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Federal Economic Measures, Data at Close of 2018, and Manufactured Housing

January 17th, 2019 Comments off

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Certainly, retirees are among those that by homes, as seasoned manufactured housing industry professionals well know.

 

But it is routinely workers that are the present and future measure of the soundness of an economy.  So, it’s employment – jobs data – that gets attention from publicly traded companies in their reports to manufactured housing industry shareholders.

Beyond jobs data, its businesses that employ the most Americans. The Daily Business News on MHProNews reported earlier this week on the recent National Federation of Independent Business (NFIB) small business optimism report, found at the linked text/image box below.

 

Eyes on Small Business Optimism Index In December, Update

 

Paring that data with a January White House summary of 2018 jobs creation begins to round out a picture of why, despite political division in Washington, or cautions on Wall Street, main street is still largely confident of the future.

 

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2018 Ends with 312,000 Jobs Created in December; Strong Year for the Job Market

The Bureau of Labor Statistics (BLS) released its final monthly Employment Situation Report of 2018, marking a great year for American workers and the economy as a whole. Total nonfarm payroll employment rose by 312,000 jobs in December (see figure), far exceeding market expectations (180,000) as well as besting the average monthly additions from 2017 (182,000) and 2016 (195,000).

Continuing the historic streak of positive jobs gains, 2018 experienced more job creation than the previous two years, with 2.6 million new jobs over the course of the year compared with 2.2 million in 2017 and 2.3 million in 2016. Furthermore, this growth was consistently strong throughout the year; the economy has added over 100,000 jobs every month in 2018, just the second time since 2000 that this has occurred for a full calendar year. Since President Trump was elected in November 2016, the U.S. economy has created 5 million jobs.

 

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There were job gains across many industries in December, including significant gains in education and health services (82,000), leisure and hospitality (55,000), and in manufacturing (32,000). Manufacturing has been a bright spot since President Trump’s election, and now averages 20,000 new jobs per month compared to 8,000 per month in the four years prior. The 284,000 manufacturing jobs created in 2018 was the most the industry has added in a calendar year since 1997. The widespread employment gains across industries also occurred for 2018 as a whole. The professional and business services (583,000) and education and health services (517,000) industries produced over half-a-million jobs each. Employment in the leisure and hospitality industry increased by 306,000 jobs. Construction employment rose by 280,000 jobs.

Wages are also rising, indicating that workers are taking home bigger paychecks. Nominal average hourly earnings rose by 3.2 percent over the year. This matches October, which posted the largest 12-month growth in nominal average hourly earnings since April 2009. The most recent inflation data from November using the Federal Reserve’s preferred Personal Consumption Expenditure (PCE) price index found that prices increased by 1.8 percent – suggesting that real wages are rising (December inflation data will be available later this month).

A separate household survey released by BLS shows that although the unemployment rate increased by 0.2 percentage points (p.p.) to 3.9 percent in December, it went up for the right reasons: more workers are coming off the sidelines and looking for work, signaling that the U.S. economy continues to hum along. The labor force participation rate, which measures the share of the civilian non-institutional population who are in the labor force (either employed or looking for work), rose by 0.2 p.p. over the month to 63.1 percent in December. Despite the unemployment rate uptick, the unemployment rate remains near historic lows. This is only the 13th month since 1970 that the unemployment rate has been below 4 percent, with 8 of these instances occurring under President Trump in 2018.

The strength of the labor market in 2018 also was widespread, affecting people of all backgrounds and education levels throughout the nation. Over the course of the year, multiple new records for low unemployment rates within demographic groups were set. In December 2018, the unemployment rate for Hispanics fell to a series low (4.4 percent), matching October 2018. Record low unemployment rates were also achieved this year for African Americans (5.9 percent in May), Asians (2.2 percent in May), and individuals with less than a high school degree (5.0 percent in July). In November 2018, the unemployment rate for teens (ages 16 to 19) was at its lowest rate since 1969. The November 2018 unemployment rate for individuals with a high school degree but no college fell to its lowest rate since 2000, while the October 2018 unemployment rate for individuals with some college education dropped to its lowest rate since 2001.

The continued low unemployment rate and the consistent employment gains of more than 100,000 jobs every month in 2018 demonstrate the effectiveness of the Administration’s economic policies. As workers continue to come off the sidelines, there also remain opportunities for sustained employment growth as we enter the new year.

