Laugh of the day: Trump's goal is reportedly 208,333 new jobs every month for 10 years

So says the story at The Daily Caller here.

Har har HAR........dee har har.

After 16 months (November 2016 inclusive through February 2018) the actual monthly rate of gain has been 182,500.

If you prefer from inauguration month instead of election month (January 2017 inclusive through February 2018), 14 months, the actual monthly rate has been 177,214.

February 2017 inclusive, first full month of presidency, through February 2018, 13 months, the rate has been 175,461.

From the post-recession low in February 2010 (not inclusive), exactly 8 years ago, through February 2018 the actual monthly rate of gain has been 192,197.

So by no measure of Trump's performance is he yet anywhere near the actual average performance post-recession of 2007, let alone near his own goal.

The best overall performance in living memory was under Bill Clinton when monthly gains averaged over 242,000 monthly over 8 years. But this coincided with the peaking of the Baby Boom in 1957 clocking in 20 years in the labor force by the end of the Clinton era, in 1999. The Baby Boom fueled the Clinton boom in every way, from jobs to housing to GDP, and also the stock market.

It's been all downhill from there.

Since peak total nonfarm employment in February 2001, just before the recession of that year through February 2018, the economy has added only 75,500 jobs a month. 

Good luck to Mr. Trump, but the demographic odds are not in his favor, on top of the headwinds from his own immigration policy.

In this context Trump's stated goals do not reflect knowledge of reality or self-knowledge, only hubris.

Larry Kudlow is brain dead and he's on the radio

Like Rush Limbaugh, Larry Kudlow doesn't accurately remember the Reagan era.

It's embarrassing coming from these self-appointed spokesmen for Ronald Reagan.

Unlike Limbaugh, however, Kudlow actually served in the Reagan Administration so he really ought to know better, but today on the radio he kept saying that the jobs created in February 2018 (313,000) don't get any better than that.

Flashback to February 1984: jobs added 481,000. Or February 1988: jobs added 453,000.

Need more?

June 1983: +379,000. July 1983: +418,000. September 1983: +1.115 MILLION.

1.115 MILLION!

IN ONE MONTH!

Do I need to go on?

Yes, I think I do.

November 1983: +353,000.

December 1983: +356,000.

January 1984: +446,000.

April 1984: +363,000.

June 1984: +379,000.

July 1984: +313,000.

November 1984: +349,000.

March 1985: +346,000.

July 1986: +318,000.

September 1986: +347,000.

April 1987: +338,000.

July 1987: +347,000.

October 1987: +492,000.

June 1988: +363,000.

September 1988: +339,000.

November 1988: +339,000.

The current jobs boom isn't a boom, not yet, not by a longshot, and is NOTHING like the Reagan era, and Kudlow is doing a disservice to the historical record in which he played a part.

You've become a political hack, Larry.

Reagan free-trade globalism has gutted growth of worker earnings and suppressed job growth

According to Trump's own government, he's either destroyed 72,000 jobs a month since his election or created 182,000 per month, take your pick

And if it's +182,000 per month, that's not a jobs boom. 

A jobs boom would average well north of 200,000. Even the most recent three month average is south of that, at 192,000 per month.

Year over year in January total nonfarm is increasing at best by 176,000 per month, or 2.1 million a year, not the 2.4 million Trump claimed in his SOTU message.

Lies, damned lies, and statistics. But these are Trump's, both the lies and the reality.

Sorry, Trump didn't create 2.4 million jobs "since his election", and even if he did, that sucks

Not even the fact-checkers seem to want to get this right. Is the whole country taking stupid pills?

Total nonfarm, not seasonally adjusted, stood at 146.393 million in November 2016. In December 2017 the level was 148.346 million, an increase of 1.95 million.

Seasonally adjusted, the increase went from 145.170 million to 147.380 million, an increase of 2.21 million.

The former figure is 150,000 per month (13 months), the latter 170,000 per month. Meanwhile Trump is claiming 184,462 per month.

These are terrible numbers, including Trump's, which however also appear to be cooked on a bonfire.

