ECON Jobs, Jobs, Jobs – US Added 1.76 Million New Jobs in July Showing the US Is In Its Greatest Recovery Ever

Jonas Parker

Hooligan

Jobs, Jobs, Jobs – US Added 1.76 Million New Jobs in July Showing the US Is In Its Greatest Recovery Ever
By Joe Hoft Published August 7, 2020 at 8:01am




The Trump economy is working its way back to the greatest economy in history. The US economy grew by nearly 1.8 million new jobs in July.
Job numbers released today for July were massive. There was an increase of nearly 2 Million jobs! And the unemployment rate dropped to 10.2%, a point lower than June’s 11%!


The Trump White House is no doubt ecstatic with the news from the BLS.
According to data released this morning by the Bureau of Labor Statistics, President Trump added 1.8 million jobs to the economy in July. The markets are at a record pace and now jobs are coming back! This is great news after the horrendous economic disaster the China coronavirus placed on the economy. Before this, the United States and President Trump were enjoying the greatest economy in US and world history with the GDP at $23 trillion – more than any economy ever!

Based on today’s numbers, the US has lost a net of 12 million jobs in 2020 due to the China coronavirus – many millions less than the 40 million job losses bellowed in the MSM:
2020-July-Jobs-600x515.jpg


Up through February, the US economy had increased with more than 7 million jobs in the three years prior to that time – all under President Trump.
Also according to the Bureau of Labor Statistics the US unemployment rate dropped nearly a percent to 10.2%.

(If the Democrat run states opened up their economies the US would further increase its employment numbers while decreasing unemployment drastically. Let’s hope their constituents vote these corrupt politicians out in November.)

President Trump is making the American economy great again.
 

Dozdoats

On TB every waking moment
It's a zombie economy, do not be fooled. Buy some more beans'n'rice while you can.

Or, invest in bitcoin. That's supposedly going up soon. And stocks, don't forget stocks. Meanwhile ignore the PMs.

I decided after a year of drooling over DW's .300Blk PDW to build myself one too. Ordered a built lower from PSA, took them an extra few weeks to get it here instead of their usual snappy delivery. But it got here this week and I got the transfer done.

I had been looking at an 8.5" upper for it, when the bank account was amenable they were all gone (apparently put into pistol kits, which are still available). So I settled for a 7.5" rather than wait around, and got it ordered yesterday.

I prefer 20 round magazines for the .300 to help avoid oopsies with very similar looking .223/5.56 ammo. Those are very scarce out there, I found some Lancers and ordered several.

Ammo is drying up, and going up in price, I ordered a case of Barnaul as soon as it appeared (they now make steel case .300 in Russia). It has essentially doubled in price at several outlets in a couple of weeks.

I am building this as my 'church gun' and car gun since we are relegated to parking lot church for the time being here. I have a feeling it is going to quickly become my everywhere/everything gun if things continue to devolve as I expect.

Technically/legally (so far, if the alphabets do not change the rulz) it is a pistol, but it will be slung not holstered. I will take it down and show it to the sheriff when I get it done, and make sure he is OK with it in those roles.

I REALLY wanted a JAKL, but the way things are looking an AR pistol bird in the hand is worth a JAKL in the bush.
 
Last edited:

hiwall

Has No Life - Lives on TB
So the 55 million people who applied for unemployment for the first time this year, have now all gone back to work?
But yesterday they said 1.1 million "new" people had just applied for unemployment last week.
Prior to 2020 the record number of people to apply in one week was 698,000 and this year it has been over one million per week for the last 20 weeks.

"The researchers conducted the survey between July 23 and Aug. 1, and found that 31% of workers who had been placed back on payrolls after initially being laid off have now been laid off for a second time. Additionally, 26% of rehired workers say they’ve been told that they may be laid off again. "
 

Meadowlark

Has No Life - Lives on TB
Probably why they are stalling in todays meeting with white house officials over the second stimulus package.
 

hunybee

Veteran Member
I don't doubt there are jobs open again. I don't doubt it at all.

The thing is, those jobs pay even less than they did before this whole mess. And those jobs didn't pay enough to live to begin with. This is being used as an excuse to "reset" what is paid to employees.

