The jobs report came out today. The number I watch, and I am waiting to see change is the Workforce Participation Rate. That number is holding steady at 62.9. That is not a great number, but it is an okay number. That number reached 66 during some of early 2008, but has generally been in the 63 or 64 range most of the time since then. The other numbers on the report are really good.
CNS News is reporting the numbers today:
The Labor Department’s Bureau of Labor Statistics says a record 155,965,000 people were employed in July, the 11th record-breaker since President Trump took office 19 months ago.
“Our economy is soaring. Our jobs are booming. Factories are pouring back into our country, they coming from all over the world. We are defending our workers,” President Trump told a campaign rally in Pennsylvania on Thursday.
BLS said the economy added 157,000 jobs in July (compared with a revised 248,000 in June).
The unemployment rate edged down to 3.9 percent, as the number of employed people reached new heights, and the number of unemployed persons declined by 284,000 to 6,280,000 in July.
Among the major worker groups, the unemployment rates for adult men (3.4 percent) and Whites (3.4 percent) declined in July. The jobless rates for adult women (3.7 percent), teenagers (13.1 percent), Blacks (6.6 percent), and Asians (3.1 percent), showed little or no change over the month. The unemployment rate for Hispanics hit a record low of 4.5 percent, down from last month’s record 4.6 percent.
There was also good news for wage-earners–in addition to the tax cut, hourly wages went up:
In July, average hourly earnings for all employees on private nonfarm payrolls rose by 7 cents to $27.05. Over the year, average hourly earnings have increased by 71 cents, or 2.7 percent.
This growth is the direct result of the policies of President Trump–the combination of deregulation, tax cuts, and domestic energy development has resulted in economic growth.