 

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The general economic data is strong. There are headwinds in the conventional housing market. So why isn’t manufactured housing performing better? That’s a $64 billion dollar a year question; on the low side.

That’s this evening’s Manufactured Housing “Industry News, Tips, and Views Pros Can Use,” © where “We Provide, You Decide.” © ## (News, analysis, and commentary.)

 

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Here are the Counties Where the Working Class Can’t Afford to Live in the U.S. 

September 8th, 2017 Comments off
CostOfLivingSkyHighCreditKreditGoGoDailyBusinessNews

Featured image credit, KreditGoGo.

In recent years the cost of living has skyrocketed throughout the United States.

Rising rents have contributed to the creation of over 8 million “worst-case” renters across the nation. The Daily Business News has reported on the rising cost of rent in the country.

A map infographic created by How Much (below) shows just how much it costs to live in different cities around the U.S. – and how that compares to someone of the working class.

The criteria they used to define “working class” included a family of 2 adults and 2 children.

The jobs used for income estimates were home appliance repairers, and manicurists and pedicurists. Rent was determined for a home of 1500 square feet.  Food budgets were considered a “low-cost food plan.

On the map, each of the bubbles represents a city – and color corresponds to the amount of money a working-class family would have left over at the end of the year after things like

  • Housing,
  • Food,
  • And transportation costs.

Red bubbles are for areas where the cost of living would exceed the income generated by a working-class American. Green bubbles are the places where they would be able to make it through the year without debt.

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Image credit, How Much.

The data for the map was gathered using the “True Cost of Living Tool” on the How Much website – which uses sources like

  • The Bureau of Labor Statistics, for income levels,
  • The National Bureau of Economic Research, for tax data,
  • And the National Department of Agriculture, for the cost of food.

Most Affordable vs. Most Expensive Cities in the U.S.

According to How Much, the top five cities that were affordable for working-class Americans were:

  • Forth Worth, TX
  • Newark, NJ
  • Glendale, AZ
  • Gilbert, AZ
  • Mesa, AZ
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Results for the Cost of Living Tool on How Much. Image credit, How Much.

Compared to the cities that were the most expensive, which included:

  • New York, NY
  • San Francisco, CA
  • Boston, MA
  • Washington, DC
  • Philadelphia, PA
CostofLivingNewYorkCreditHowMuchDailyBusinessNews

Results from the Cost of Living Tool on How Much. Image credit, How Much.

In the most affordable city – Fort Worth, TX – the defined-as-above working-class American would have roughly $10,447 left over at the end of the year.

In the most expensive city – New York, NY – the working-class American would be in debt roughly $103,424 just to meet the cost of living.

While not all the places in the red were so extreme, any place in red is where a working-class American would have to go in debt to afford to live.

Hurting or Helping the Working Class?

With politicians often campaigning on claims of improving the lives of working class Americans, there is serious debate over the best ways to accomplish that goal.

Most efforts are focused on creating jobs, raising the minimum wage, tax cuts, subsidized housing, and those for-or-against universal healthcare. Some even suggest universal basic income to improve the working class.

The Daily Business News has often reported on these issues and why many of these efforts – like raising the minimum wage, universal healthcare and basic income – upon examination of data, will not be sustainable ways to improve the lives of Americans.

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http://www.mhmarketingsalesmanagement.com/blogs/daily-business-news/america-manufactured-housing-debate-over-minimum-wage/

On the other hand, the MHProNews has also pointed out when solutions like job creation and tax cuts would likely benefit the economy in the long run. It did so under both Democratic President John F. Kennedy, and Republican President Ronald Reagan.

How the Manufactured Housing Industry Can Make a Difference

Using the “True Cost of Living” tool from How Much, housing costs – including rent and utilities – makes up the majority of the cost of living in almost every instance.

The cost of living could be lowered with reduced housing costs. This would make more expensive areas become more affordable for the working-class American.

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It is because manufactured housing offers quality housing at a fraction of the cost of a site-built home – that cities like Des Moines, Iowa and Chicago, Illinois, and companies like Google are using manufactured and modular building methods to cut costs.