In a booming economy, monthly increases well above 200,000 are indicated. That's what we got under Reagan and Clinton, but not now, not by a long shot.

Turn away from these Establishment Survey numbers and consider the Household Survey figures and the picture looks even worse.

Not seasonally adjusted the sum of usually full-time and usually part-time is up just 1.216 million in 13 months. This has been seasonally adjusted up to barely 1.9 million. We're talking 93,500 per month to 146,000 per month, quite the spread. Not exactly confidence inspiring numbers.

The truth is that employment gains have gone soft in 2017 compared with 2016, down about 15%. In the 13 months up to November 2016, total nonfarm jobs seasonally adjusted increased at a monthly pace of not quite 200,000 which was nearly 18% better than under Trump so far. 

Trump better hope hiring picks up soon, or this charade will quickly be seen for what it is, all hat and no saddle.

Still waiting for the boom.

Total nonfarm jobs grow at the pathetic pace of 167,000 per month y/y in October 2017

PAYEMS

Despite auto company bailouts, Michigan employment lags year 2000 levels by 308,000 jobs, the worst in the country

Ohio comes in number two, with a shortfall in jobs of 108,000 from the previous peak.

Together Michigan and Ohio account for 95% of the shortfalls in eight states recently identified in a Wall Street Journal blog post.

George Herbert Walker Bush's legacy: It took only 7 years of NAFTA to destroy hours worked in the United States

Hours of all persons grew 44% during the Reagan bull market, which ended in August 2000. Since then, hours of all persons has grown just 3%.

NAFTA went into effect in January 1994, eleven years after the Reagan bull began and a little over one year after Bush inked the deal. Seven years later hours of all persons peaked.

It reminds me of Bill Clinton's innovation, the so-called Taxpayer Relief Act of 1997, which blew up the housing market after just 10 years.

Republicans take away your job, then Democrats come along and take away your house.

If you're living in your car, you'd better watch your back.  

ADP had private payrolls up 263,000 earlier this week, but we only get 98,000 from the BLS today

When the expected BLS increase to total nonfarm was 180,000.

What's up with that?!

Long story short: Forget ADP, and employment gains have slowed by 15% in the last year. 

ADP is designed to try to predict what the BLS is going to say, and is known to fail at this. It is questioned why ADP even bothers. I agree.

A government measure from the Household Survey, the sum of usually full-time and usually part-time, not seasonally adjusted, is up only 1.89 million (157,500 per month) year over year in March 2017.

Total nonfarm, on the other hand, from the Establishment Survey, is up 2.135 million, not seasonally adjusted (178,000 per month) year over year.

That last number, 178,000 per month, is what the BLS also says is the current 3-month average in March 2017.

Compare that to March 2016 when the 3-month average was 209,000.

There's the truth.

The soft number of 98,000 in the headline today contributed to the climb-down in the 3-month average this month. It will be revised next month, probably up because it's so low. But it's the revisions down for the previous two months totaling 38,000 which are the clue to look farther back.   

The absolute number is not important because we can't be certain about it. It is only an estimate anyway, not an actual count. But we can be certain that the long-term behavior of the estimates shows an employment slow down of about 15% year over year.

It was well underway before Trump even got elected.

You can see that in full-time employment gains. Measured in March year over year, full-time gains peaked in March 2015 at almost 3 million additions. Gains have steadily fallen since, to 2.5 million in March 2016 and just 2 million now in March 2017.

And the bottom line there is we've added about only 4.7 million full-time jobs since March 2008 on net.

After NINE years.

The country remains mired in shrunken conditions from which it has not escaped.

In a real recovery, the 10 million full-time jobs lost in 2009 and 2010 would have been fully replaced by 2013 at the latest. It took until 2015, and the momentum immediately started to recede.

Total nonfarm jobs up only 98,000 in March, but Trump made sure we're talking about Syria instead

University of Georgia historian minimizes the magnitude of foreclosures during the Great Depression, missing their significance for the value of homeownership today

Stephen Mihm, at Bloomberg here:

While home ownership became increasingly popular in the early twentieth century, the U.S. was still a majority-renter nation in 1930, though by this time homeowners numbered 48 percent of the total population. But the Great Depression knocked that figure back down to 43 percent, roughly on par with late nineteenth century levels.

