Elder Patriot – The Trump economy exceeded expectations once again:
US adds 224,000 jobs in June, vs 165,000 expected from CNBC.
From the BLS Report:
Total nonfarm payroll employment increased by 224,000 in June, and the
unemployment rate was little changed at 3.7 percent, the U.S. Bureau
of Labor Statistics reported today.
JOBS, JOBS, JOBS! https://t.co/lWqvRNJDOW
— Donald J. Trump (@realDonaldTrump) July 5, 2019
The increase in June was on top of the May jobs report that indicated 299,000 workers moved from part-time to full-time employment.
A record 157,005,000 people are now employed:
“Record 157,005,000 Employed; 19th Record of Trump Era” https://t.co/syROOk1UOb
— Donald J. Trump (@realDonaldTrump) July 5, 2019
The labor force participation rate was up a tenth of a point from May’s 62.8 percent participation rate.
Of importance to workers, private sector wage growth remained strong at +3.1% for the month. That’s consistent with the average hourly earnings increase of 3.1 percent over the past 12 months.
With inflation remaining around 1.3%, real wage growth for a full-time (40 hours/week) blue-collar worker projects to be equivalent to over $900 per year in real wage growth.
In some areas of the U.S., the labor market is experiencing wage growth far higher than the national average. Not surprisingly, these are the same areas where prior economic, trade and manufacturing policy outsourced jobs and manufacturing, most notably to China.
