Posts Tagged ‘Jobs Report

07
Sep
14

President Barack Obama: The Jobs Creating President

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Adam Hartung: Obama Outperforms Reagan On Jobs, Growth And Investing

To put this week’s jobs report in economic perspective I reached out to Bob Deitrick, CEO of Polaris Financial Partners and author of “Bulls, Bears and the Ballot Box” (which I profiled in October, 2012 just before the election) for some explanation. Since then Polaris’ investor newsletters have consistently been the best predictor of economic performance. Better than all the major investment houses. This is the best private sector jobs creation performance in American history

Unemployment-Reagan-v-Obama

As this unemployment chart shows, President Obama’s job creation kept unemployment from peaking at as high a level as President Reagan, and promoted people into the workforce faster than President Reagan. President Obama has achieved a 6.1% unemployment rate in his 6th year, fully one year faster than President Reagan did. At this point in his presidency, President Reagan was still struggling with 7.1% unemployment, and he did not reach into the mid-low 6% range for another full year. So, despite today’s number, the Obama administration has still done considerably better at job creating and reducing unemployment than did the Reagan administration. We forecast unemployment will fall to around 5.4% by summer, 2015. A rate President Reagan was unable to achieve during his two terms.”

When President Obama took office America was gripped in an offshoring boom, started years earlier, pushing jobs to the developing world. Manufacturing was declining in America, and plants were closing across the nation. This week the Institute for Supply Management (ISM) released its manufacturing report, and it surprised nearly everyone. The latest Purchasing Managers Index (PMI) scored 59, 2 points higher than July and about that much higher than prognosticators expected. This represents 63 straight months of economic expansion, and 25 consecutive months of manufacturing expansion.

Investment-Returns-Reagan-v-Obama

While most Americans think they are not involved with the stock market, truthfully they are. Via their 401K, pension plan and employer savings accounts 2/3 of Americans have a clear vested interest in stock performance. it is undeniable that President Obama has surpassed the previous president. Investors have gained a remarkable 220% over the last 5.5 years! This level of investor growth is unprecedented by any administration, and has proven quite beneficial for everyone.

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05
Sep
14

President Obama And U.S. Economy: 1; Republicans: 0

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Jason Furman: The Employment Situation In August

1. The private sector has added 10 million jobs over 54 straight months of job growth, extending the longest streak on record. Today we learned that total nonfarm payroll employment rose by 142,000 in August, mainly reflecting a 134,000 increase in private employment. Private-sector job growth was revised up for July and down for June for little total revisions. Over the past twelve months, private employment has risen by a total of 2.4 million.

3. The last time the economy added 10 million private-sector jobs over four-and-a-half years was November 1996 to April 2001. There are some notable differences between the current stretch of job gains and the one that began in 1996. In particular, the manufacturing sector has added more than 700,000 jobs over the last four-and-a-half years, while it lost more than 400,000 jobs during the 1996-2001 period. 4. On a not-seasonally-adjusted basis, local government educational services employment rose by more than 200,000 in August, continuing a recent trend that has seen an increasing number of these employees return to work before September.

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MarketWatch: U.S. Manufacturers Surge Again In August, ISM Finds

U.S. manufacturing companies grew in August at the fastest pace since March 2011, a survey of executives found. The Institute for Supply Management said its manufacturing index climbed to 59% last month from 57.1% in July. That easily beat the 56.1% forecast of economists surveyed by MarketWatch. Readings over 50% indicate more companies are expanding instead of shrinking.

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Bloomberg: Chrysler Luring Toyota Owners Helps Lift U.S. Share

Chrysler is on an unprecedented winning streak. As Jeep benefits from consumers’ renewed attraction to SUVs, the company also has been aided by strong demand for Ram pickups and Town & Country minivans. That helped propel its U.S. sales up 12 percent last month, the largest increase of any major automaker, according to the average of eight analyst estimates compiled by Bloomberg. That would be Chrysler’s 53rd straight month of rising sales — about 4 1/2 years — after almost being given up for dead before its government-sponsored bankruptcy in 2009.

