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unemployment rate hits the lowest level since 1969

Cooky

Cooky

Veteran Member
Job creation for September fell to its lowest level in a year though the unemployment rate dropped to a point not seen in nearly 50 years, according to Labor Department figures released Friday.

Nonfarm payrolls rose just 134,000, well below Refinitiv estimates of 185,000 and the worst performance since last September, when a labor strike weighed on the numbers. The unemployment rate fell two-tenths of a percentage point to 3.7 percent, the lowest level since December 1969 and one-tenth of a percentage point below expectations.

Job growth slumps in September, but the unemployment rate hits the lowest level since 1969 
 
Revoltingest

Revoltingest

Pragmatic Libertarian
Premium Member
It's truly a testament to Obama that he was able to
achieve this despite Trump's efforts to the contrary.
 
Cooky

Cooky

Veteran Member
Thank goodness the work of the Bush Administration finally ended in August to mark the fresh beginning of the Obama administrations efforts In September of 2018. ;):p
 
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Sunstone

Sunstone

De Diablo Del Fora
Premium Member
When job growth slows while unemployment still drops the most likely cause is more people have given up hunting for jobs. Only people actively hunting for jobs are counted as "unemployed". Those who are so discouraged that they simply give up are not counted as unemployed.

Another consideration is what kind of jobs are being created. This was a problem even under Obama. Junk fast food and similar jobs dominated those created. The same has remained a trend under Trump.

About the only people really benefiting from the economy of the past decade or so have been those people whose incomes are significantly or entirely derived from the stock market, which has soared over the past ten years despite the continuing impoverishment of the middle class.
 
Twilight Hue

Twilight Hue

Twilight, not bright nor dark, good nor bad.
Too bad they are not like the jobs of yesteryear where one person can make enough for the entire family and retire with a pension.

Until then. Eh.
 
Brickjectivity

Brickjectivity

Veteran Member
Staff member
Premium Member
Nowhere Man said:
Too bad they are not like the jobs of yesteryear where one person can make enough for the entire family and retire with a pension.

Until then. Eh.
Click to expand...
Those days are over, probably forever. They ended in the late 70's and early 80's with the downsizing generation.
 
BSM1

BSM1

What? Me worry?
Sunstone said:
When job growth slows while unemployment still drops the most likely cause is more people have given up hunting for jobs. Only people actively hunting for jobs are counted as "unemployed". Those who are so discouraged that they simply give up are not counted as unemployed.

Another consideration is what kind of jobs are being created. This was a problem even under Obama. Junk fast food and similar jobs dominated those created. The same has remained a trend under Trump.

About the only people really benefiting from the economy of the past decade or so have been those people whose incomes are significantly or entirely derived from the stock market, which has soared over the past ten years despite the continuing impoverishment of the middle class.
Click to expand...


This is exactly why Obama's rate remained artificially low.
 
Sunstone

Sunstone

De Diablo Del Fora
Premium Member
Nowhere Man said:
Too bad they are not like the jobs of yesteryear where one person can make enough for the entire family and retire with a pension.

Until then. Eh.
Click to expand...

You won't like this, given that you're a conservative, but you can fact check it if you don't believe it: From the end of World War II up until the early 1970s, wages for the middle class rose approximately as fast as productivity gains and proportionally in step with them.

That's to say, as workers became more productive, about one half of the wealth created by their productivity went to them. No one disputes that this had much to do with the strong unions of the time being able to demand wage and benefit hikes.

Beginning in the early 1970s, unions began losing their bargaining power due to new laws like "right to work" laws. That meant they could no longer demand and get wage and benefit increases that kept up with the rising productivity of workers.

The result was that workers in the end could not feed their families, educate their children in universities, and have a pension all on one income -- as they had before the 1980s.
 
Sunstone

Sunstone

De Diablo Del Fora
Premium Member
PopeADope said:
Does anyone have a reliable source for how well our economy is doing?
Click to expand...

Of course. They aren't hard to find. Be brave! Do a little googling. Bloomberg and Reuters are good secondhand sources. The Government and other organizations publish numerous statistics.
 
metis

metis

aged ecumenical anthropologist
PopeADope said:
I only ask because on EWTN they make it sound like we're going through an economic miracle.
Click to expand...
EWTN has a very conservative orientation both religiously and politically. If you want to see an opposing Catholic orientation, subscribe or at least check out "America", which is a Jesuit publication that you can also access on-line. I've had a magazine subscription for years not and it's really excellent, imo. .
 
Valjean

Valjean

Veteran Member
Premium Member
There is more to prosperity than low unemployment.
There was low unemployment in the antebellum South.
 
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