The United States economy added 213,000 jobs during the month of June, according to data released on Friday by the U.S. Bureau of Labor Statistics (BLS). Meanwhile, May’s print of 223,000 new jobs was upwardly revised to 244,000.
Following these revisions, job growth in America has averaged 211,000 over the last three months – which is in line with what is needed to sustain a growing population.
In light of these upticks, the nation’s labor participation rate edged up 0.2 percent in June – from 62.7 percent to 62.9 percent.
Good news? Yes …
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June’s jobs report beat Wall Street estimates of a 195,000 print, and would seem to reinforce the prevailing view that the second quarter of 2018 will see solid economic growth. The trick is keeping this momentum rolling … restoring employment losses from the Great Recession and then building stronger job growth on top of that.
Can it be done?
We have seen no evidence over the past decade to indicate a sustained jobs recovery is happening in America. Nor do we believe it will ever happen so long as the federal behemoth in Washington, D.C. is allowed to continue profligate deficit spending in perpetuity. This spending must be reined in … with those proceeds routed into middle class tax relief (i.e. the American consumer economy).
If that happens, there is hope. If it doesn’t, keep counting the mile markers to dystopia … because that’s where we are headed.
Of interest? Despite the overwhelmingly positive performance of the labor market last month, there was no boasting from the White House in response to the release of the jobs report on Friday morning. Why not? Perhaps because the nation’s unemployment rate – which tracks a subset of the broader workforce – unexpectedly climbed from 3.8 percent to four percent.
We have long contended the unemployment rate is essentially meaningless as it tracks just one small segment of the labor force – but it is viewed as gospel by mainstream media outlets. And politicians. And as a result, by the “sheeple.”
Which is too bad … because this is a jobs report the administration of U.S. president Donald Trump should brag about.[timed-content-server show=’2018-Jan-17 00:00:00′ hide=’2018-Jul-31 00:00:00′]
What will that data show?
Hopefully a robust number …
As this news site has frequently noted, America’s economy hasn’t grown at a three percent rate in more than a dozen years. It hasn’t eclipsed the four percent threshold since 2000 – former U.S. president Bill Clinton’s final year in office. By contrast, annual growth exceeded five percent in twelve out of thirty years from 1950-1980. And it exceeded four percent in seventeen out of those thirty years.
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