I just talked to another person yesterday that works in a high end golf club in the club house. They have stayed put on what they pay her and not dropped it. So that is good for her
But, they do not allow tips anymore. They said they were going to go to a higher wage and not allow their staff to accept tips. It goes to the club. But they are horrifically short staffed. And I do mean horrifically. She assumed they were paying anyone new what they were paying before, and she was sending a ton of people to them to interview.

Nope

She just found out they are now paying $6 an hour less than before and still do not allow staff to keep tips. And they cannot understand why they cannot find workers. She said she felt sick that she had talked it up so much and sent so many people there for nothing. The wage they pay is not livable.

This is extremely common right now
 

doctor_fungcool

TB Fanatic
I don't doubt there are jobs open again. I don't doubt it at all.

The thing is, those jobs pay even less than they did before this whole mess. And those jobs didn't pay enough to live to begin with. This is being used as an excuse to "reset" what is paid to employees.

I just talked to another person yesterday that works in a high end golf club in the club house. They have stayed put on what they pay her and not dropped it. So that is good for her
But, they do not allow tips anymore. They said they were going to go to a higher wage and not allow their staff to accept tips. It goes to the club. But they are horrifically short staffed. And I do mean horrifically. She assumed they were paying anyone new what they were paying before, and she was sending a ton of people to them to interview.

Nope

She just found out they are now paying $6 an hour less than before and still do not allow staff to keep tips. And they cannot understand why they cannot find workers. She said she felt sick that she had talked it up so much and sent so many people there for nothing. The wage they pay is not livable.

This is extremely common right now
Millions Of Workers Suffering From Repeat Layoffs

Authored by Mike Shedlock via MishTalk,

Due to failed reopenings people have been called back to work only to be laid off again.



The California Policy Lab has interesting insights into Unemployment Insurance Claims in California During the COVID-19 Pandemic.


Recommended Videos
California To Offer 150,000 Undocumented Workers Financial Relief Amid COVID-19 Outbreak



The number of initial UI claims has increased steadily from May 17th to July 18th, followed by a slight drop in the week of July 25th . In each of the last nine weeks, regular initial UI claims were over two times the peak of weekly initial claims during the Great Recession, yet data from continuing claims indicates a gradual decline in the number of individuals collecting benefits each week.

The steady rise in initial claims since May 17th is nearly entirely explained by an increasing number of additional claims—claims which are “reopened” after a claimant’s temporary return to work, implying many workers suffered from repeated layoffs during the crisis. In the week ending July 25th, 57% of regular initial claims were additional claims, compared to just above 40% before the crisis, and 5% during the peak. [Lead Chart]

This is the first study publishing the number of unique claimants in the state, instead of tallying all initial claims, which results in substantial double-counting. 6.23 million unique California claimants, or 32% of the California workforce, has filed for UI benefits since the start of the COVID-19 crisis in mid-March. Since many of these 6.23 million workers have filed multiple claims, this total is substantially smaller (24% less) than the 8.18 million initial claims that have been filed in the same period.

In the week ending July 11th, 3.46 million claimants, or about 18% of the CA labor force, were eligible to receive unemployment insurance benefits. Unlike more common statistics of weekly UI payment receipt, we are able to count claimants in terms of when they were unemployed, not when they were paid (which is usually several weeks later, and complicated by varying processing lags).

Without the $600 per week additional benefits from FPUC, half of all individuals receiving UI benefits would have received payments below the Federal Poverty Level. California claimants have received $35.5 billion in FPUC payments for unemployment experienced between the start of the program and July 11th.

In the week ending July 11th , a total of 529 thousand individuals (or 2.7% of the labor force) either received partial UI or were denied benefits because of excess earnings. The share of paid claimants receiving partial benefits has risen substantially since early May, but ticked down during the week ending July 11th. This indicates a substantial fraction of individuals that recently returned to work are working reduced hours and may still be receiving unemployment benefits.

Impact of $600 Weekly Checks

0PUC benefits made a substantial difference for UI claimants in CA. For example, $914 per week ($314 + $600) puts the median claimant at about 55% of median family income (MFI), and above the HUD threshold for “very low-income” (50% MFI). The claimant would still be deemed "low-income" (below 80% MFI) in the absence of other income sources in the household

California Not Unique
Points number two, five, and six are the key ideas.

