The Bureau of Labor Statistics (BLS) released the July 2018 employment report today (full pdf with tables below) highlighting continued growth in jobs. Overall private employment gained 170,000 jobs, while government employment decreased 13,000 jobs for a net gain of 156,000 new jobs. The BLS unemployment rate dropped to 3.9%.
[*Note this footnote: “The change in total nonfarm payroll employment for May was revised up to +268,000, and the change for June was revised up to +248,000. With these revisions, employment gains in May and June combined were 59,000 more than previously reported.”] Huh, funny that…. some revision eh?
July’s labor participation is holding steady at 62.9%, with 155,965,000 employed within the U.S. workforce. (Table A-1)
Blue and White-collar Main Street jobs continue to lead the MAGAnomic resurgence. (table B-1) Construction jobs increased 19,000 jobs; manufacturing gained 37,000 jobs; and trade/transportation and utilities gaining 15,000.
With extra cash in their pockets, the U.S. worker/consumer continued to spend and retail employment added 7,100 new workers in July. (Table B1) Interestingly, and reinforcing a long-ago CTH prediction, the consumer spending growth (leading to increases in employment) is specifically in the consumable goods sector (food, clothing, etc.). This is connected to the increase in work-time (table B2); an oft overlooked aspect to the economy.
Truck transportation gained 4,400 jobs in July (everyone needs truckers), which is in line with the high wage growth (3.4%) within this sub-set of the transportation industry.
Here’s the full BLS employment report:
The July Bureau of Labor Statistics jobs reports comes just after they released their second quarter analysis of wage and benefit rates for American workers. –SEE HERE– This is only the beginning of what is to come:
Overall wage rate growth in Q2 (April, May, June) now at 2.8% year-over-year. That is great news. However, the better news is the red emphasis, White and Blue Collar middle-class wage rate growth is well over 3%. The wage growth is broad-based amid almost all sectors. [Trucking and transportation at 3.4% (Table 8)]
As the wage rate increases, and as the economy expands, the governmental dependency model is reshaped and simultaneously receipts to the U.S. treasury improve.
More money into the U.S Treasury and less dependence on welfare/social service programs have a combined exponential impact. You gain a dollar, and have no need to spend a dollar – the saved sum is doubled. That is how the SSI and safety net programs are saved under President Trump.
When you elevate your economic thinking you begin to see that all of the “entitlements” or expenditures become more affordable with an economy that is fully functional.
Hold on to your MAGA caps… It’s a hurricane of winningness:
…“and we will win, and you will win, and we will keep on winning, and eventually you will say we can’t take all of this winning, …please Mr. Trump …and I will say, NO, we will win, and we will keep on winning”.