Posts Tagged ‘Jobs Report

07
Jul
15

The Obama Economy: Labor Market Recovery Is The Best In 25 Years

Obama Mount Rushmore

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Hale Stewart: The Recovery In The Labor Market Is The Best In 25 Years

Every month we read stories about what a poor labor market recovery this has been. The latest articles were from Profs. Brad DeLong and Menzie Chinn. I respectfully disagree. With few exceptions, people don’t get a job for social reasons. They go to work each day in order to earn money to purchase necessities, discretionary goods, and to save for future needs. In short, they work because of cold, hard cash. Next, let’s compare two economies that both create 1 million 40 hour a week jobs, but one pays $10/hour and the other pays $12/hour. Clearly the second economy is better. It is paying workers 20% more than the first.

Finally, let’s compare two economies that create 1 million 40 hour a week jobs at $10/hour. In the first economy, there are 3% annual raises, but inflation is rising 4%. In the second, there are 2% annual raises, but inflation is rising 1%. Again, even though the second economy is giving less raises, it is the better one — those workers are seeing their lot improve in real, inflation-adjusted terms, whereas the workers in the first economy are actually losing ground. In other words, the best measure of a labor market recovery is that economy which doles out the biggest increase in real aggregate wages. The bottom line is that, measured 5 years and 11 months out from the bottom, this labor market recovery has been the third best of the 7 expansions, behind the 1960s and 1980s

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02
Jul
15

Thank You For The Jobs, President Obama!

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12
Jun
15

The Economy Is Rebounding. Thanks, President Obama

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Jeffrey Sparshott: Economists React to the May Jobs Report: ‘Unambiguously Positive’

U.S. employers added 280,000 jobs in May, the unemployment rate rose to 5.5% from April’s 5.4% as more Americans joined the workforce, and wages firmed. With the labor market showing signs of strength, all eyes are now on the Federal Reserve, which has pinned interest rates near zero since December 2008. Here’s what economists had to say. “Any doubts about lingering economic weakness in the second quarter, at least as it relates to the labor market, were certainly erased with the release of the May employment report….In addition to the stronger-than-expected headline figure, revisions to prior months were positive 32,000 but perhaps most importantly, the average hourly earnings number increased by 0.3%. As a result, the year-over-year change in earnings is now 2.3%, the highest level since it briefly ticked there in August 2013.”–Dan Greenhaus, chief strategist at BTIG

Clay Bennett, Chattanooga Times Free Press

“Even if one holds a long-term capped growth/secular stagnation view as we do, there can be and indeed are some unambiguously positive economic data in the meantime. Today’s payroll release was certainly one of them.” –Guy LeBas, managing director for fixed income strategy at Janney Montgomery Scott “This 280,000 rise in May payroll jobs, combined with a 32,000 upward revisions to job growth in March and April, reinforces our view that the decline in real GDP in the first quarter was an aberration due mostly to temporary factors and statistical problems acknowledged by the [Bureau of Economic Analysis]….I expect real GDP growth to rebound to at least 3.0% per annum in the middle two quarters of this year on strength in consumer spending, residential and nonresidential (including public) construction and less drag from private energy investment and net exports.” –Stu Hoffman, chief economist at PNC Financial Services “We see this as a very strong report, and it provides strong affirmation that underlying strength in the economy is building as the recovery moves back on track

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05
Jun
15

A Tweet Or Two

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Thank you, President Barack Obama

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