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Jobs Report – May 2016

jobs

From BLS:

The unemployment rate declined by 0.3 percentage point to 4.7 percent in May, and
nonfarm payroll employment changed little (+38,000), the U.S. Bureau of Labor
Statistics reported today. Employment increased in health care. Mining continued
to lose jobs, and employment in information decreased due to a strike.

Total nonfarm payroll employment changed little in May (+38,000). Job growth
occurred in health care. Mining continued to lose jobs, and a strike resulted
in job losses in information. (See table B-1.)

Health care added 46,000 jobs in May, with increases occurring in ambulatory
health care services (+24,000), hospitals (+17,000), and nursing care facilities
(+5,000). Over the year, health care employment has increased by 487,000.

In May, mining employment continued to decline (-10,000). Since reaching a
peak in September 2014, mining has lost 207,000 jobs. Support activities for
mining accounted for three-fourths of the jobs lost during this period, including
6,000 in May. (more…)

By |2016-06-03T12:31:52-04:00June 3rd, 2016|Economy|Comments Off on Jobs Report – May 2016

News Roundup – Jobs, Bin Laden, Trump, Airplane Engines

New jobs report

Although the headline number for job creation was below expectations, this was still a decent report.   Some positives include more wage growth (see below), fewer part-time workers for economic reasons, fewer long-term unemployed, and a decline in U-6 (an alternative measure of underemployment).

Earlier: April Employment Report: 160,000 Jobs, 5.0% Unemployment Rate

A few numbers:  Total employment is now 5.5 million above the pre-recession peak.  Total employment is up 14.2 million from the employment recession’s low.

Private payroll employment increased 171,000 in April, while government employment declined 11,000 in April, mostly at the Federal level.  Private employment is now 5.8 million above the pre-recession peak. Private employment is up 14.6 million from the recession low.

(more…)

By |2016-05-07T13:44:09-04:00May 7th, 2016|Bin Laden, Economy, Science|Comments Off on News Roundup – Jobs, Bin Laden, Trump, Airplane Engines

It seems that Bernie Sanders’ has solid econ numbers

bernie sanders

I have heard it over and over again. Bernie Sanders is promising too much. Where is he going to get the money? His numbers just don’t add up. Well, maybe his numbers do add up. I have been following Bernie Sanders for over a decade. He is a serious politician. He isn’t the type of politician that will just throw out stuff.

From Robert Reich:

Not day goes by, it seems, without the mainstream media bashing Bernie Sanders’s economic plan – quoting certain economists as saying his numbers don’t add up. (The New York Times did it again just yesterday.) They’re wrong. You need to know the truth, and spread it.

1. “Well, do the numbers add up?”

Yes, if you assume a 3.8 percent rate of unemployment and a 5.3 percent rate of growth.

2. “But aren’t these assumptions unrealistic?”

They’re not out of the range of what’s possible. After all, we achieved close to 3.8 percent unemployment in the late 1990s, and we had a rate of 5.3 percent growth in the early 1980s.

3. “What is it about Bernie’s economic plan that will generate this kind of economic performance?”

His proposal for a single-payer healthcare system.

4. “But yesterday’s New York Times reported that two of your colleagues at Berkeley found an error in the calculations underlying these estimates. They claim Professor Gerald Friedman mistakenly assumes that a one-time boost in growth will continue onward. They say he confuses levels of output with rates of change.”

My esteemed colleagues see only a temporary effect from moving to a single-payer plan. But that view isn’t shared by economists who find that a major policy change like this can permanently improve economic performance. After all, World War II got America out of the Great Depression – permanently.

5. “So you think Bernie’s plan will generate a permanent improvement in the nation’s economic performance?”

Yes. Given that healthcare expenditures constitute almost 18 percent of the U.S. economy – and that ours is the most expensive healthcare system in the world, based on private for-profit insurance companies and pharmaceutical companies that spend fortunes on advertising, marketing, administrative costs, high executive salaries, and payouts to shareholders – it’s not far-fetched to assume that adoption of a single-payer plan will permanently improve U.S. economic performance.

By |2016-03-07T01:06:49-04:00March 3rd, 2016|Economy, Elections, Party Politics|Comments Off on It seems that Bernie Sanders’ has solid econ numbers
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