July 5, 2019

Great Employment News Is Bad News for the Race and Sex Hustlers

Filed under: Economy,Taxes & Government — Tom @ 12:22 pm

Today’s employment news is especially useful because many people who don’t ordinarily pay much attention to the news and have the day off will hear about this:

Total nonfarm payroll employment increased by 224,000 in June, and the unemployment rate was little changed at 3.7 percent, the U.S. Bureau of Labor Statistics reported today.

The news confirmed that the economy is “blowing away” expectations by some that we’re in for an imminent slowdown.

Looking at the bigger picture almost 2-1/2 years into Donald Trump’s presidential term, it’s remarkable how broad-based and sustained the reductions in unemployment have been. Here are seven fun facts:

  1. We have seen the longest sustained string of monthly unemployment rates at or below 4 percent (16, and counting) since the mid-1960s. The vaunted Bill Clinton-era economy (which was really the Gingrich Congress’s economy in any event) had a streak of 10 months, but its unemployment rate never fell below 3.8 percent. The Trump era has seen five readings of either 3.6 percent or 3.7 percent.
  2. The Asian unemployment rate, at 2.1 percent, is at a record low (seasonally adjusted Asian unemployment has only been tracked since 2003).
  3. The black unemployment rate’s pre-Trump low was 7.0 percent. It is now at 6.0 percent (second-lowest ever), and has been at or below 7.0 percent for 17 consecutive months.
  4. Given the long-term trend of reduced teen participation in the workforce, it’s often a good idea to look at 20-and-over stats. Pre-Trump, the unemployment rate for 20-and-over black women never came in below 5.5 percent. During Trump’s presidency, that rate has been at or below 5.5 percent in 12 of the past 15 months, including a record-low reading of 4.7 percent a little over a year ago and the current 5.3 percent.
  5. For 20-and-over black men, today’s reported 5.8 percent ties November 2018′s record low. Pre-Trump, the lowest rate ever recorded was 6.0 percent.
  6. From the bogus “War on Women” department, the 20-and-over unemployment rate for all women has been 3.3 percent or lower during the past four months. The April and May readings of 3.2 percent and 3.1 percent, respectively, were the lowest figures recorded since … 1953.
  7. The unemployment rate for all Hispanics reached a pre-Trump low of 4.8 percent during 2006. That rate has come in at or below that level in 14 of the past 15 months, and currently stands at 4.3 percent — barely above the all-time lows of 4.2 percent seen in April and May.

If, as so many of his opponents believe, the Donald Trump and his administration are a collection of dedicated white supremacists and sexists, they’re doing a terrible job of carrying out their evil plans.

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