Unemployment in the U.S. dropped to 6.1 percent in June after employers added a robust 288k jobs

[superbeets]

[h=1]Unemployment in the U.S. dropped to 6.1 percent in June after employers added a robust 288k jobs[/h]

• Unemployment dropped 0.2 percent from May to 6.1 percent last month

• The last time unemployment was this low was September 2008
  

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• The economy has added more jobs in the first half of 2014 than it has in any other six-month stretch since 1999

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[superbeets]

The unemployment rate fell to 6.1 percent in June, the Bureau of Labor Statistics announced this morning.


Job creation over the past five months has been the strongest since 1990s tech boom, with the economy adding 288,000 jobs in June and the unemployment rate falling 0.2 percent from the month previous.


The last time unemployment was this low was nearly six years ago in September 2008.


In remarks to a start-up technology firm in Washington, D.C. late this morning, President Barack Obama said today's jobs report 'should be a useful reminder to people all across the country that given where we started back in 2008, we have made enormous strides.'
Obama credited the positive report to the 'incredible hard work of the American people and American businesses that have been out there competing, getting smarter, getting more effective.'


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[superbeets]

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This June 12, 2014 file photo shows economically struggling Americans waiting in line for the Cleveland Career Fair in Independence, Ohio. Employers accelerated their hiring last month, adding a robust 288,000 jobs, but the unemployment rate is still 6.1 percent


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[superbeets]

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The unemployment rate has continued to drop since a decade high of 10 percent in October 2009, but Americans continue to say President Barack Obama is not handling the economy well


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[superbeets]

The Labor Department says Junes gains follow additions of 217,000 jobs in May and 304,000 in April.


The economy has added more than 200,000 jobs in each of the past five months, a streak it last saw during the 1999-2000 tech boom.


The private sector has seen 52 consecutive months of job growth, and overall monthly job gains so far this year have averaged 230,833, up from 194,250 in 2013.



Roughly 1.4 million jobs have been added so far this year, making it the strongest half year in job creation since the latter part of 1999, the White House said today.




Unemployment levels have dropped at a marginally quicker pace this year than they had at this time last year, down 0.5 percent since January, compared to 0.4 percent the year before, signalling that the U.S. may finally be on the road to recovery.



However, unemployment would have have to drop another 1 percent to get back down to where it was in the first quarter of 2008 before the Great Recession.



'While today’s jobs report is encouraging, many families are still struggling with long-term unemployment and wages that have been stagnant for decades,' Jason Furman, Chairman of the Council of Economic Advisers, said in a statement on behalf of the White House.

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[superbeets]

Furthermore, June's positive unemployment numbers could be skewed by the number of Americans who have stopped looking for work.



BLS said June's labor force participation rate was 62.8 percent for Americans ages 16 and older, a 36-year-low. That means approximately 92,120,000 Americans who aren't working for one reason or another weren't calculated into last month's unemployment numbers.



'Once again, the monthly jobs report reminds us that there are far too many of our friends and neighbors out of work. And the unemployment rate doesn’t even reflect the millions of Americans who have given up on finding a job,' Republican National Committee chairman Reince Priebus said in a statement.



'As we head into the Independence Day weekend, it’s disappointing to realize that millions of our fellow Americans think the American Dream is slipping away because they can’t find good jobs in the Obama economy.'

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[superbeets]

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In a speech at the Georgetown Waterfront Park on Tuesday, President Barack Obama hassled Republicans to pass legislation he says would benefit the economy. The president said 700,000 jobs could be at risk next year if Congress doesn't quickly agree on how to pay for highway and transit programs


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[superbeets]

Americans still reeling from the financial crisis of 2008 continue to hold President Barack Obama responsible for country's slow-paced recovery.


Despite steady decreases in the unemployment rate since January 2013, Americans gave President Obama a paltry 40 percent approval rating on his handling of the economy in Quinnipiac University's latest poll.