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Bloomberg: Saudi Arabia Oil Sales To U.S. Imperiled By Shale Boom

After years of keeping the price of crude sold to the U.S. low enough to maintain market share, Saudi Arabia is losing ground as the shale boom leaves U.S. refiners with ample supplies of inexpensive domestic oil. Arab Light crude for sale in the U.S. averaged 48 cents a barrel less than Light Louisiana Sweet, a Gulf Coast benchmark, in August, the narrowest discount in data compiled by Bloomberg back to 1991.

The U.S. imported 878,000 barrels of Saudi crude a day in the first four weeks of August, the least since 2009. Shale drilling has boosted U.S. oil output to the highest level since 1986. As refineries turn to lower-priced domestic oil to make fuel at a record pace, the Saudis and other foreign suppliers are left with dwindling slices of the market. In June, imports from Saudi Arabia accounted for the smallest share of crude processed at U.S. refineries since February 2010.

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Jeffry Bartash: U.S. Factory Orders Jump 10.5% In July On Aircraft Contracts

Orders for goods produced in U.S. factories leaped 10.5% higher in July, as expected, owing to a big surge in contracts for commercial aircraft, the Commerce Department said Wednesday. Economists surveyed by MarketWatch had expected orders to climb nearly 11%. Factory orders also rose by a revised 1.5% in June instead of 1.1% as initially reported.

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12
Aug
14

Want A Growing Economy? Elect A Democrat

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Josh Boak: U.S. Job Openings In June Hit 13-Year-Plus High

U.S. employers in June advertised the most monthly job openings in more than 13 years. Employers posted 4.67 million jobs in June, up 2.1 percent from May’s total of 4.58 million, the Labor Department reported Tuesday. The number of advertised openings was the highest since February 2001, a positive sign that points to a strengthening economy. The report “provides further confirmation that the U.S. labor market has indeed shifted to a period of stronger growth,”

said Jeremy Schwartz, an analyst at the bank Credit Suisse. Known as the Job Openings and Labor Turnover survey or JOLTS, the report provides a detailed look at where employment might be heading. the pressure on employers to offer more generous wages could be increasing. On average, there are 2 unemployed workers for every job opening. That’s down from an average of 2.6 unemployed people per opening at the start of the year. As that ratio continues to fall, employers will likely have to boost salaries.

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Lucia Mutikani: Fresh Data Shows U.S. Jobs Market Tightening

The share of unemployed Americans competing for each open job hit a six-year low in June, suggesting a labor market tightening that could give way to faster wage growth. Job openings, a measure of labor demand, increased to a seasonally adjusted 4.67 million in June, the highest level since February 2001. At the same time, hiring reached its highest point since February 2008. Job growth has topped 200,000 in each of the past six months, a stretch last seen in 1997.

The unemployment rate has declined to 6.2 percent from 6.7 percent at the end of 2013. Troy Davig, the head of research at the Kansas City Federal Reserve Bank, told Reuters on Monday that rising job openings suggested earnings growth was poised to move higher. “Faster wage growth certainly seems in the pipeline,” he said. “The labor market appears to be hitting a turning point.”

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01
Aug
14

9.9M Jobs In 53 Months. You Mad, GOP?

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Continue reading ‘9.9M Jobs In 53 Months. You Mad, GOP?’

01
Aug
14

Chat Away

24
Jul
14

Rise and Shine

On This Day: Senator Barack Obama leaves the stage after making a speech in front of the Victory Column in Berlin on July 24, 2008

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Today

9:50 PDT: The President attends a DNC fundraiser, private residence, Los Angeles

1:25 PDT: Delivers remarks, Los Angeles Trade-Technical College

3:05 PDT: Departs Los Angeles

5:0 EDT The President’s interview with CNBC’s Steve Liesman is aired

10:50 EDT: Arrives White House

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@petesouza: Pres Obama disembarks from AF1 in LA

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LA Times: In Los Angeles, Obama Gives His Die-Hard Supporters A Tough-Love Talk

