Trump is bragging on Twitter about his lie of the unemployment numbers, 3.8%, full employment plus.
In what was otherwise a solid jobs report – one which Donald Trump may or may not have leaked in advance – in which the establishment survey reported that a higher than expected 223K jobs were added at a time when numbers below 200K are expected for an economy that is allegedly without slack, the biggest surprise was not in the Establishment survey, but the household, where the unemployment rate tumbled once more, sliding to a new 18 year low of 3.8%, even as the participation rate declined once again, as a result of a stagnant labor force, which was virtually unchanged (161.527MM in April to 161.539MM in May, even as the total civilian non-inst population rose by 182K to 257.454LMM).
What was perhaps more interesting, however, is that for all the talk that the slack in the labor force is set to decline, precisely the opposite is taking place, because in May, the number of people not in the labor force increased by another 170K, rising to 95.915 million, a new all time high.
Adding to this the 6.1 million currently unemployed Americans, there are 102 million Americans who are either unemployed or out of the labor force (and it is also worth noting that of those employed 26.9 million are part-time workers).
In other words, contrary to prevailing economist groupthink, there is a lot of slack in the economy, and if as the latest Beige Book revealed, employers are now hiring drug addicts and felons to make up for the shortage of qualified candidates, a long time will be pass before wages see significant gains.
https://www.zerohedge.com/news/2018-06-01/record-959-million-americans-are-no-longer-labor-force
The homeless population has grown in my area. Trump is full of poop.
NO ONE IS PAYING ENOUGH TO SURVIVE…… TO BUSY SALIVATING OVER THAT SLAVE LABOR COMING OVER THE BORDER……..
THE BANKERS WILL END UP CLAIMING OWNERSHIP OF IT ALL BEFORE THE S… REALLY HTF………..
And none of the big companies in this country are paying their fking bills either!
Payment terms to contractors at 90 days!
This is bullshit!
I’m not financing your multi billion dollar company !
Pay yer fkin bills !
I’VE BEEN THERE BROTHER. I WAS A CONTRACTOR FOR 25 YEARS……….I CAN ONLY IMAGINE WHAT IT’S LIKE NOW…………
Brutal AF, Koyote
Multi Billion Dollar companies laying on the backs of small business .. I could do the math for everyone , but all it will do is piss me off further
basically 45 day payment terms means any mark up you had and profit in your job is gone by the time the check hits your mail box, 90 days payment terms ..well dig a hole and set yer ass in it because thats where this entire country is going ..down the friggen hole
these multi billion dollar companies have us small business owners propping up their financials ..and its killin us
Joke… right?
If it is, I’m not laughing! 😡