The majority of Americans, 55 percent, said they disapproved of the way Obama was handling the economy.


The president enjoys more support on economic issues than he did in late 2011, when just 32 percent gave his positive marks on the economy, but his economic approval ratings have been stuck below the 50 percent mark throughout his second term in office.


The president attempted to put the ongoing economic recovery in context today, saying that, 'We've done better than the vast majority of other countries over the last five years.


Nevertheless, the financial crisis 'has still meant a lot of hardship for a lot of folks,' he said.


'And so it’s really important for us to understand that we could be making even stronger process, we could be growing even more jobs, we could be creating even more business opportunities for smart, talented folks like these if those of us here in Washington were focused on them, focused on you, the American people, rather than focused on politics,' he told employees of tech firm 1776.



In a statement on today's jobs number, House Speaker John Boehner blamed the president for the slower than desired economic recovery.


Boehner said Congress has passed 'dozens of jobs bills' that would create opportunities work working class Americans, but the president's party won't take them up in the Senate.


'In order for us to make real progress, the president must do more than criticize,' the Republican leader said, referring to Obama's rhetoric in recent days about 'do-nothing' Republicans in the House of Representatives.


'Until he provides that leadership, he is simply part of the problem,' Boehner said.


Senate Majority Leader Harry Reid pointed the finger back at Boehner in a statement of his own, saying that if the House would pass the Senate's immigration reform bill, the economy would see an increase in 121,000 jobs a year on average throughout the next decade.

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[superbeets]

[h=3]RECORDED U.S. UNEMPLOYMENT RATE THROUGHOUT THE LAST DECADE[/h]Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2004 5.7 5.6 5.8 5.6 5.6 5.6 5.5 5.4 5.4 5.5 5.4 5.4
2005 5.3 5.4 5.2 5.2 5.1 5.0 5.0 4.9 5.0 5.0 5.0 4.9
2006 4.7 4.8 4.7 4.7 4.6 4.6 4.7 4.7 4.5 4.4 4.5 4.4
2007 4.6 4.5 4.4 4.5 4.4 4.6 4.7 4.6 4.7 4.7 4.7 5.0
2008 5.0 4.9 5.1 5.0 5.4 5.6 5.8 6.1 6.1 6.5 6.8 7.3
2009 7.8 8.3 8.7 9.0 9.4 9.5 9.5 9.6 9.8 10.0 9.9 9.9
2010 9.7 9.8 9.9 9.9 9.6 9.4 9.5 9.5 9.5 9.5 9.8 9.4
2011 9.1 9.0 9.0 9.1 9.0 9.1 9.0 9.0 9.0 8.8 8.6 8.5
2012 8.2 8.3 8.2 8.2 8.2 8.2 8.2 8.1 7.8 7.8 7.8 7.9
2013 7.9 7.7 7.5 7.5 7.5 7.5 7.3 7.2 7.2 7.2 7.0 6.7
2014 6.6 6.7 6.7 6.3 6.3 6.1

Source: Bureau Labor Statistics​

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[superbeets]

Wall Street shares race to record high as unemployment falls sharply in world's biggest economy




Shares in the United States raced to a record high last night after a sharp fall in unemployment in the world’s biggest economy.

The Dow Jones Industrial Average – the flagship index on Wall Street – soared above 17,000 for the first time to close at 17,068.26 on a landmark day for investors.

London shares were also on the move with the FTSE 100 index up 48.84 to 6865.21 in a boost to pension savings for millions of households in Britain.

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The share price rally came as figures showed unemployment in the US fell from 6.3 per cent to 6.1 per cent in June – the lowest level since the collapse of Lehman Brothers in 2008.



So-called non-farm payrolls – a crucial measure of employment – increased by a better-than-expected 288,000 last month.



Employment has now grown by more than 200,000 jobs in each of the last five months, a stretch not seen since the technology boom in the late 1990s.



Analysts hailed the ‘blockbuster’ report and said it showed that the plunge in economic output at the start of the year was due to the freezing weather.



