Obamanomics

[Nanker]

With a leader this brilliant, no wonder the economy is booming.

[/dev/null]

As crappy as the economy has been the last 8 years at least one industry is booming.

 

http://www.breitbart.com/big-government/2016/08/04/fbi-july-15th-straight-month-record-background-checks/

 

Obama's going down in history among the greatest gun salesmen ever along with Samuel Colt and Bill Ruger

[....lybob]

Only +38,000 jobs in May...

 

 

 

Lowest in 6 years...

 

 

 

Private sector puny +25,000...

 

 

And, as has become routine under Obama, jobs numbers for past 2 months revised downward by

59,000...

 

 

 

Record 94,708,000 Americans Not in Labor Force...

 

 

 

The Economy/Unemployment looks just GREAT, ... ...or so the Media keeps telling me.

 

 

.

 

 

One Day After Obama Touts Economy in Big Speech, Worst Jobs Report in Five Years Posted For May

 

 

May jobs report worst in 5 years: Only 38,000 jobs added, labor force declines 458K

 

 

 

Job growth stalls

 

 

 

 

A government survey shows that one-third of adults are either “struggling to get by” or “just getting by.” http://nyti.ms/1WZTzMn

 

not too much to say on June and July job numbers Hey BM

 

[Dante]

 

 

 

not too much to say on June and July job numbers Hey BM

 

Slow clap. Big friggen deal a broken clock is right, well you know. Stuff probably picking up in anticipation of finally having a patriot businessman in charge instead of radical community organizer.

[DC Tom]

 

 

 

not too much to say on June and July job numbers Hey BM

 

 

You ever stop and realize that you apply completely different standards of rigor to climate statistics and labor statistics?

[B-Man]

 

 

 

not too much to say on June and July job numbers Hey BM

 

 

 

 

Okay.......................

 

lets see, as long as you were going back to re-post some of my responses,

 

in June and July, I posted 9 times in this thread (including 4 times in a row) while no one else posted more than twice.

 

So your laughable insinuation that I was not paying attention to the "obamanomics" thread is false.

 

But since you need some type of response....................here you go.

 

 

 

July jobs report: 255,000 jobs added, jobless rate steady at 4.9%

That level of growth significantly outpaces the threshold needed to keep pace with population growth, between 135K-150K, depending on labor-force participation. Revisions made to the previous two months added 18,000 jobs overall to their totals, amounting to incremental changes. The average job growth in the past three months has been 190,000 — not exactly strong, but again just a little above population-growth pace, a net positive.

Those labor-force participation measures still haven’t picked up much, though, with both still near decades-long lows:

both the labor force participation rate, at 62.8 percent, and the employment-population ratio, at 59.7 percent, changed little in July.

 

The civilian labor force expanded by 407,000 in July, which is why the jobless rate stayed steady even with the above-average expansion on jobs. However, the U-6 unemployment rate — considered a more reliable measure by some — ticked up a tenth of a point to 9.7%. Almost all of the new jobs came in the service sector (201K), with government adding 38,000 — third best of all listed sectors.

Also, part-time work increased in July, with 199,000 more people working part-time because of slack work or business conditions, while 81,000 fewer people did so because that was all they could find. On the other hand, both hours worked and wages crept upward, with average weekly earnings increasing $5.33.

This is a fairly solid report, with not too much negative on which to remark. It’s not explosive job growth, but relative to the recent GDP reports from the first two quarters, it’s surprisingly strong. Reuters agrees:

U.S. employment increased more than expected in July and wages picked up, which should bolster expectations of an acceleration in economic growth and raise the probability of an interest rate hike from the Federal Reserve this year.

Nonfarm payrolls increased by 255,000 jobs last month as hiring rose broadly after an upwardly revised 292,000 surge in June, the Labor Department said on Friday.

The

unemployment

rate was unchanged at 4.9 percent as more people entered the labor market. Highlighting labor market strength, average hourly wages increased a healthy eight cents. May payrolls were revised up to 24,000 from the previously reported 11,000.

 

The AP’s Christopher Rugaber, who foresaw a strong report on Wednesday, calls this “a sign of confidence” in the economy from American business:

July’s robust job gain may be enough to reassure investors — and perhaps Federal Reserve policymakers — that the

economy

will keep growing at a slow but steady pace. The

economy

slumped in the first half of this year, with an annualized growth rate of just 1 percent. Growth has been driven by consumers, who ramped up spending in the April-June quarter at the second-fastest pace since the recession.

That figure underscored the importance of strong hiring, which puts more paychecks into more pockets and supports greater spending. Many analysts expect the

economy

to rebound in the second half of the year, with one of the most optimistic estimates coming from the Federal Reserve Bank of Atlanta: It predicts that annualized growth will reach 3.7 percent in the current July-September quarter.

 

But it’s not all peaches and cream, Rugaber notes:

But manufacturing continues to struggle and is weighing on hiring. Factories received fewer orders in June for a third straight month. Weak growth overseas and a stronger dollar have cut into many companies’ overseas businesses. And auto sales have leveled off, according to data released this week.

The slowdown in manufacturing has cost jobs: Factory employment has fallen about 30,000 in the past year, depriving the

economy

of key middle-income positions.

