The June Report from the Bureau of Labor Statistics shows a strengthening economy, particularly good for minorities. The DNC calls it “reckless.”
After eight years of a moribund economy under Obama, an eight year stretch that was particularly hard on minorities, it is indeed good to see an increasing number of people returning to the workforce. So June’s jobs report from the BLS: over 600,000 people returned to the workforce; 213,000 new jobs added; minority unemployment at record lows. As always, for a complete analysis, visit Tom Blumer’s Bizzy Blog.
We still have a long way to go to recover from the damage done by eight years of Obama and the Democrats sub-prime nuclear explosion in our economy. On the first month of Obama’s presidency, in Feb. 2008, the Labor Force Participation Rate stood at 66.0%. In the last month of his Presidency, Dec. 2016, it stood at 62.7%. Now, with people returning to the workforce in an improving economy under Trump, that number is slowly going back up. It stands in June at 62.9%.
From IBD: The U.S. Colorblind Jobs Boom Continues
It may be a surprise, but President Trump is nowhere near as unpopular among minority voters as the biased mainstream media suggest. Why is that? In a word, jobs.
Trump, it turns out, has been the most consequential president in history when it comes to minority employment. In June, for instance, the unemployment rate for Hispanics and Latinos 16 years and older fell to 4.6%, its lowest level ever, from 4.9% in May. The previous all-time low was 4.8%.
African-American unemployment bounced up from its all-time low of 5.9% in May to 6.5% in June. But that 6.5% still represents the second-lowest unemployment reading ever for Black Americans.
As for Asian-Americans, unemployment similarly bounced off its all-time low of 2.1% in May, rising to 3.2%. And that’s still 0.6 percentage point lower than when Trump entered office.
Another bonus, wage growth overall in June was the strongest in 2018. Great for workers, something even The New Republic noted, posting a takedown of CNBC for moaning and wailing about the June BLS report. CNBC tweeted “America’s labor shortage is approaching epidemic proportions, and it could be employers who end up paying.” TNR commented, “Rising wages horrify CNBC but delight everyone else.” Among the “dogpile” of twitter responses TNR posted to this bit of CNBC anti-Trump spin was one from Kurt Anderson, stating the obvious. “BREAKING: Demand exceeds supply, buyers required to pay more!”
We will interrupt this post now for a short PSA: Does anyone left of center understand basic economics? If not, Thomas Sowell is the answer.
How does the DNC characterize June’s good economic news? “Reckless.” They have no shame. I particularly like where they characterize the recent Supreme Court decision in Janus, giving worker’s a choice of whether or not to pay for a union they don’t support, as a “chipping away” at worker’s rights.” George Orwell would be proud.
Lastly, in unrelated breaking news, apparently Trump has changed the process he instituted in 2017 for choosing new Supreme Court Justices.