Affordable housing options would benefit millions of working-class citizens all over the country. Manufactured housing offers an alternative path to the “American Dream” that is constantly overlooked. ## (News, Analysis.)

(Image credits are as shown above, and when provided by third parties, are shared under fair use guidelines.)

JuliaGranowiczManufacturedHomeLivingNewsMHProNews-comSubmitted by Julia Granowicz to the Daily Business News for MHProNews.

 

 

How Much Does the Average American Pay in Taxes?

September 1st, 2017 Comments off
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Featured image credit, Pixabay, MHProNews.

Our self-destructive tax code costs Americans millions and millions of jobs, trillions of dollars and billions of hours spent on compliance and paperwork,” said President Donald Trump, in a speech in Springfield, MO., per Newsmax.

The president’s words are not an exaggeration.

Data released this week by the Bureau of Labor Statistics (BLS) found that the average American spent $10,489 on federal, state, and local taxes combined in 2016.

That broken down, is $8,367 in federal taxes, $2,046 in state and local income taxes, and $75 in other taxes.

Last year, Americans spent more on taxes than they did on food and clothing – combined.

The BLS used data provided by the U.S. Census Bureau in their Consumer Expenditures report for 2016.

The study looks at individual “consumer units,” which include

  • all members of a particular household who are related by blood, marriage, adoption, or other legal arrangements,”
  • or “a person living alone or sharing a household with others or living as a roomer in a private home or lodging house or in a permanent living quarters in a hotel or motel, but who is financially independent,”
  • or “two or more persons living together who use their income to make joint expenditure decisions.”
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Americans spending on taxes compared to food and clothing. Image credit, CNS News.

In just three years, the amount spent on taxes has increased by 41.13 percent. In 2013, Americans spent $7,423 on taxes, compared to the $10,489 in 2016.

The only cost that was higher than taxes, was housing – which included mortgage or rent, and utilities – totaling at $18,886.

No Surprise

Regular readers of the Daily Business News will not find this to be a surprise.  Note the recent reported that rents are growing out of reach of low-wage workers, and that there are over 8 million people who are at risk of losing their home over a single emergency expense.

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Featured image credit, HUD.

The study determined that the average consumer unit had $74,664 in annual income. The Bureau of Labor Statistics full break-down on how American’s are spending their money is available here for download.

Trump “Doesn’t Want to be Disappointed by Congress” on Tax Reform

Coincidentally, as this information was released President Trump was in Springfield, MO, giving a speech on tax reform.

This is our once-in-a-generation opportunity to deliver real tax reform for everyday hard-working Americans,” Trump told employees of the Loren Cook Co.

You can watch his full address and crowd interaction in the video below.

The Daily Business News has reported that tax reform is one of the key issues that industry professionals, and the National Federation of Small Businesses (NFIB) want to see tackled soon.

We want to renew our prosperity — and to restore opportunity, then we must reduce the tax burden on our companies and on our workers,” President Trump said. ## (News.)

(Image credits are as shown above, and when provided by third parties, are shared under fair use guidelines.)

JuliaGranowiczManufacturedHomeLivingNewsMHProNews-comSubmitted by Julia Granowicz to the Daily Business News for MHProNews.

 

 

 

ADP Jobs Report for May Released

June 1st, 2017 Comments off
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The numbers are in… Credit: MHProNews.

The monthly private payroll jobs report from ADP and Moody’s Analytics was released today, and it appears that President Donald Trump’s “America First” plans are taking shape.

According to CNBC, job creation surged in May thanks to a jump in construction positions and a boom in professional and business services, up 253,000, which is significantly higher than the expectations from economists surveyed by Reuters, which projected a number of 185,000.

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Mark Zandi of Moody’s Analytics. Credit: CNBC.

The growth is three times the rate of the growth in the underlying labor force,” said Mark Zandi, chief economist at Moody’s Analytics.

So that means the unemployment rate, which is 4.4 percent, is quickly headed to 4 percent. This labor market is rip-roaring and getting really tight.”


Leading the way in jobs created was the services sector, with 205,000 new jobs, professional and business services contributing 88,000 jobs, which represents the best month for the sector in nearly three years, and education and health services adding 54,000 jobs.

The report noted that the construction sector added 37,000 jobs as the building season heats up, while manufacturing grew by 8,000 jobs and mining grew by 3,000 jobs.