 

Those are the workers to whom Donald Trump appeals, so they’re not likely to shed their negative perceptions of the American economy, nor will Bernie Sanders’ supporters for different reasons. It’s a decent jobs report, surprisingly good considering the recent growth numbers, but it doesn’t look like enough to change the political landscape.

Edited August 6, 2016 by B-Man

[IDBillzFan]

Stuff probably picking up in anticipation of finally having a patriot businessman in charge instead of radical community organizer.

 

Oh, please. Everyone knows Hillary is no patriot.

 

Besides, we all look forward to next month's report, when July's report is adjusted downward by 100,000 because someone made an error.

[B-Man]

lybob..............here is why you have to take any numbers with a grain of salt

 

 

BLS Just “Revised” Away Obama’s “Fastest” Wage Growth Since The Crisis.

 

Back February 2016, Obama took to the stage at a press conference to boast about job growth and "most importantly" how the stronger job market was "finally starting to translate into bigger paychecks." He also took the opportunity to jab at Republicans saying the strong jobs data was "inconvenient for Republican stump speeches" as they continued their "doom and despair tour." Obama's specific comments were:

Most importantly, this progress is

finally starting to translate into bigger paychecks.

Over the past six months,

wages have grown at their fastest rate since the crisis

. And the policies that I’ll push this year are designed to give workers even more leverage to earn raises and promotions.

 

So, as I said at my State of the Union address, the United States of America, right now, has the

strongest, most durable economy in the world

. I

know that’s still inconvenient for Republican stump speeches as their doom and despair tour plays in New Hampshire.

I guess you cannot please everybody.

 

 

 

 

 

Turns out that revisions to historical real wage growth figures issued by the Bureau of Labor Statistics yesterday are actually fairly "inconvenient" for Obama.

 

 

In yet another stunning tribute to the "accuracy" and "consistency" of economic propagandadata being reported by our government agencies, the Bureau of Labor Statistics yesterday reported a massive downward revision of the 1Q 2016 YoY real wage growth from +4.2% to -0.4% ................................(a 4.6% swing).

 

But we wouldn't worry much about it because the revisions resulted in only "small" changes in the underlying data according to the BLS:

 

Indexes of all hours-related measures in the business, nonfarm business, and nonfinancial corporate sectors show historical revisions because

hours in the base year of 2009 were revised

;

resulting revisions to percent changes are small.

 

 

 

 

We guess "small" would be one way to describe a 4.6% swing in YoY real wage growth...we would probably choose something more like "abysmal" or "disastrous" but we're not ones to split hairs. Revisions to manufacturing wages and durable manufacturing wages were even worse. Real manufacturing YoY wage growth was revised from +2.8% to -4.3% (a 7.1% swing) while real durable manufacturing YoY wage growth was revised from +1.9% to -5.6% (a 7.5% swing).

 

 

 

 

 

 

 

But the important thing is we got to trot out the Prez, and get the propaganda out there for the media pigs at the trough

[B-Man]

History repeats itself........

 

U.S. second-quarter growth trimmed to 1.1 percent; consumer spending raised

Reuters

August 26, 2016

 

https://ca.news.yahoo.com/u-second-quarter-growth-trimmed-1-1-percent-123519369--business.html?soc_src=social-sh&soc_trk=tw

[Magox]

 

History repeats itself........

 

U.S. second-quarter growth trimmed to 1.1 percent; consumer spending raised

Reuters

August 26, 2016

 

https://ca.news.yahoo.com/u-second-quarter-growth-trimmed-1-1-percent-123519369--business.html?soc_src=social-sh&soc_trk=tw

 

 

 

It must have been because of the snow storm.

[Nanker]

Nice to see the "Cash for Clunkers" money finally stimulating the economy.

[IDBillzFan]

 

 

It must have been because of the snow storm.

 

Now that's just damn funny.

[TPS]

 

 

It must have been because of the snow storm.

And still no significant inflation after all these years.

Long time no argue M. Hope life has been treating you well.

[Magox]

And still no significant inflation after all these years.

Long time no argue M. Hope life has been treating you well.

 

 

Hey TPS. You are correct, all that North American energy production was helpful. Not to mention I think the commodities run is all but over.

[GG]

And still no significant inflation after all these years.

Long time no argue M. Hope life has been treating you well.

 

Inflation has a knack of rearing its ugly head in prices that aren't part of the official calculation.

 

BTW, have you heard that the stock market is at all time high? Wonder why.

[Chef Jim]

 

Inflation has a knack of rearing its ugly head in prices that aren't part of the official calculation.

 

 

 

Or things that are part of the basket that drop considerably that skew the results. Life fuel.

[keepthefaith]

Most of us will be dead by the time the Millenials figure out what a bag of **** we have left them.

[Chef Jim]

Most of us will be dead by the time the Millenials figure out what a bag of **** we have left them.

 

Those little ****heads deserve it.

[Nanker]

What does a Quarter Pounder at Mickey D's cost these days?

It was about $0.75 when introduced in 1972.

[TPS]

 

Inflation has a knack of rearing its ugly head in prices that aren't part of the official calculation.

 

BTW, have you heard that the stock market is at all time high? Wonder why.

No one eats shares of stock....You aren't complaining about those high prices are you?

 

Or things that are part of the basket that drop considerably that skew the results. Life fuel.

Duh! Since commodity prices are so volatile, the Fed and most analysts focus on the "Core CPI."