Chris Beauchamp, a market analyst at trading firm IG in London, said the figures ‘smashed expectations’ and allayed concerns about the health of the economy following the dismal first quarter.




‘It’s a strong report, there is no question about it,’ said Josh Feinman, chief global economist at Deutsche Asset & Wealth Management in New York.



The report said the jobs were ‘widespread’ and included hiring in professional and business services, retail, bars, hotels and restaurants and healthcare.



Unemployment of 6.1 per cent in the US compares with 6.6 per cent in the UK and 11.6 per cent in the eurozone.


The improving health of the jobs market was welcomed by Barack Obama who was yesterday named the worst president since the Second World War in a poll.


‘It gives you a sense that the economy has built momentum,’ he said. ‘We are making progress. We can make even more progress if Congress is willing to work with my administration and to set politics aside, at least occasionally, which I know is what the American people are urgently looking for.’


The hiring spree also eases pressure on the US Federal Reserve as it winds down its support for the economy. The Fed, led by chairman Janet Yellen, has been ‘tapering’ its monthly bond-buying programme with a view to ending it this year – paving the way for interest rates to rise next year.

Paul Ashworth, chief US economist at Capital Economics, said: ‘The evident strength of the labour market in June is one of the key reasons why we think the Fed will be persuaded to begin raising interest rates earlier than most expect.



‘We expect the Fed to halt its quantitative easing this October and we anticipate that the first rate hike will come in March next year.’


The US economy shrank at an annual rate of 2.9 per cent in the first quarter of this year.


This was the worst fall in output since the depths of the recession but recent figures suggest it bounced back in the second quarter of the year. Gad Levanon, an analyst at the Conference Board, said the fall in unemployment in June ‘is not just a catch-up from a bad winter’ but ‘also reflects some gathering strength in the economy’.


Chris Williamson, chief economist at Markit, said: ‘The US economy is enjoying a major growth spurt, entering the second half of the year with very strong momentum.


‘Some of this growth represents a rebound from the weather-related disruptions of the first quarter, but there is a clearly underlying groundswell of rising demand for both goods and services.’

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[superbeets]

MARKET REPORT: Bulls bellow as US jobs fire FTSE and Wall Street trades above magic 17,000 level for first time



.It was game, set and match to the bulls as they partied like it was 1999. Wonderful Wall Street traded above the magic 17,000 level for the first time and the fabulous Footsie climbed 48.84 points to 6,865.21 – within 1.4 per cent of its all-time high of 6,950.60 attained in December 1999 – following news that the world’s largest economy in June saw its strongest sustained job creation since the late 1990s.

After Wednesday’s solid ADP jobs data, dealers were optimistic that crucial June non-farm payrolls data would please. But the figure smashed all expectations, rising to 288,000 and well above concensus forecasts for jobs creation of 205,000.

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The unemployment rate fell to 6.1 per cent, its lowest level since September 2008.



Many investors had been waiting for much stronger evidence that the US economy was in good shape and the jobs data certainly put their mind at rest. But the stronger employment figures will exert greater pressure on the Federal Reserve to raise interest rates sooner than the market anticipates.



The Centre for Economics and Business Research expects rates in the US to rise in the second-quarter of 2015, following the completion of the tapering of its asset purchases in the fourth quarter of 2014.



Billionaire Mike Ashley, a man the City loves to hate, probably enjoyed a pint at his local as shares of Sports Direct International topped the Footsie table with a gain of 41p to 769p. On Wednesday, at the fourth time of asking, his company technically gained enough support to proceed with a plan to reward Ashley with shares worth up to £200m.



Antofagasta, known in the market as ‘Fags’, climbed 38.5p to 820p in solidarity alongside a gain in the copper price to a four-month high. Fresnillo added 29p to 933.5p in sympathy with firmer metal prices.