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Credit: CNBC.

As Daily Business News readers are aware, the mining sector has been one of the cornerstones of President Trump’s agenda.

Trade, transportation and utilities added 58,000 new jobs, and franchises add 18,400 new workers.

The positive report comes at a time where economists are doubtful that the Trump administration can deliver on its goal of three percent annual GDP growth, in part because the labor market is near full employment.

The report from ADP and Moody’s Analytics are regular precursors to the nonfarm payrolls count from the Bureau of Labor Statistics (BLS).

Economists estimate that payroll growth will come in around 176,000, down from the previous month’s 211,000.

 

The Proof is in the Pudding…

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The President and First Lady visit Saudi Arabia. 300 billion in deals were completed during the visit. Credit: The White House.

As the Daily Business News covered in a feature story recently, while President Trump continues to make progress, including the lowest unemployment rate in decades, and the highest consumer, business confidence, and homebuilder confidence numbers in years, along with over $300 billion in deals with Saudi Arabia, what ELS Chairman Sam Zell colorfully called a “cacophony” of Deep State resistance has moved into high gear.

Even with that Deep State resistance, NFIB President and CEO Juanita Duggan, and industry organizations like MHARR, talked about the potentially massive impact that the Trump Administration could have.

Small business owners are clearly encouraged by the election results, but now it’s time for President-elect Trump and congressional leaders to deliver,” said Duggan.

Federal taxes, regulations, and Obamacare are the three biggest impediments to running a small business in America. Small business owners have high expectations that those problems will be addressed.”

For more on President Trump’s progress, and challenges, click here. ##

(Image credits are as shown above, and when provided by third parties, are shared under fair use guidelines.)

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RC Williams, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.

 

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President Trump at 100 Days: Numbers, Polls

April 25th, 2017 Comments off
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Credit: KCTV 5.

As President Donald Trump reaches the magic 100-day mark in office, new polling and statistics show that many American’s believe he’s getting the job done.

According to Lifezette, approximately 73 percent of American voters approve of President Trump’s performance in fighting for American jobs in an ABC News/Washington Post poll released this past Sunday.

As noted, this poll finds no evidence of buyer’s remorse among Trump supporters,” the polling analysis read.

Among those who report having voted for him in November, 96 percent today say it was the right thing to do; a mere 2 percent regret it. And if a rerun of the election were held today, the poll indicates even the possibility of a Trump victory in the popular vote among 2016 voters.”

The poll surveyed over 1000 voters, with the goal of measuring President Trump’s performance during his first 100 days in office. The poll also showed that a significant majority of Americans believe the President is keeping the pressure on U.S. based companies to keep jobs in the country, and 53 percent see the President as a strong leader.

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Credit: Heather’s Homilies.

In addition, data from the Bureau of Labor Statistics (BLS) shows that over the first 100 days, the unemployment rate for 16-24 rear olds has decreased from 10.1 percent to 9.1 percent; the rate for 20-24 year olds has decreased from 8.3 percent to 7.3 percent, and the rate for 25-34 year olds has decreased from 4.9 percent to 4.5 percent.

Over 317,000 non-farm jobs have been created, and there have been surges in both the construction and manufacturing sectors.

Confidence is playing a large role,” said Mark Zandi, chief economist of Moody’s Analytics.

Businesses are anticipating a lot of good stuff – tax cuts, less regulation. They are hiring more aggressively.”

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April 26 marks First Lady Melania Trump’s birthday, shown here in a photo with her husband, President Donald Trump and their son, Barron. Credit: People, shown under fair use guidelines.

A View from the Industry

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Todd Lamb.

Even with the progress that’s been made, President Trump still faces an uphill battle. While there are certainly skeptics in the industry, MHProNews routinely hears from those who are happy and encouraged by the president’s efforts and actions.

This week, Todd Lamb of Lamb Investments told MHProNews,  “Pray for Donald Trump, the President is under constant attack.”

MHARR CEO, M. Mark Weiss, JD, shared similar thoughts with MHProNews in a story, linked here. MHARR’s top staff have praised the early Trump Administration efforts, as the video shown above demonstrates.

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L A ‘Tony’ Kovach, credit, MHVillage.

