The United States is not working up to its potential

 

Full time employment has now averaged 50.3% through eleven months of 2023

 

Assistant Press Secretary Michael Kikukawa shows that The White House is still Cloud MAGA Cuckoo Land

  . . . with inflation still high, interest rates on goods stubbornly through the roof and the housing market hobbling, Biden’s handling of the economy takes hit after hit in polls. Voters say they felt better off financially under his predecessor — whom he will likely meet again in the 2024 general election — leaving Democrats to suggest it’s time for the Biden campaign to change its game on the matter. ...

"We’re working every day to show the American people what President Biden and Congressional Democrats have delivered by lowering prescription drug prices, creating manufacturing jobs, and rebuilding our roads and bridges,” said Michael Kikukawa, assistant White House press secretary.

“That’s Bidenomics, and recent elections have shown that Americans prefer it to trickle-down MAGAnomics. We will continue reaching out to the portion of Americans who are not yet aware of those incredibly popular accomplishments,” he said.

Quoted here at The Hill.

 

President Clinton signed permanent normal trade relations with China in October 2000: Any questions?

 

Joel Kotkin: The capitalist elite undermines our economic security

 He means libertarians.

Here:

Free-market dogmatists have played a part in the deindustrialisation of the West as well. Consultants and investors pushed businesses to look offshore for virtually every critical production input. Between 2004 and 2017, the US share of world manufacturing shrank from 15 per cent to 10 per cent. Our reliance on Chinese inputs doubled. The trade deficit with China, according to the Economic Policy Institute, has cost as many as 3.7million American jobs since 2000. Overall, the US and the EU have seen their share of value-added manufacturing drop from 65 per cent in the 1960s to barely half that today.

There's a lot of clucking out there about multiple job holding

 Multiple job holding seems high at nearly 8.4 million, here.

But as a percent of the employed it is not, currently at 5.2%. In the go-go 1990s it was above 6%.

Multiple job holding generally is a sign of opportunity and good times, not economic stress and bad times. Obviously there is always a percentage of the workforce which can't find full-time work and works two part-time jobs. They now number almost 2 million, a very small part of the employment universe, which is near all-time highs in the range of 161 million.

Full-time employment in October was still strong at 50.4% of civilian population

 The ten month average holds at 50.3%, which is still higher than full year 2022.

We shall see.

Age discrimination is widespread and has been for years, everyone just shrugs

 Don't complain when it happens to you. No one cares.

 

More than half, 56%, of full-time workers in their early 50s get pushed out of their jobs (due to circumstances like a layoff) before they’re ready to retire, according to a 2018 paper published by the Urban Institute.

“Job loss at older ages is really consequential,” said Johnson, a report co-author. He attributes much of that workplace dynamic to ageism.

Just 10% who suffered an involuntary job separation in their early 50s ever earn as much per week after their separation as before it, the Urban Institute paper said. In other words, 90% earn less — “often substantially less,” Johnson said.

Johnson’s research shows that in the aftermath of the Great Recession (from 2008 through 2012), workers 50 to 61 years old who lost a job were 20% less likely to be reemployed than workers in their 20s and early 30s. Those age 62 and older were 50% less likely to have a new job.

 

More.

Full time employment remained strong in September 2023 at 50.3% of population

 Full time also still averages 50.3% for the first nine months of 2023.

Recession delayed, again.

Compare previous full year averages:

 

The unemployment rate rose to 3.8%, but not because people lost jobs

 The unemployment rate rose to 3.786% from 3.495% on a bigger 736k increase to the size of the labor force than to the employment level, not because people lost jobs.

The employment level actually made a new high in August 2023, but up a smaller 222k. 

The unemployment rate went up in August because record new high employment in August, 161.484m, is a smaller percentage of a new larger labor force in August, 167.839m than was the case in July: 96.2% in August vs. 96.5% in July = 3.8% and 3.5% unemployed respectively. 

And do not mix the limited Establishment Survey (122,000 businesses and agencies) total nonfarm jobs oranges (156.419m) with the unemployment rate Household Survey (60,000 households) whole universe of jobs apples and try to make them agree. They don't, and never will.

The Establishment Survey went up 187k in August, but the unemployment rate is not derived from that survey. 

 

 

Full-time employment as a percentage of US civilian noninstitutional population held steady at 50.7% in August

 YTD the average ticked up to 50.3% from 50.2% in July.

Compare with prior full years:

 

Full time employment as a percentage of population fell to 50.7% in July from 50.9% in June

 Year to date the average is still 50.2%.

Compare with prior full years:

 

No job too low for Snakes "R" Us

 Woman hires deadly snake to kill boyfriend...

Recession delayed again: Full-time employment in June 2023 and 1H2023 holds its own with full-year 2022

Full time employment as a percentage of population hit 50.92% in June 2023.

 

In June 2022 the figure was 50.64%.

 

The average for 1H2023 is 50.12, which compares favorably with full year 2022 at 50.1.

 

135.86 million full-time is a new record high.

 

 

 

Give it up, bro

 KAEPERNICK STILL ATTEMPTING NFL COMEBACK...

Full time employment in May 2023 was a solid 50.47% of civilian population, similar to 2019 levels: Recession delayed

 The measure averaged 49.7% in 1Q2023, but climbed in April to 50.2% and to 50.4% now.

Full time usually peaks in the summer.

Full time jobs rebound in April 2023

 Full time employment as a percentage of civilian population in April 2023 came in at 50.2%, smartly ahead of 1Q2023 at 49.7 and ahead of 2022 whole year average 50.1%. Full time peaks in summer.

Recession delayed again.

What recession? Full time recovers to 50.1% of population in March 2023, last year's average level

 The average level for 1Q2023 is 49.70%.

Full time usually peaks over the summer months.

American Unity Indicator down 4 points in the last year to 60

 

Both full time jobs and overall civilian employment in Jan 2023 remain relatively strong but both are far from US potential: 12 million more could be working but are not

Full time as a percentage of civilian population dropped to 49.32% in January 2023 from 49.77% in December.

 

Peak full time at 53.6% in 2000 applied to 2023 would mean 10 million more working full time than actually do.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Civilian employment as a percentage of civilian population dropped to 59.67% in January 2023 from 59.99% in December.

 

Peak employment at 64.4% in 2000 applied to 2023 would mean 12 million more working at all jobs than actually do.

 

Pathetic underperformance.

 

The shortfall with peak manufacturing jobs in 1979 at 19.4 million was 6.6 million in 2022.