For the very first time since 1969, new claims for unemployment benefits fell from 8,000 to 207,000 in the second week of July 2018. Given the size of today’s labor force is nearly double the size it was in 1969, that is a rather significant accomplishment. The report just released from the Department of Labor on Thursday shows fewer people sought unemployment insurance than any time in the last 48 years.
Yet Democrats saw nothing positive whatsoever in the new June jobs report that highlighted the addition of 213,000 new jobs. The Democratic Party instead issued a statement publically criticizing President Donald Trump and his job’s agenda, labeling it as “reckless.
Imagine a party that professes to represent the common working man and woman, yet consider the fact that a president has an agenda to create jobs putting those hard-working, taxpaying Americans to work “reckless.”
48 years ago the unemployment rate was at 3.5%. The last time jobless claims were this low, Richard Nixon was president, the U.S. performed a nuclear test at its Nevada test site to which Russia responded by testing its own nukes, and The Jackson Five made their first appearance on the “Ed Sullivan Show.”
The latest decline in weekly claims shows a tight labor market is also increasingly pushing employers to hold on to existing staff amid a persistent shortage of qualified workers.
Far from being “reckless” as the Democrats claim, a low number of unemployment claims is actually a sign of a healthy labor market.
A healthy labor market is a sign of a booming, and even growing economy. It indicates that layoffs are rare and that job creation is strong. Claims have stayed historically low in recent months indicating the job market is going to get better even with unemployment reporting at 4% which is already near the lowest it has been in decades.
Democrats have long asked which candidate has the most money and the best connections and then they cultivate a public relations campaign trying to mold that person into an acceptable candidate, rather than working “for the people” as they proclaim and finding a candidate who is loved and trusted in their community.
Then providing them the resources to be successful. This money-centric approach means that the Democrats love to support folks who are well-connected in donor circles but wholly out of touch with their districts and the people they claim to represent.
This approach is how a party ends up with Hillary Clinton to represent them. America sees a party of privileged “elites” who believe they know best.
These are politicians in every sense of the word with a belief that government dependency of the masses maintains their power. The privileged elite that views themselves as “the ruling class” that know how to befog every issue, how to control public opinion and manipulate votes to their own advantage and to that of their financial and industrial allies.
Everyday Americans see all these privileged candidates and government officials as they live in their mansions and beach houses, while they speak of being “d**d broke” and rightly concludes that the Democratic Party has no idea what issues the common working man and woman face.
The Washington Examiner reports – “The irony is that factories cannot be brought back to America for now because there are no workers to man the machinery and tell the shop floor robots what to do,” noted Chris Rupkey, chief financial economist for MUFG. “The economy is at full employment is what jobless claims are screaming and there is no one left in America without a job.”
Over the past three months, the economy has added an average of 211,000 new jobs. That is more than twice as much as needed to keep the unemployment rate falling.
The combination of declining layoffs and increasing hiring does appear to have brought more people into the workforce. Over recent years, labor force participation has been flat even though the retirement of the Baby Boom generation means that it should fall.
Today, just above 79 percent of all prime-age workers have a job. That ratio is a strong as it has been since the spring of 2008 when the financial crisis began to accelerate.”
According to the Bureau of Labor Statistics –
“Total nonfarm payroll employment increased by 213,000 in June and has grown by 2.4 million over the last 12 months. Over the month, job gains occurred in professional and business services, manufacturing, and health care, while employment in retail trade declined.
Employment in professional and business services increased by 50,000 in June and has risen by 521,000 over the year.
Manufacturing added 36,000 jobs in June. Durable goods manufacturing accounted for nearly all of the increase, including job gains in fabricated metal products (+7,000), computer and electronic products (+5,000), and primary metals (+3,000). Motor vehicles and parts also added jobs over the month (+12,000), after declining by 8,000 in May. Over the past year, manufacturing has added 285,000 jobs.
Employment in health care rose by 25,000 in June and has increased by 309,000 over the year. Hospitals added 11,000 jobs over the month, and employment in ambulatory health care services continued to trend up (+14,000).
Construction employment continued to trend up in June (+13,000) and has increased by 282,000 over the year.
Mining employment continued on an upward trend in June (+5,000). The industry has added 95,000 jobs since a recent low point in October 2016, almost entirely in support activities for mining.”
And while the Democrats proclaim this to be “reckless” or even attempt to proclaim this an Obama victory, it should be noted that the collapse in unemployment rolls continues to drop dramatically as President Trump’s reign continues…
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