Things changed dramatically in the 1940s, when home ownership levels began moving toward unprecedented highs, hitting 66 percent by 1980. Economists are still arguing over why that happened, but the most compelling explanations are pretty banal and do little to support the sentimental blather associated with home ownership.

Does this guy even know that the nonfarm foreclosure rate nearly quadrupled between 1926 and 1933?

Through 1933 there were over 1 million completed foreclosures, about 1% of US population of the time. Compare that to the current crisis. We've had 8.5 million completed foreclosures since 2004, about 2.5% of population. 

Homeownership as a cultural value in the post-war was so high because so many people lost their homes before it.

And it still is today and will continue to be, despite what some people say with an axe to grind from the safety of their sinecures.

Hillary can't claim she'll continue the good economy because it isn't a good economy

From the macroeconomic point of view of GDP, jobs and homeownership, the economy under Obama has been a bad joke.

Economic growth is lagging, lagging I say, the horrible, awful George W. Bush . . . by $2 trillion. Current dollar GDP under Obama has grown a paltry 28.2%. Under Bush, the worst in the post-war until now, it at least grew by 41.7%. Obama should kill to have George Bush's economic growth, and Hillary probably will, by starting another war. Nothing boosts GDP like war-spending.

Meanwhile job growth as measured by monthly total nonfarm has slowed in 2016 by over 20% compared with 2015, to 181,000 new jobs monthly vs. 229,000 new jobs monthly last year. Is that a hopeful trend?

And if you think 2015 was so great, it wasn't. If the same percentage of the population had been working in 2015 as worked in 2007, there would have been 7 million more employed than there were. There has been a huge contraction in employment, which explains the GDP problem. Without work there is no product.

You can see this vividly in full-time jobs. Compared to October 2007, we have just 2.6 million more full-time jobs in October 2016 than we had in 2007. Think about that. Just 2.6 million more full-time jobs but population has increased by 22 million. After recessions, full-time has always recovered to the previous highs in 2-3 years, but not under Obama. This time it took 8 years, a terrible stain on the economic record.

Next consider housing. There have been 6.4 million completed foreclosures since September 2008 even as the Feds have done everything they can to get housing prices to recover, distorting the economy to the point that today the typical $247,000 existing home is unaffordable for 90% of individual wage earners. No wonder the homeownership rate, at 63.5%, has plunged to a level last seen in 1985.

In the end about all Hillary surrogates have to boast of is the stock market. Larry Kudlow featured one on his radio program this weekend doing just that. But estimates of how many Americans own stocks vary considerably. Gallup recently put it at 52%. Pew in 2013 put it at 45%. Shockingly, the Federal Reserve itself estimates it's more like 13-15%. In the best case only half the country is reaping benefits from stocks, and probably a lot less than half.

Those people who had the foresight to invest in March 2009 have done extremely well. On average the S&P 500 is up over 17% per year since then through September 2016.

But how have long term investors done, people who buy and hold in retirement accounts? Since the last stock market boom peaked in August 2000, they are up only 4.32% per year. That's almost 64% worse than the historical post-war performance of 11.9% with little upside on the horizon as the market has made new all-time highs and is obscenely valued.

Nothing Hillary Clinton is proposing looks remotely likely to improve any of these measures, except maybe by starting a new war.

My boy will be 18 next year. Please don't vote for her.

Carrying the water for Democrats, the NY Times lies about "healthy job growth": Additions are more than 20% behind the 2015 rate

In "Last Economic Snapshot Before the Election Shows Healthy Job Growth".

