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08/02/2019 | Press release | Archived content
The Trump Economy Continues To Silence Democrats
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THE TRUMP ECONOMY CONTINUED TO SILENCE CRITICS AS JOB GAINS CONTINUED AT A 'HEALTHY' PACE IN JULY
The U.S. added 164,000 jobs in July, 'underlining a solid labor market' that has added more than 6.3 million jobs since President Trump was elected.
USA Today : 'U.S. job growth was solid for a second straight month in July.'
Economist Douglas Holtz-Eakin : 'Democrats are not talking about the economy, because they have nothing to say.'
PRESIDENT TRUMP'S ECONOMY CONTINUES TO PULL DISENFRANCHISED AMERICANS OFF THE SIDELINES AND INTO THE LABOR MARKET
Labor force participation increased to 63%, as 370,000 people, previously too discouraged to seek employment, reentered the labor market.
The New York Times : 'The tight labor market is continuing to pull in workers from the sidelines.'
WAGES GREW AT MORE THAN 3.2% YEAR OVER YEAR IN JULY AND GROWTH HAS NOW TOPPED 3% FOR A FULL YEAR
Wages grew at 3.2% year over year in July, 'well above the rate of inflation.'
There remains more job openings than unemployed Americans in July, forcing employers to find ways to attract workers including raising pay and benefits.
News on wage growth may be even better than initially thought as the Bureau of Economic Analysis reported that wages and salaries grew by 3.4% in the first six months of 2019 alone, far above the labor department numbers.
THE TRUMP ECONOMY CONTINUED TO ADD JOBS AT A 'HEALTHY' PACE IN JULY
Employers Added 164,000 Jobs In July, 'Underlining A Solid Labor Market' That Has Added More Than 6.3 Million Jobs Since President Trump Was Elected
The U.S. Added 164,000 Jobs In July. 'Total nonfarm payroll employment rose by 164,000 in July, and the unemployment rate was unchanged at 3.7 percent, the U.S. Bureau of Labor Statistics reported today. Notable job gains occurred in professional and technical services, health care, social assistance, and financial activities.' ( Bureau Of Labor Statistics , 8/2/19)
President Trump Has Added 6,373,000 Jobs Since He Was Elected. ( Bureau Of Labor Statistics , Accessed 8/2/19)
Bloomberg: Job Growth Continued To Expand At A 'Healthy Pace' In July, 'Underlining A Solid Labor Market.' ' U.S. employers kept adding workers at a healthy pace in July and wage gains picked up, underlining a solid labor market ahead of this week's Federal Reserve interest-rate cut and President Donald Trump's threat to ratchet up tariffs on Chinese goods. Payrolls rose 164,000, almost matching projections, though the two prior months were revised lower, according to a Labor Department report Friday.' ( Bloomberg , 8/2/19)
USA Today : 'U.S. Job Growth Was Solid For A Second Straight Month In July.' 'U.S. job growth was solid for a second straight month in July as employers added 164,000 jobs, further allaying recession worries and doing little to bolster the Federal Reserve's case for another interest rate cut next month. The unemployment rate was unchanged at 3.7%, just above a 50-year low, the Labor Department said Friday.' ( USA Today , 8/2/19)
Gregory Daco, Chief Economist Of Oxford Economics USA, Praised July's Job Gains Saying 'This Was A Good Jobs Report Overall.' 'July's numbers show that employers continue to make room for new job seekers. 'Job gains were fairly broad-based across different sectors,' said Gregory Daco, chief economist of Oxford Economics USA. 'This was a good jobs report overall.' Restaurants, business services, health care and education all posted solid gains. And the manufacturing sector, which had been slowing, created 16,000 jobs.' ( The New York Times , 8/2/19)
Becky Frankiewicz, President Of ManpowerGroup North America Reinforced Today's Strong Jobs Numbers, 'We're Seeing It Across The Economy: Companies Are Hiring Across Industries, From Data Analysts To Delivery Drivers.' ''We're seeing it across the economy: Companies are hiring across industries, from data analysts to delivery drivers,' said Becky Frankiewicz, president of ManpowerGroup North America. 'I meet with C.E.O.s across the country on a regular basis, and they say they can't find the skilled workers they need.' The number of new applicants applying for unemployment insurance has stayed low.' ( The New York Times , 8/2/19)
Economist Douglas Holtz-Eakin: 'Democrats Are Not Talking About The Economy, Because They Have Nothing To Say.' CNBC's JOE KERNEN: 'Holtz-Eakin, will the economy be a positive story by the time the election rolls around or will there be signs of a crack in the economy by the time November of 2020 -- is it a tail wind or will it be neutral or a head wind.' DOUGLAS HOLTZ-EAKIN: 'In the absence of a policy error its going to be a tail wind, its gunna be - benefit the president. you know, if you look at it right now. If you hold the election, the democrats are not talking about the economy, because they have nothing to say, its doing really well.' (CNBC's 'Squawk Box,' 8/2/19)
MSNBC: Job Gains 'Continue To Paint A Healthy Picture Of The Us Economy.' MSNBC's MIKA BRZEZINSKI: 'Breaking economic news now with the release of the July jobs report. let's go to CNBC's Sara Eisen at the New York Stock Exchange for the numbers, Sarah?' MSNBC's SARAH EISEN: 'Mika, jobs continue to paint a healthy picture of the U.S. economy. 164,000 jobs added in the month of July. that was pretty much what economists were looking for. They were looking for a headline of around 165,000 jobs. The unemployment rate stays at 3.7% in this country, and that is just about at a 52-year low. It shows the strong gains we have seen in employment over the last few years. Wages, also a nice bright spot in this report, rising 3.2% from this month last year, and that was actually a little bit better than economists were looking for and shows some progress in terms of the employers paying their employees.' (MSNBC's 'Morning Joe,' 8/2/19)