As well as the markets and new job creation are already responding to his initiatives, where could we be if there wasn’t a non-stop assault on our new president?” said MHProNews  and MHLivingNews Publisher L.A. “Tony” Kovach.

Back in November, Tim Williams told MHProNews that, “I am deeply encouraged that less than 24 hours into President Trump’s term, he has frozen new, potentially burdensome regulations.”  For his full comments, click here.

For more on the progress of the Trump Administration, including proposed budget cuts to National Public Radio (NPR) and the Corporation for Public Broadcasting (CPB), click here. ##

(Image credits are as shown above, and when provided by third parties, are shared under fair use guidelines.)

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RC Williams, for Daily Business News, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews

Tax Facts 2016-2017, Business, Jobs and You

April 17th, 2017 Comments off

(Image credit: Shutterstock, provided under fair use guidelines.)

Thousands of manufactured housing professionals – along with several million manufactured home owners – join with citizens from coast-to-coast in the final mad dash to complete and file their 2016 income tax returns by the midnight, April 18, 2017 deadline.

Thus MHProNews is hereby providing key facts from a variety of sources about the income tax that will prove eye-opening and useful, as tax policy will soon take center stage in Washington, D.C.

How High Are Current Federal Tax Collections?

MHProNews has learned from CNSNews that, according to the federal government’s Monthly Treasury Statement, the government collected record amounts of individual and payroll taxes in the first six months of the fiscal year (Oct. 1, 2016 thru March 31, 2017), raking in $695,291,000,000 in individual income taxes.  That’s $7,387,280,000 more than the $688,003,720,000 in individual income taxes that the federal government collected in the first six months of fiscal 2016. (All figures herein are using constant 2017 dollars.)

(Image credit: CNSNews)

Social Security and other payroll taxes collected by the IRS for the first six months of the fiscal year (FY) amounted to $547,591,000,000, about $2,731,820,000 more than the $544,491,000,000 in Social Security and other payroll taxes that the government collected in the first six months of fiscal 2016.

However, compared to the first six months of FY 2016, total tax collections dropped from $1,513,124,070,000 in total to $1,473,137,000,000, a decline of $39,987,070,000, largely due to a drop in corporate income tax collections. Corporate receipts fell from $124,954,730,000 in the first six months of FY 2016 to $100,234,000,000 (in constant 2017 dollars) for the same period of FY 2017, a drop of $24,720,730,000.

Additionally, customs duties collections also fell $1,179,869,000 in the first six months of FY 2017 over the same period of 2016; and excise tax collections dropped as well, falling $2,745,320,000 for that same period, all in constant 2017 dollars.

(Image credit: CNSNews)

This results in the federal government running a $526,855,000,000 deficit through the first six months of this fiscal year, because while the Treasury was collecting $1,473,137,000,000 in total taxes, it spent $1,999,991,000,000.

Based on the 153,000,000 people working in the U. S., the Bureau of Labor Statistics reports the $1,473,137,000,000 collected in total taxes collected equates to $9,628 for each working person. The $526,855,000,000 deficit equals about $3,443 for every person with a job.

How Much Time is Being Spent on Income Tax Related Items?

As Forbes informs MHProNews, Americans will spend over 8.9 billion hours complying with IRS requirements for tax year 2016, amounting to 225,500,000 work weeks, based on a 40 hour week. According to The Tax Foundation, compliance will cost $409 billion for the year.

Why so expensive? Why so long?

The Tax Code has grown from 409,000 words in 1955 to 2.4 million words today, adding the equivalent of 89 words per day, with more to come despite Congress being in session only 111 days in 2016.

That doesn’t include Tax Regulations (the official interpretation of the Tax Code), which alone amounts to 7.7 million words, plus Proposed Regulations which are still waiting comments and testimony. There are also some 60,000 pages of related tax-related case law. All that time and complexity is good for tax lawyers, but reduces productivity and are barriers that discourage small business creation and expansion. So simplifying the code would create jobs and more news businesses, per the experts.

Snapshots of Income Tax History

(Chart credit: Americans for Tax Reform)

This chart at the left documents the growth of the income tax since its enactment 104 years ago. As Grover Norquist, president of Americans for Tax Reform, said: “The American Income Tax is perhaps the most dramatic example of how government grows at the expense of liberty. Slowly. Constantly, Inexorably.”