The Bureau of Labor Statistics states up front in this latest economic snapshot that additions to nonfarm payrolls are way behind the 2015 average in the first ten months of 2016:

Libertarian Paul Ryan, disgusting traitor, advances immigration bill to bypass cap on guest workers in order to employ Obama's illegal hordes

From the story here:

'The cap exemption on the H-2B expired in 2007. At the time, it doubled the number but it could as much as quadruple, legislative sources told WND. This is the same way the total number of existing H-1B visa workers got so much higher than the annual inflow. The H-2B visa program, though referred to as a “seasonal” guest worker program it is not an agricultural guest worker program. “These are explicitly non-farm jobs, often for lower-skilled work but also middle class jobs,” the source told WND. “Of course, because we don’t have a visa-tracking system and the president is not enforcing over-stay rules, it increases another avenue to add to the illegal population.”'

Presidents ranked by average monthly additions to total nonfarm employment in the post war, not seasonally adjusted

Clinton: 235,000

Carter: 215,000

Reagan: 166,000

JFK/LBJ: 164,000

Obama to date: 136,000 (77 months 1-1-09 to 5-1-15)

Nixon/Ford: 115,000

Truman: 111,000 (1949-1952/drops to 87,000 going back to April 1945 when FDR died)

GHW Bush: 49,000

Eisenhower: 34,500

GW Bush: 13,500

Usually part-time vaults 465,000 in one month to new all-time high of 28.225 million

Those who work usually part-time vaulted 465,000 month over month, not-seasonally-adjusted, in today's Household Survey data in the Employment Situation Summary for November 2014. That puts the metric at an all-time high of 28,225,000, about 100,000 higher than the previous peak reached in the wake of the late economic depression.

Meanwhile, those who work usually full-time dropped 735,000 from October to November.

Full-time usually peaks in the summer and part-time usually peaks in the winter, so the data coheres with past experience, except the new high in part-time is a little worrisome.

Voluntary part-time is up big month over month (536,000) while involuntary part-time is down (74,000). Is that a sign of acquiescence to a new normal of part-time work? Admittedly, involuntary part-time is still 2.5 million higher than it was in the autumn of 2007, but it has fallen 2 million between 2011 and 2014 even as today there are 2.5 million more full-time jobs than there were a year ago.

Full-time remains 3.8 million under the 2007 peak.

Meanwhile multiple job holding is down 224,000 month over month, and the total employed is actually down 270,000, as is the total number unemployed, down 50,000 not-seasonally-adjusted.

It looks as if the big jump of 321,000 in total nonfarm from the Establishment Survey is a phenomenon of part-time. Whether these part-time jobs become an enduring phenomenon in the form of permanent jobs won't be clear until after the new year.

The unemployment rate at 5.8% remains where it is as those not in the labor force continues ever upward, this time 536,000 higher from October to November. The metric hovers near the all-time high of 92.5 million reached in April. People dropping out means fewer people to count as unemployed.

The civilian labor force shrank in size 319,000 from October to November.

Democrats lost last week simply because voters tired of waiting for full-time jobs to recover

Examine the record here of full-time job losses in recessions since 1969 and you will see that full-time jobs recovered to their previous peaks in 2 years after 1969, 2 years after 1974, about 3 years after 1981, 3 years after 1990 and about 3 years after 2000.

But after 2007? Full-time jobs have yet to recover, over 7 years since peaking in July 2007 at 123.2 million.

It's true that total nonfarm employment recovered to the November 2007 high this June, after 6.5 long years, but full-time is still 3 million below the 2007 peak.

The voting public has been very patient with President Obama and the Democrats. They know this was the biggest jobs debacle in the post-war. From peak to trough between July 2007 and January 2010 14.442 million full-time jobs were lost, beating the 8.1 million lost from 1981 under Reagan by a wide margin, a 9.3% loss. The percentage lost from the peak was also highest in the post-war, down 11.7% in the recent catastrophe vs. the 9.6% loss of full-time jobs from August 1974, the previous most recent top episode for full-time job destruction in percentage terms.

So it's understandable that voters might have re-elected Obama and the Democrat Senate in 2012 on the presumption that such a serious episode would take longer to fix. But even so it was still a relatively close election.

