The U.S. Bureau of Labor Statistics released a new jobs report on Friday showing that Trump continues to bolster the American economy.
In March, the number of employed Americans increased 472,000, to 153,000,000, which CNS News reports is the second straight monthly record; and the number of unemployed persons dropped by 326,000, to 7.2 million.
The federal agency also reveals the unemployment rate dropped to 4.5 percent from 4.7 percent, making it the lowest rate since May 2007.
— BLS-Labor Statistics (@BLS_gov) April 7, 2017
Additionally, the report indicates the U.S. added 98,000 jobs last month, falling short of recent gains of 219,000 in February and 216,000 in January.
Industries that experienced job increases were in healthcare, mining, financial, professional and business services, according to the monthly news release.
— US Labor Department (@USDOL) April 7, 2017
Those not included in the March report were the 94,213,000 million people–retirees, students, the disabled, homemakers–who do not work, and many of whom rely on taxpayer-funded programs.
Regardless of what the numbers show, the Democrat National Committee (DNC) remains reticent in giving Trump credit for the jobs report. In fact, before the March report was released, the DNC issued this statement, giving Obama the credit:
“Today, the U.S. economy is expected to continue the longest streak of private sector job growth on record, one of President Barack Obama’s most important accomplishments.” The DNC added, “We know Trump will try to take credit for President Obama’s hard work rescuing us from the Great Recession. But – to borrow a phrase from labor leader Chuck Jones – Trump is still “lyin’ his a** off” about his own jobs record.”
In other news, the Congressional Budget Office (CBO) recently published a report that it has “significantly raised” its projected labor force participation rate since this time last year when Obama was in office.
In CBO’s latest projections, the rate of labor force participation—the share of the civilian noninstitutionalized population age 16 or older that is either working or seeking work—declines from 62.8 percent this year to 61.1 percent in 2027 (versus last year’s projection of 60.6) and to 59.3 percent in 2047 (versus 57.0 projected last year).
The CBO forecasts the most important factor driving down workforce participation over the next 30 years is the aging baby boomer population.
Three other contributing factors expected to lower the participation rate are as follows:
- Younger generations tend to participate in the labor force at lower rates than baby boomers did at the same age.
- Share of people receiving disability insurance benefits is projected to rise and those who receive benefits are less likely to participate.
- Marriage rate projected to continue to fall, especially among men, and unmarried men tend to participate in the labor force at lower rates than married men.
Conversely, the CBO expects these three trends to increase the participation rate:
— First, the population is becoming more educated, and workers with more education tend to participate in the labor force at higher rates than do people with less education.
–Second, the racial and ethnic composition of the population is changing in ways that, on net, increase participation. CBO expects Hispanics (who make up an increasing share of the population) and non-Hispanic whites to participate at higher rates than the average.
— Third, increasing longevity is expected to lead people to work longer.
Lastly, the CBO projects the unemployment rate will “decline from 4.8 percent at the end of 2016 to 4.4 percent in 2018, gradually rise again to 5.0 percent by 2021, and then remain at that level, on average, through 2027.”
H/T: CNS News
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Unemployment benefits record biggest drop in nearly two years