Bottom Lines

An upcoming, follow up report will spotlight opportunities that the federal government has to save on expenditures, and thus cut the ballooning federal deficit. Armed with these facts, professionals are in a better position to discern truth from fiction as the debate over federal tax policy will soon be raging. ##

(Image credits are as shown.)

Submitted by Matthew J. Silver to the Daily Business News for MHProNews.

Economy in Focus: Jobs, Employment, Trump

April 12th, 2017 Comments off
EconomyinFocusJobsEmploymentTrumpcreditCNSNews-postedtothedailybusinessnewsmhpronewsmhlivingnews

Credit: Wikipedia.

Numbers from the Bureau of Labor Statistics (BLS) for March, show that the number of employed Americans increased 472,000 to 153,000,000, which represents another record month.

According to CNS News, the number of unemployed persons dropped by 326,000 to 7.2 million, and that brought the unemployment rate in the nation down two-tenths of a point to 4.5 percent.

The numbers from the BLS also showed the labor force participation rate remained flat at 63 percent in March, and the number of Americans not in the labor force increased slightly to 94,213,000, up 23,000 from February’s 94,190,000.

In stark contrast to the ADP Private employment report, the report from the BLS added 98,000 jobs in March, which was below the gains of 219,000 in February and 216,000 in January.

Manufacturing, an area that President Donald Trump has focused on, added 11,000 jobs in March, bringing the total number of people employed in the sector to 12,392,000.

EconomyinFocusJobsEmploymentTrumpcreditCNSNews2-postedtothedailybusinessnewsmhpronewsmhlivingnews

Credit: CNS News.

This growth represents the largest amount of people employed in the sector since former President Barack Obama took office in January 2009.

Since December, the nation has added 49,000 manufacturing jobs and 19,000 government jobs.

As Daily Business News readers are aware, the January, February, and now March reports reflect anticipation of President Trump’s policies, meetings and movement, including the highest Small Business Optimism Index in 37 years from the NFIB.

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Juanita Duggan, President and CEO of the NFIB. Credit, NFIB.

We haven’t seen numbers like this in a long time,” said NFIB President and CEO Juanita Duggan in January.

Small business is ready for a breakout, and that can only mean very good things for the U.S. economy. Business owners are feeling better about taking risks and making investments.”

 

 

A View from the Industry

Even with the progress that’s been made, President Trump still faces an uphill battle.

tim williams exev vp ohio mfg homes assoc

Tim Williams, OMHA.

As well as the markets and new job creation are already responding to his initiatives, where could we be if there wasn’t a non-stop assault on our new president?” said MHProNews and MHLivingNews Publisher L.A. “Tony” Kovach.

Back in November, Tim Williams told MHProNews that, “I am deeply encouraged that less than 24 hours into President Trump’s term, he has frozen new, potentially burdensome regulations.”  For his full comments, click here.

MHARR CEO, M. Mark Weiss, JD, shared similar thoughts with MHProNews in a story, linked here.

For more on the progress of the Trump Administration, including proposed budget cuts to National Public Radio (NPR) and the Corporation for Public Broadcasting (CPB), click here. ##

 

(Image credits are as shown above.)

 

rcwilliams-writer75x75manufacturedhousingindustrymhpronews

RC Williams, for Daily Business News, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews

Jobs Report at the Start of the Trump Economy

February 4th, 2017 Comments off
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Image credits, Live Satellite News, text graphics, MHProNews.

The second full week of the Trump Administration came to an end on Friday, and brought with it the first jobs report under the new commander in chief.

U.S. employers added the most workers in four months, while wage growth slowed slightly more than projected.

According to CNSNews, the report from the Bureau of Labor Statistics (BLS) showed total nonfarm payroll employment rose 227,000, beating estimates of a rise to 180,000. The unemployment rate ticked up a tenth of a point to 4.8 percent.

The Labor Department’s “Employment Situation Report” is released monthly, and it reflects data gathered in the pay period that includes the 12th of the month. Labor participation was up two-tenths of a point to 62.9 percent.

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Credit: CNS News.

This means that the report released today reflects the situation just prior to when President Trump was sworn in on January 20th.