Last Tuesday's nationwide blow-out of Democrats, however, from the US Senate on down through the US House, governorships and state legislative chambers shows that the patience of the country has run out. While full-time jobs have roared back in the last 12 months it is likely that the trend has peaked for the year and that it will be next summer before we see full-time recover fully.

That will be 8 years . . . 5 years too many for many of the millions who lost their jobs to put their lives back together and rejoin the middle class. Five years too many for those who lived in the 5+million homes lost to foreclosure. For them there remains the hope only of minimum and low wage work, food stamps, government disability assistance, Medicaid, Social Security and Medicare and early death.

Obama will be remembered for attempting this hollowing out of the middle class, and some will correctly conclude it was intentional on the part of the country's first Bolshevik president.

"[T]he mass of middle class parasites which lived on the back of the old order is now, equally ready to live on the back of the proletarian State."   

Unemployment falls to 5.8%, 214,000 jobs added in October

Average jobs added monthly in the last twelve months rose to 222,000. A year ago at this time 190,000 were being added monthly in the prior twelve months. During the Reagan boom 250,000 were added monthly for six years. During the Clinton boom 235,000 were added monthly for eight years. The 17% increase in the pace in the last year is a good thing, but we've got a long way to go, if it can even be sustained. A different indicator may give reason to hope so.

From 2008 to 2013, the percentage of the work force participating had been in steady decline measured October to October, until today. The labor participation rate now is 63.0% vs. 62.9% a year ago, not seasonally adjusted. That's not much but it may mark a turning point. It remains to be seen if the 62.5% level reached in January was in fact the bottom.

Looking at the broad measures, those who say they work usually part-time are up 414,000 not seasonally adjusted from a year ago, but the level remains 233,000 off the previous peak for an October, which occurred in 2012.

Those who work usually full-time are up an astounding 3,378,000 not seasonally adjusted from a year ago at this time. Compared with the peak year of 2007 for this metric, October on October, those who work usually full-time today are still 1.83 million fewer in number than then, not seasonally adjusted.

If you add the two categories together and divide by twelve, you get 316,000 jobs added monthly, not 222,000 as stated in the Establishment Survey which takes a larger sampling.

Go figure.

Average hours went up .1 and average earnings went up 3 cents.

Employment Situation report records 142,000 added to payrolls in August vs. 212,000 monthly in past year

That's a 33% decline in one month in the pace at which jobs have been added monthly in the last year.

From the report, here:

Total nonfarm payroll employment increased by 142,000 in August, and the unemployment rate was little changed at 6.1 percent, the U.S. Bureau of Labor Statistics reported today. ... Total nonfarm payroll employment increased by 142,000 in August, compared with an average monthly gain of 212,000 over the prior 12 months. In August, job growth occurred in professional and business services and in health care. ... The change in total nonfarm payroll employment for June was revised from +298,000 to +267,000, and the change for July was revised from +209,000 to +212,000. With these revisions, employment gains in June and July combined were 28,000 less than previously reported.

--------------------------------------------------------------------

Meanwhile, hours have been flat for six months at 34.5 and hourly wages climbed at a 2.1% annual pace, meaning there is little sign of an uptick in inflation in labor costs.

Those who work usually part-time declined slightly below last year's summer nadir, another sign ObamaCare is NOT part-timing workers . . . yet.

Those who work usually full-time rose to their summer peak to just over 120 million, but this measure is still 3.1 million off the summer 2007 peak, SEVEN years ago.

The labor participation rate came in at 63.0%, not seasonally adjusted, a level we thought we had said goodbye to permanently in the mid-1980s. The level was first achieved in 1976 in the post-war.

The pace of job creation under Obama remains well below the rates under Reagan and Clinton.

Presidents ranked by average jobs created Q1 to Q2 since the 1970s

From total nonfarm not seasonally adjusted, average percentage achieved:

1. Clinton +2.22%

2. Reagan +2.07%

3. Bush 1  +1.69% (four years, accepts Profiles in Courage Award for raising taxes)

4. Obama  +1.68% (six years, blames drought, winter weather, hurricanes, earthquakes)

5. Bush 2  +1.38%.