[h=4][/h]
Imperial Tobacco was puffed 99p higher to 2698p as Goldman Sachs said that any shift by smokers into e-cigarettes was unlikely to have a material impact on earnings expectations over the next five years or more. Even in markets where e-cigarettes have had higher adoption rates, they have had a limited impact on the tobacco industry.

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[superbeets]

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All-time high: A chart on a screen at a trading post on the floor of the New York Stock Exchange shows the record closing number for the Dow Jones industrial average, Thursday, July 3, 2014


The Labor Department's report showed much stronger hiring in June than economists had forecast. The government also revised numbers up from previous months, saying employers added 217,000 workers in May and 304,000 in April. Monthly job gains so far this year have averaged 230,833, up from 194,250 in 2013.
Major European markets also rose. France's CAC 40 rose 0.7 percent, while Germany's DAX increased 0.8 percent. The FTSE 100 index of leading British companies gained 0.2 percent.


.PetSmart, the pet supply chain, rose $7.88, or 13 percent, to $67.75 in early trading. Activist investor Jana Partners disclosed a 9.9 percent stake in the company.Investors sold bonds after the strong jobs report. The yield on the 10-year Treasury note rose to 2.67 percent from 2.63 percent late Wednesday. Bond yields rise when prices fall. The price of crude oil slipped 40 cents to $104.08 a barrel.
U.S. markets will close at 1 p.m. Eastern time Thursday and will remained closed Friday for the Independence Day holiday.




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[The Guesser]

 

[NFLTrends]

Its good that people are getting to work. I just wish we had as many of those people in Full Time jobs as we did before. And not the record number of Part Time jobs we have now.

But, its a start!

 

[russ1945]

The actual numbers for Americans who are presently unemployed is around 35% (was 37% in Jan 2014). That is all that really matters. There are also more part time workers than ever. Full time jobs are becoming a thing of the past. I know many people who have more than one job and many of them are 25 and under. With the debt we have encumbered I feel very sorry for people under 30 and this administration is responsible. Open up Keystone, start drilling any and every where, use up that coal and worry about global warming way on down the road. We are in a survival mode at this point and time.

On another note this day is still a great day in the history of our country. We should reflect on the ideals and goals that our forefathers had in mind when they become Independent. They fought long and hard and just ask yourself how they would feel if they could come back in time and reflect on where this country is right now. God bless America.

 

[Dave007inVegas]

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The unemployment rate has continued to drop since a decade high of 10 percent in October 2009, but Americans continue to say President Barack Obama is not handling the economy well


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Series Id: LNS11300000
Seasonally Adjusted
Series title: (Seas) Labor Force Participation Rate
Labor force status: Civilian labor force participation rate
Type of data: Percent or rate
Age: 16 years and over


Data extracted on: July 4, 2014 (1:12:41 PM)
Labor Force Statistics from the Current Population Survey

Spin the unemployment rate all you want.

 

[Legend-I-Aint]

Well then there you have it. Everything is great!dbanana0-9

 

[akphidelt]

The funniest thing is how you guys all talk about how bad off America is but then when you talk about your own lives everyone here has a job, some are rich, travel all over, etc. Kind of hilarious. The way you guys talk makes it seem like we live in a 3rd world country.

 

[Dave007inVegas]

The funniest thing is how you guys all talk about how bad off America is but then when you talk about your own lives everyone here has a job, some are rich, travel all over, etc. Kind of hilarious. The way you guys talk makes it seem like we live in a 3rd world country.

When you say “you guys” I assume you’re talking to all the conservatives.

Of course we’re all doing fine, that’s what conservatives do.

We adapt, we improvise, we overcome. We don’t let a maniacal dictator affect our lives.

Would we like those feeding at the government trough to be like us and stop dragging the country down, you bet, but there is just so much we can do. We already house, feed and otherwise provide a livable life style for the slackers.

See…
http://www.heritage.org/research/re...d-states-surprising-facts-about-americas-poor

Without us the trough feeders would be truly fucked.

So if we bitch it’s because we’re tired of carrying the load.