As Daily Business News readers are aware, the January report reflects anticipation of President Trump’s policies, meetings and movement prior to taking office, including the highest Small Business Optimism Index in 37 years from the NFIB.

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Juanita Duggan, President and CEO of the National Federation of Independent Business (credit, NFIB).

We haven’t seen numbers like this in a long time,” said NFIB President and CEO Juanita Duggan. “Small business is ready for a breakout, and that can only mean very good things for the U.S. economy. Business owners are feeling better about taking risks and making investments.

Private employment, excluding government agencies, rose by 237,000 after a 165,000 increase in December. Government employment fell by 10,000 and factory payrolls grew by 5,000.

Retailers increased payrolls by 45,900. Employment in financial activities was up 32,000, professional and business services rose by 39,000, and leisure and hospitality was up 34,000.

Per Bloomberg, hiring in construction, retail, finance and professional services helped labor numbers. The 36,000 increase in construction payrolls was the largest since March.

 

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Credit: CNS News.

Today’s report reflects the consumer confidence that the Trump presidency has inspired,” said White House press secretary Sean Spicer.

President Trump campaigned on how to make America work again. Even before he took office, the markets knew he would deliver on that promise.”

Spicer was optimistic, but also mentioned that Trump remained realistic about what needs to happen next.

The president’s already taken significant steps to turn our economy around and he is looking forward to ensuring that every American who wants a job has the opportunity to find one,” said Spicer.

While the president’s definitely pleased that the job growth has far surpassed expectations and that the labor force participation is rising, he also recognizes that there is a lot more work to be done.

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Dr. Ben Carson at his confirmation hearing. Credit: Fox News.

President Trump’s actions leading up to, and after, his inauguration, stand to have significant positive impact on the manufactured housing industry. One of the most influential was the President’s nomination of Dr. Ben Carson for HUD Secretary, and his comments on the importance of manufactured housing.

For more on President Trump’s activity, including the Executive Order regarding Dodd-Frank, click here. ##

 

(Image credits are as shown above.)

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RC Williams, for Daily Business News, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.

$15 Hour Minimum Wage would Cost Nine Million Jobs Nationally

August 18th, 2016 Comments off

lunch box thermos ebay postedDailyBusinesNewsMHProNewsAs labor activists promote the Fight for Fifteen, the push for a $15 an hour minimum wage would lead to the loss of nine million jobs as businesses scurry to find where to implement labor-saving technology, says , James Sherk in a Heritage Foundation brief as reported to hotair.

Including wages, payroll taxes and other withholdings, a $15 per hour employee must generate $38,700 annually in value to their employers “Such a high hurdle would make it much harder for less-experienced and less-skilled workers to find full-time jobs. Many of these workers are not yet productive enough to create that much value for their employers and businesses will not hire them at a loss,” according to Sherk.

Some companies may face closing or move outside the country. In Los Angeles, American Apparel slashed 500 jobs after the city’s $15/hr law took effect. The latimes says the Bureau of Labor Statistics data indicate local apparel manufacturing in Los Angeles County had fallen 33 percent since 2005 to 2,182, and employment in the industry had also declined the same percent, to 40,500 workers. Expensive real estate, the rising cost of materials and finding employees skilled enough who can afford to live in the city are definite challenges.

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Charts credit,Heritage.org.

Studies by economists reveal an increase of ten percent in labor costs results in the loss of 6.8 percent less skilled workers in the long run. Although not an exact number, it does indicate the approximate level of job losses when wages increase.

The Washington Post reported in a study from Seattle where the minimum wage was mandated, researchers checking the numbers one way said the result was an increase in wages of $5.54/wk because of the increase, yet studying the numbers from a different angle results in a loss of $5.52/wk. Fewer workers had a job as the result of the minimum wage increase, and those that did, did not work as many hours as they had previously. The bottom line in Seattle: Earnings increased in one week sufficient to buy a Starbucks latte—until they raise the price or cut staff, which would increase wait time.

In a 40-hour week, $5.54 comes out to $0.14 per hour, which MHProNews understands means only nine percent of the increase in the minimum wage has effectively reached workers. “Ninety-one percent has dissipated in the need for businesses to counter the increased costs, either through reductions in hours or lost jobs. And that’s the best-case scenario,” said the study.

