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Jobs surge in April, unemployment rate falls to the lowest since 1969

By Patrick follow Patrick   2019 May 3, 7:02am 1,002 views   24 comments   watch   nsfw   quote   share    


https://www.cnbc.com/2019/05/03/nonfarm-payrolls-april-2019.html

Key Points

The U.S. added 263,000 new hires in April, easily beating Wall Street expectations of 190,000.
The unemployment rate fell to 3.6% vs. 3.8% expected and the lowest since December 1969.


The U.S. jobs machine kept humming along in April, adding a robust 263,000 new hires while the unemployment rate fell to 3.6%, the lowest in a generation, according to a Labor Department report Friday.

Nonfarm payroll growth easily beat Wall Street expectations of 190,000 and a 3.8% jobless rate.

Average hourly earnings growth held at 3.2% over the past year, a notch below Dow Jones estimates of 3.3%. The monthly gain was 0.2%, below the expected 0.3% increase, bringing the average to $27.77. The average work week also dropped 0.1 hours to 34.4 hours.

Unemployment was last this low in December 1969 when it hit 3.5%. At a time when many economists see a tight labor market, big job growth continues as the economic expansion is just a few months away from being the longest in history.


Must be annoying for Democratic reporters (and almost all of them are Democrats) to have to report the repeated record good news under the Trump administration.
1   Al_Sharpton_for_President   ignore (6)   2019 May 3, 7:06am     ↓ dislike (1)   quote   flag      

Putin! Obstruction! Stolen presidency!

End of Democrat Party.
2   Brd6   ignore (1)   2019 May 3, 8:07am     ↓ dislike (1)   quote   flag      

Fake News. We all know that "Orange Man Bad, hates womyn, minorities, and working people".
3   Hand_Of_Glory   ignore (0)   2019 May 3, 8:42am     ↓ dislike (1)   quote   flag      

Low unemployment rate is an indicator of looming market pullbacks/crashes.The image atatched is the $SPX over time. Each of those yellow boxes are generational unemployment bottoms. It is likely that with the temperature of the economy we are looking at a significant pullback in the markets.

4   Shaman   ignore (2)   2019 May 3, 8:59am     ↓ dislike (1)   quote   flag      

Hand_Of_Glory says
Each of those yellow boxes are generational unemployment bottoms.


Gee, what happened in 1980? 1990? Unemployment at a low and yet the economy continued upwards unchecked! Oh right, voters elected a Republican.
5   Hand_Of_Glory   ignore (0)   2019 May 3, 9:02am     ↓ dislike (1)   quote   flag      

Not all indicators are indicative of the general outcome. I'm not sure that there is a strong correlation between administrations. In those instances I think it may have been that we had an increased interest rate and that Paul Volcker was driving the Fed. Honestly hes the only competent Chairman the Fed has ever had.

Indicators arent the end-all be-all, but something that should be a moment of awareness.
6   Patrick   ignore (1)   2019 May 3, 9:31am     ↓ dislike (1)   quote   flag      

1. Any hard evidence of the Kazakhstan thing? Or is that just like the Russia thing?

2. What is more important, the US economy or Trump's personality?

It is hard to accept the unexpected truth: Trump is actually just about the best US president ever.
7   Hand_Of_Glory   ignore (0)   2019 May 3, 9:38am     ↓ dislike (1)   quote   flag      

APOCALYPSEFUCKisShostikovitch says
Gosh, I had gills and dragged myself on the bottom of a lakebed and sustained myself on single-celled organisms until Trump became president. This is exactly why Social Security needs to be handed over to someone in Kazakhstan Trump can trust.


Social Security, entitlements in general, is a major part of the problem. Income redistribution makes economies inefficient.
8   Hand_Of_Glory   ignore (0)   2019 May 3, 9:43am     ↓ dislike (1)   quote   flag      

HEYYOU says
What do these jobs pay?
Do they include insurance?
How many jobs are needed to keep up with pop.growth?

"(PS: Work-week was down one tenth, which is much larger than 263,000 in the other direction -- of course nobody's going to talk about that....)"

"Heh, look at that. The annualized rate of change is down -- below add rate. Why? Because April is usually about twice this good on the household survey. And what else do we find in the data? Not in labor force was up a huge amount -- 882,000 -- this last month."

Karl Denninger will beat one to death with the facts or at least rub the truth in one's face.

https://market-ticker.org/akcs-www?post=235717

"April’s unadjusted U-6 was 6.9 percent. That’s 3.6 percentage points higher than the unadjusted unemployment rate."

https://projects.fivethirtyeight...