California is not unique. This implies millions of workers nationally are suffering through repeated layoffs and reduced hours.

PUA Dependency
Nationally, about 13 million workers are solely dependent on PUA, having no state benefits.

Some of those people are working part-time. Working or not, the weekly $600 checks stopped flowing on July 25.

 
Last edited:

Bps1691

Veteran Member
"Or, invest in bitcoin. "......

IMHO - Any asset you don't have in your physical possession and control at this point it is at great risk through at least November 3rd. and probably afterwards depending its outcome.

My grand parents told me stories when I was growing up of some of the "rich" people in their area that had the majority of their money in the banks or in the market in the crash of October 1929. When the banks started failing and others closed (some as soon as the "run" started), and they lost their shirts in the market they became destitute.

Both sets of Grand Parents were poor, so their loss in the banks were minor and the important thing is they owned their property FREE & CLEAR! They also had small cash reserves at home.

My Father taught me about gambling when I was a teen ager. I came home after spending the evening at a friends were we played penny-ante poker. I was the big winner and had maybe $3 in winnings in my pocket. When I went in to the shop in the back of the house, I told my dad how much I'd won. He asked me to take it out of my pockets and give it to him. He then walked out into our cinder ally and threw it both directions as hard as he could.

I was one step away from livid as my dad explained "you should only gamble what your willing to lose and walk away from". That has stuck with me all my life.

The stock market has become nothing more than a rigged casino, with the "house" the ultimate winner. Bit Coin is even a higher risk, because being all digital and controlled on a network that is controlled by a handful is even worse. Flick the right software switches and it is gone, gone, gone with NO recourse.

Paid off property, beans, bullets, guns, backup power, water source, pm's, preps to survive.... you have control over ... first before you choose the "risk" of the other investments.

Based upon what I learned from my grand parents that is the best bet to keep you and yours alive when the brown stuff hits the impeller.
 

Jonas Parker

Hooligan

Good News: According to the BLS There Are More Americans Working Today Than There Were When Obama Left Office
By Joe Hoft Published August 7, 2020 at 3:54pm

Today the unemployment numbers were released by the US Bureau of Labor Statistics (BLS). Even though there the US unemployment rate is at 10%, there are more people working today than when Obama left office in January 2017.
As reported earlier, the jobs numbers came out this morning with the US adding nearly 2 million jobs during the month of July and the unemployment rate decreasing to 10%. However, hidden in these numbers from the US Bureau of Labor Statistics is a report showing the number of Americans working in the country today. There are now more than 159.8 million people working in America.
Employed-July-2020-600x197.jpg

What is unusual about this is that there are today more people working than at the end of Obama’s second term. In December 2016 there were 159.7 million people working in America. Today there are more than 159.8 million Americans in the workforce.

What is odd about these numbers is that the BLS claims the US lost nearly 20.8 million jobs in March of 2020 but this didn’t show in the BLS’s jobs numbers.
2020-July-Jobs-600x515.jpg

What was hidden in today’s numbers is that the number of individuals working in the US today is more than the number of Americans working at the end of Obama’s eight years in office.
 

hiwall

Has No Life - Lives on TB
What is odd about these numbers is that the BLS claims the US lost nearly 20.8 million jobs in March of 2020 but this didn’t show in the BLS’s jobs numbers.
The chart shows only 6 million people lost their jobs! While the unemployment numbers show 55 million signed up for unemployment.
I think all these numbers are bogus.

Edit: I see it says the number of people "in the work force" not necessarily actually working
 

hiwall

Has No Life - Lives on TB
Everyone's favorite restaurant in our local small town closed permanently due to the lockdowns.
It had a separate bar too. I bet it employed 30+ people. Where will they find jobs in this small town?
The next town is 50+ miles away.
 

Meemur

Voice on the Prairie / FJB!
The wage they pay is not livable.
This is extremely common right now

In my area, we're over-flowing with part-time jobs, $8 - $10/hr, no benefits at all. People have to try to string two of these together, and that can be a nightmare.
 
Top