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It’s not rocket science: If costs go up at one end, they have to be cut somewhere else, and this may be achieved by laying off other workers. In the industries most affected by a forced wage increase, cost competition is too significant to allow for price increases, so costs are cut elsewhere, often in labor.

In Sherk’s analysis, if the minimum wage was raised to $15/hr across the country, more than a tenth of all job losses would be in Texas, followed by 981,000 lost in California, 727,000 would disappear in Florida and 434,000 in New York.

When manufactured housing businesses consider the impact of polcies that didn’t work for Republican Richard Nixon, when he tried wage and price controls which failed, or for Democrats who propose it today, the study suggests the impact won’t be what supporters of $15 minimum wage seek.  Rather, the law of supply and demand indicates that by increasing the demand for labor through private sector job creation is a better strategy. ##

(Photo credit: ebay–Lunch box and thermos)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J Silver to Daily Business News-MHProNews.

Unemployment Rate Tells One Story; Labor Participation Rate Determines Revenue, Federal Debt

August 8th, 2016 Comments off

Labor_Participation_Rate_CNBC_Bureau_of_Labor_statistics postedDailyBusinessNewsMHProNewsEach first Friday of the month the Labor Department’s Bureau of Labor Statistics issues its jobs report for the previous month—commonly called the U-3 number–an abundance of employment-related data, each of which has a story about the employment scene.

While the official unemployment rate held steady at 4.9 percent—called the “total unemployed, as a percent of the civilian labor force”– most economists look beyond that to what they call the U-6 number, which provides a broader perspective. That rate fell in June to 9.6 percent, the lowest level since April 2008, but rose slightly in July to 9.7 percent. It is defined as all the unemployed, plus “persons marginally attached to the labor force, plus total employed part time for economic reasons, as a percent of the labor force.” In other words, it is the unemployed, underemployed and the discouraged, as cnbc informs MHProNews.

Of concern is the labor force participation rate, which measures what part of the population is employed or seeking employment. That rate rose one tenth of a percent to 62.8 percent.

While job growth was only 24,000 in May, June’s numbers swelled to 292,000 and July another 255,000 jobs were added, statistics which have fueled a rise in wages following several years of tepid growth.

July’s average hourly wage rose to $25.69, while weekly wages hit $886.31.

Jobs are an important battleground in the race for the White House. Democrat Hillary Clinton has called for an increased spending in infrastructure programs, promising workers in a speech outside Denver “millions of jobs with rising incomes.”

Republican candidate Donald Trump meanwhile claims the Obama administration has allowed American companies to ship jobs overseas without creating growth at home. Trump also noted that then-Senator Clinton promised jobs in New York state that didn’t materialize.

While ten million jobs have been added since President Obama took office, it is the equivalent of about half the jobs added during Bill Clinton’s tenure in the White House, and a bit less than those added when Ronald Reagan was president.

Meanwhile, according to cnsnews, 94,333,000 Americans were not in the active labor force in July, just a bit of improvement from the 94,517,000 in June.

In July, while the unemployment rate remained at 4.9 percent, the number of those unemployed dropped 13,000 to 7,770,000, as the number of those employed rose 420,000 to 151,517,000.

The nation’s civilian noninstitutional population, comprised of all people 16 or older who were not in the military or an institution, reached 253,620,000 in July. Of those, 159,287,000 participated in the labor force, either holding a job or actively seeking one, equaling 62.8 percent of the 253,620,000 civilian noninstitutional population.

The Congressional Budget Office (CBO) issued a report in July predicting that the labor force participation rate will fall to 58 percent in 2046. The number obviously may change based on any number of demographics, a change in male and female roles, economic conditions, technological developments as well as medical breakthroughs that could increase the age of the work force.

However, if the labor force participation hits 61 percent in 2046, the higher gross domestic product (GDP) would lead to increased revenues, higher interest rates, smaller budget deficits as well as less federal debt.

Conversely, if labor participation drops to 55 percent in 2046, the slowdown in economic growth will result in larger budget deficits and more federal debt.

Finally, the CBO forecast that the labor force will grow at the average rate of 0.4 percent per year during the coming 30 years, compared with 1.5 percent from 1966 to 2015. ##

(Graphic credit:CNBC/Bureau of Labor Statistics–labor force participation rate)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J Silver to Daily Business News-MHProNews.