpassed its 2000 record and set two more peaks this week, while the Dow Jones Industrial Average today reached its 26th high for the year.
``We’ve had a well-balanced economic picture, very low inflation and good earnings,’’ said Lincoln Anderson, who helps manage $150 billion as chief investment officer of LPL Financial Services in Boston. ``The combination is great for stocks.’’
The S&P 500 added 5.72, or 0.4 percent, to 1536.34. The Dow average increased 40.47, or 0.3 percent, to 13,668.11. The Nasdaq Composite Index climbed 9.4, or 0.4 percent, to 2613.92.
The S&P 500 gained 1.4 percent in the week, while the Dow added 1.2 percent and the Nasdaq 2.2 percent. Exchanges were closed May 28 for the Memorial Day holiday.
Clearly what this means for the American economy is that:
- Outsourcing is getting worse and more and more good paying jobs are going overseas.
- The good jobs that paid high wages are going to India so that a few corporate execs can get massive bonuses and the new jobs that are left behind are at Walmart or in the services sector that pay next to nothing.
- Most American adults cannot make ends meet on two incomes and the minimum wage needs to rise so that struggling adults with families can get by.
- Tax cuts will only benefit the rich and the lost revenue will cut into services that the poor and the unemployed need so they can get by.
We see that every single premise offered is wrong. The tax cuts are creating jobs which increases the competition for workers forcing companies to pay more. Adult unemployment is almost non-existent (especially for whites, but is at historic lows--lower than during the Clinton boom years--for minorities as well) so employers can only pay the worst performing adults minimum wage because there are so many new jobs created every day. Teenagers that lack job skills are the most likely to be unemployed and also by far the most likely to make minimum wage. The “outsourcing” boogeyman that Dems campaigned on the last two election cycles does not exist at the Macroeconomic level. Some jobs have gone overseas and that sucks for the people that lose them. But the economy as a whole has created close to 10M net jobs since 2003 and that is counting the job losses to “outsourcing”. If the new jobs created were low paying, average hourly wages would be dropping not rising.
Hating Bush and wanting these things to be untrue due to that hatred, or hating the wealthy because they drive H2’s and keep getting richer, is not sufficient to logically ignore the facts. Whining about homelessness, or lack of healthcare, or poor wages, or unemployment is not enough to override the facts. Having a bleeding heart may indeed cut the blood flow to one’s brain that processes economic data, but the facts are in--Republican policies of tax cuts, less regulation, and a pro-business climate work. They stimulate job growth and that benefits everyone. Even the middle class working man has a 401k and the rising stock market and rising wages are good for the middle class. Wage growth is outpacing inflation and a huge part of that is due to the “Walmart effect” or the forced lower prices and efficiencies that Walmart has placed on all businesses by creating competition. Now, I will open it up to the trolls to post how wrong I am on all accounts and why we need Hillary, Barack, or John “haircut, two Americas” Edwards to save the country from poverty. Please enlighten us:
Sphagnum
pparets
Tax Cuts Now
Eddie_the_Hated
JazzyKat
Blue Eagle Six
2Hotel9
robert108
Proof