This is a good call-out. There have been no changes to the way that these numbers are calculated. Why is it that Obamas numbers were fake and Trumps are real? Honest question to all.
9   Shaman   ignore (2)   2019 May 3, 9:58am     ↓ dislike (1)   quote   flag      

Because the unemployment numbers while Obama was Prez didn’t account for the tens of millions of workers who had given up on finding a job and dropped off the lists.
At some point later in his second term those people began trickling back into the labor market, and in the last two years they’ve been POURING back into the workforce! How else do you think it’s possible to add large job numbers every quarter and have the unemployment numbers barely change from 4.1 when Obama left office to 3.5 now? Millions and millions of jobs have been added in the past two+ years. And that’s equated to half a percentage point in unemployment drops. Which has to be one of two things: either there are unprecedented numbers of immigrants added to payrolls in the past two years (not the case) or the long term unemployed have been finding work.

I firmly believe it to be the latter. I’ve noticed a lot of entry level service jobs are now crewed by people who seem right out of the welfare line, barely competent at their jobs. It’s annoying as a customer to have such sub-par help, but it does indicate full employment.
10   NoCoupForYou   ignore (2)   2019 May 3, 11:44am     ↓ dislike (1)   quote   flag      

Quigley says
Because the unemployment numbers while Obama was Prez didn’t account for the tens of millions of workers who had given up on finding a job and dropped off the lists.


Fact Check-True

11   Goran_K   ignore (3)   2019 May 3, 11:47am     ↓ dislike (1)   quote   flag      

I'm having fun getting rich.

Sucks for those with TDS who thought the sky was falling for the past 2 years.
12   Hand_Of_Glory   ignore (0)   2019 May 3, 12:54pm     ↓ dislike (1)   quote   flag      

HonkpilledMaster says
Quigley says
Fact Check-True


Absolutely, but lets contextualize it. The grey bars in your graph are recession bars. Obama took over in 2008 at the kick-off of the financial crisis. Spiking unemployment to record levels. The financial crisis costs the US roughly $12.8 Trillion. It takes time to recover.

I'm not sure that this recovery can be attributed to Trump as much as it can be attributed to the slow regrowth of business. There is nothing in this data that suggests that either Obama or Trump had effect on the unemployment rater.
13   Heraclitusstudent   ignore (2)   2019 May 3, 5:35pm     ↓ dislike (1)   quote   flag      

All on credit!
Bush-like moves!
14   Shaman   ignore (2)   2019 May 3, 5:51pm     ↓ dislike (1)   quote   flag      

Does anyone even know a person without a job? Stay at home moms don’t count if that’s their thing and no plans to work.
During the recession I knew plenty of people struggling to find work. Now I can’t name one.
15   HeadSet   ignore (2)   2019 May 3, 6:52pm     ↓ dislike (1)   quote   flag      

Quigley says
Does anyone even know a person without a job? Stay at home moms don’t count if that’s their thing and no plans to work.
During the recession I knew plenty of people struggling to find work. Now I can’t name one.


Also, every store and restaurant has "We are Hiring" signs.
17   BayArea   ignore (1)   2019 May 3, 8:35pm     ↓ dislike (1)   quote   flag      

Patrick says
2. What is more important, the US economy or Trump's personality?


Perfectly put @Patrick
19   FuckTheMainstreamMedia   ignore (7)   2019 Oct 13, 5:05pm     ↓ dislike (1)   quote   flag      

APOCALYPSEFUCKisShostikovitch says
Yes, education, health care and housing are as affordable or cheaper than 1969.

Everyone needs to thank TRUMP! personally for inventing the economy and make it work correctly.


I like you, but lately with the sarcasm you are starting to turn into that one idiot that used to post here with nothing but sarcastic responses.

Satire is more your thing.
20   marcus   ignore (11)   2019 Oct 14, 6:27am     ↓ dislike (0)   quote   flag      

CovfefeButDeadly says
but lately with the sarcasm you are


I don't know. I think it's funny and fitting.

Patrick says
Trump is actually just about the best US president ever.


APOCALYPSEFUCKisShostikovitch says
Everyone needs to thank TRUMP! personally for inventing the economy and make it work correctly.
21   marcus   ignore (11)   2019 Oct 14, 6:33am     ↓ dislike (0)   quote   flag      

You would think that with the Awesome employment situation, we might get the annual deficit under 1 trillion.

22   NoCoupForYou   ignore (2)   2019 Oct 14, 2:26pm     ↓ dislike (0)   quote   flag      

marcus says
You would think that with the Awesome employment situation, we might get the annual deficit under 1 trillion.


Ask Congress, they have the power of the purse.

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