The Unemployment Rate Remained Near Generational Lows
The Unemployment Rate Held At 3.7%, Near A Half-Century Low. 'The jobless rate held at 3.7%, near a half-century low, while average hourly earnings climbed 3.2% from a year earlier, better than forecast.' ( Bloomberg , 8/2/19)
The Employment Rate For African Americans Remained At 6%, Just Off 2019's Record Low 5.9%. ( Bureau Of Labor Statistics , Accessed 8/2/19)
Labor Force Participation Rate Increased Again In July To 63% As The Tight Market Continues To 'Pull Workers From The Sidelines'
The Labor Force Participation Rate Also Increased To 63%, As More People Reentered The Labor Market . 'The participation rate, or share of working-age people in the labor force, increased to 63% as the count of both employed and unemployed Americans increased in the household survey.' ( Bloomberg , 8/2/19)
The New York Times: 'The Tight Labor Market Is Continuing To Pull In Workers From The Sidelines.' 'The tight labor market is continuing to pull in workers from the sidelines, which is why the jobless rate did not dip. And a broader measure of unemployment that includes part-timers who would prefer to work full-time and those too discouraged to even look for a job, dropped to 7 percent, the lowest rate since 2000.' ( The New York Times , 8/2/19)
Those At The Lower End Of The Pay Scale Have Benefited Most From The Tight Labor Market. 'Those at the lower end of the pay scale have benefited the most from employers' scrimmage for workers. Still, pay increases seem far outpaced by complaints from employers about labor shortages.' ( The New York Times , 8/2/19)
CNN's Christine Romans: 'Good News' On Labor Force Participation 370,000 Workers Entered The Workforce In July. CHRISTINE ROMANS: 'What about the unemployment rate? Right where it has been, 3.7%. We do know about 370,000 workers entered the work force and that's good news the longer you have a strong hiring situation the more people who have been out in the labor market get confident, come and dip their toe. So you like to see that and that's probably why you saw that sitting right there. I wanna talk about sectors, there is a couple interesting factors here, business, in particular here this is like software engineering, computer systems design and related services that industry is about a third of the employment gains in that group. Something I don't know how to do so I could not do that job. Health care, 30,000 there.' (CNN's 'New Day,' 8/2/19)
WAGES GREW AT 3.2% YEAR OVER YEAR IN JULY, GROWTH HAS NOW TOPPED 3% FOR A FULL YEAR
Wages Continued To Grow Steadily In July, Increasing 3.2% Year Over Year
There Remains More Job Openings Than Unemployed Americans In July, Forcing Employers To Find Ways To Attract Workers Including Raising Pay And Benefits. 'The United States continues to have more job openings than unemployed, and employers are looking for ways to stand out to attract workers, including by raising pay and benefits.' ( The Washington Post , 8/2/19)
Wages Grew At 3.2% Year Over Year In July, 'Well Above The Rate Of Inflation' And Wages Have Increased The Most For Those Making $12-$14 And Hour. 'The average hourly wage increased 3.2 percent in the past year, the Labor Department reported, which is well above the rate of inflation, though below the level of wage growth that was seen at the end of the 1990s boom. Wage gains have been strongest, so far this year, for workers earning $12 to $14 an hour and those at the top end of the pay scale who earn more than $60 an hour, according to a new analysis from the left-leaning Economic Policy Institute. 'If you don't like your job, this is a golden age to find a new one,' said Ian Siegel, chief executive of ZipRecruiter.' ( The Washington Post , 8/2/19)
News On Wage Growth May Be Even Better Than Initially Thought As The Bureau Of Economic Analysis Reported That Wages And Salaries Grew By 3.4% In The First Six Months Of 2019 Alone, Far Above The Labor Department Numbers
The Bureau Of Economic Analysis Revised Their Personal Income Data And Found That Employee Compensation Rose 5% In 2018, $87.1 Billion More Than Previously Reported. 'The Bureau of Economic Analysis (BEA) on Tuesday published its annual revisions to personal income data, and the surprise was the huge jump in disposable income and employee compensation. The revisions show that employee compensation rose 4.5% in 2017 and 5% in 2018-some $4.4 billion and $87.1 billion more than previously reported.' ( The Wall Street Journal , 7/30/19)
The Increases Continued In 2019, Increasing 3.4% In The First 6 Months Alone. 'The trend has continued into 2019, with compensation increasing $378 billion or 3.4% in the first six months alone.' ( The Wall Street Journal , 7/30/19)
In June, The BEA Reported That June Wages And Salaries Grew At An Annual Rate Of 5.5%, Which Is A 'Rocking' 4.1% After Adjusting For Inflation. 'Wages and salaries were revised upward to 5.3% from 3.6% in May year over year. And in June wages and salaries grew at an annual rate of 5.5%, which is a rocking 4.1% after adjusting for inflation.' ( The Wall Street Journal , 7/30/19)
The BEA Number Far Outpaces The 3.1% Year Over Year Increase Reported By The Labor Department In June. 'This is far more than the 3.1% year over year increase in average hourly earnings that the Labor Department's jobs report showed for June. One reason for the disparity may be that employers are hiring millions of younger, lower-income workers, which may be depressing average hourly earnings as older, more highly paid workers retire.' ( The Wall Street Journal , 7/30/19)
EconomyJobs, Wages and Unemployment
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