President Obama delivered a tough-love talk to his biggest boosters  Wednesday, telling Democratic donors gathered in Los Angeles that they need to step it up before November if he’s going to get much done in his last two years in office. “You thought, ‘OK, we elect Barack and that’s it,’” Obama told a crowd big-dollar donors gathered in the lush Hancock Park backyard of TV producer Shonda Rhimes. He reminded them that he’d warned that it wasn’t about electing him but about getting “our democracy to work.” “I have got to have a Congress that has some sense and is willing to work and is willing to compromise and is focused on the American people. And we don’t have that right now.” Obama is often candid about what he describes as Democrats’ chronic problem: low turnout in midterm elections. But his remarks Wednesday came with a sharper ribbing for a crowd he seemed to think could take it.

Democrats like the fun of a presidential campaign, Obama said. But “we’ve got to step it up in the midterms. Not when it’s easy, not when it’s sexy, not when there’s hope posters….” While Democrats “don’t even know there’s an election,” Obama said, Republicans get to the polls. “Lo and behold we’re surprised when John Boehner is speaker of the House! What happened to Nancy Pelosi? What happened is y’all didn’t vote. And that’s when all kinds of … stuff happened,” Obama said, pausing as if deliberating on whether to keep the rant clean. “That’s what it was — stuff.”

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Marketwatch: Jobless Claims Lowest In More Than Eight Years

The number of unemployed workers applying for jobless benefits tumbled in the most recent weekly data to the lowest level in more than eight years, signaling that employers are letting go of very few workers.

Applicants for regular state unemployment-insurance benefits in the week that ended July 19 dropped by 19,000 to 284,000 — the lowest level since February 2006, the U.S. Labor Department reported Thursday. Economists surveyed by MarketWatch had expected initial claims of 310,000 in the most recent weekly data.

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Steve Benen: Jobless Claims Improve To Eight-Year Low

The last time the Labor Department published a report on initial unemployment claims this good, the Great Recession hadn’t even started yet:

The number of people who applied for regular state unemployment-insurance benefits in the week that ended July 19 tumbled by 19,000 to 284,000 – the lowest level since February 2006 – signaling that companies have further slowed down the pace of layoffs and are letting go of few workers, according to government data released Thursday….

Regular readers know I run the above chart every Thursday morning, highlighting initial unemployment claims since January 2007, the year the Great Recession started. Look closely, however, and you’ll notice that today’s report is the best since before the chart began.

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Chicago Tribune: U.S. Health Insurers To Pay $330 Million In Premium Rebates

U.S. health insurers will send out about $330 million in rebates to employers and individuals this summer under President Barack Obama’s healthcare law, the U.S. Department of Health and Human Services said on Thursday.

The law, often called Obamacare, requires insurance companies to refund customers when they spend less than 80 percent or 85 percent of healthcare premiums they collect for medical care.

The rebates will go to about 6.8 million people and have a value of about $80 per family. They are to be sent by Aug. 1 either directly to consumers or to the employer providing the health coverage, who is required to pass the savings onto employees, the agency said in a report.

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Pro Publica: Even After Open Enrollment, Activity Remains Unexpectedly High On Federal Health Insurance Exchange

New federal data, obtained by ProPublica under the Freedom of Information Act, shows nearly 1 million insurance transactions since mid-April.

For months, journalists and politicians fixated on the number of people signing up for health insurance through the federal exchange created as part of the Affordable Care Act. It turned out that more than 5 million people signed up using Healthcare.gov by April 19, the end of the open-enrollment period.

But perhaps more surprising is that, according to federal data released Wednesday to ProPublica, there have been nearly 1 million transactions on the exchange since then. People are allowed to sign up and switch plans after certain life events, such as job changes, moves, the birth of a baby, marriages and divorces.

The volume of these transactions was a jolt even for those who have watched the rollout of the ACA most closely.

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CNN: CNN Poll: Is Obamacare Working?

More than half the public says Obamacare has helped either their families or others across the country, although less than one in five Americans say they have personally benefited from the health care law, according to a new national poll. A CNN/ORC International survey also indicates that a majority of Americans oppose the Affordable Care Act, but that some of that opposition is from people who don’t think the measure goes far enough.

The poll, conducted this past weekend, was released on Wednesday, one day after a federal appeals court upheld Obamacare tax subsidies. That ruling came just a couple of hours after a separate appeals court struck down such subsidies for the millions of Americans enrolled in the federal government’s HealthCare.gov exchange. 53% say that Obamacare has helped either their families or others across the country.

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ThinkProgress: Demonizing Migrant Children Proves An Epic Fail For Anti-Immigrant Groups

Anti-Immigrants can’t even throw a good rally anymore.

Anti-immigrant groups have hit upon the issue of children fleeing violence who are arriving unaccompanied by adults at our southern border. These children are coming from three countries: El Salvador, Honduras and Guatemala. All three countries have very serious problems with gang violence, murder and child trafficking into prostitution. Under current US federal law these children have the right to have their cases thoroughly evaluated to ensure that no child is returned to a country where they might be killed, injured or trafficked.

… To make their case that Americans are really upset about an increase in unaccompanied children at the border, anti-immigrant groups staged what was supposed to have been a massive number of protests around the country. They staged a “National Day of Protesting Against Immigration Reform, Amnesty & Border Surge”….

…. Despite this all in effort, the anti-immigrants failed miserably to turn people out to protest children. If these rallies around the country were meant to demonstrate the power of the anti-immigrant movement, they may instead signal its end. In many cases, no one showed up at all.

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Brian Beutler: The Conservative Judges Who Ruled Against Obamacare Missed This One Very Important Detail

We now know that two conservative judges on the D.C. Circuit Court of Appeals have declared it illegal for the government to subsidize Obamacare health plans in states that didn’t set up their own insurance exchanges. In reaching that conclusion, Judge Thomas Griffith, who authored the opinion of the court, sought to rebut each of the Obama administration’s arguments to the contrarythat the law clearly contemplates subsidizing health plans in every state whether or not a state built its own marketplace. But in one instance he based his counterargument on information that became outdated less than one week ago.

And the recent development turns that counterargument on its head. One of the White House’s most straightforward arguments is that neither Congress nor the administration would have approved a punitive system so at odds with the ACA’s ultimate, stated goal of achieving near-universal insurance coverage. The law seeks to achieve near-universal coverage by mandating the purchase of guaranteed, subsidized (and thus affordable) health plans. Take away the subsidies, and the plans are no longer affordable. If the plans aren’t affordable, they’re no longer compulsory. And if they aren’t compulsory and affordable the coverage expansion goal will be unattainable.

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On This Day

Senator Obama waves to the crowd after making a speech in front of the Victory Column in Berlin, July 24, 2008

Sen. Obama waves from his car on July 24, 2008 in Berlin, Germany

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President Obama shares a lighter moment with Vice President Biden in the Oval Office on July 24, 2009 (Photo by Pete Souza)

President Obama meets with leaders from the disability community in the Roosevelt Room of the White House on July 24, 2009 (Photo by Pete Souza)

President Obama shakes the hand of a young military family member at the Marine Barracks evening parade in Washington, D.C. on July 24, 2009 (Photo by Samantha Appleton)

President Obama and First Lady Michelle Obama attend the U.S. Marine Barracks evening parade in Washington, D.C. on July 24, 2009 (All photos by Samantha Appleton)

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First Lady Michelle Obama bids farewell to departing staff Eirene Busa, White House Stenographer, center left, and Holli Crawford, White House Communications Agency, center right, aboard Bright Star during a flight from Manchester, N.H., to Joint Base Andrews, Md., July 24, 2011 (Photo by Samantha Appleton)

President Obama and Vice President Biden walk around the South Lawn of the White House, Sunday, July 24, 2011 (Photo by Pete Souza)

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President Obama greets patrons and restaurant staff during a local stop at the Gateway Breakfast House in Portland, Ore., July 24, 2012 (Photo by Pete Souza)

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President Obama presents Sen. Claire McCaskill, D-Mo., with a birthday cupcake aboard Air Force One, July 24, 2013 (Photo by Pete Souza)

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