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Posts Tagged ‘Labor Department’

Trump Card: March Jobs Report Delivers

April 6th, 2017 Comments off
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Credit: Fortune.

President Donald Trump is known for his no-nonsense, get things done style. Coming into the White House, he had no plans to change it.

I will be the greatest jobs producer God ever created,” said President Trump just before his inauguration.

Believe me.

 

 

By all appearances, he’s on his way to delivering on that statement.

The ADP March private payrolls report is out, and showed another big jump.

According to CNBC, companies added 263,000 jobs for the month, which is well above the 185,000 expected from economists surveyed by Reuters and also better than the 245,000 reported for February.

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Credit: Heather’s Homilies.

Goods producing firms added 82.000 jobs, with construction accounting for 49,000 of that number.

Professional and business services was the leading sector for new jobs with 57,000, and leisure and hospitality added 55,000. Health added 46,000 jobs, manufacturing payrolls grew by 30,000 and trade, transportation and utilities rose by 34,000.

Also of note is where the jobs were created. As part of an ongoing commitment by President Trump to help small business, companies with fewer than 50 employees saw the biggest growth in jobs for March with 118,000, while companies with 50 to 499 employees added 100,000 jobs.

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Credit: CNBC.

Job growth is off to a strong start in 2017,” said Mark Zandi, chief economist of Moody’s Analytics.

The gains are broad-based but most notable in the goods producing side of the economy including construction, manufacturing and mining.

Markets were hopeful yesterday that President Trump could deliver on his pro-growth agenda. The report from the Labor Department is due at 8:30a ET tomorrow morning.

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

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.

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.

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.

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L. A. ‘Tony’ Kovach addressing industry professionals in an educational session.

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.)

 

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RC Williams, for Daily Business News, MHProNews.

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

Home-building Spurring Gross Domestic Product

June 17th, 2013 Comments off

As of April 2013, home building employment totaled 2.1 million people, up nearly 100,000 in the last year, according to the labor department. Home building contributed 20 percent to the growth of the Gross Domestic Product (GDP) in the last six quarters. Residential Fixed Investment (RFI), the home building component of the (GDP), measures spending on residential structures, including manufactured housing, single and multi-family homes, as well as remodeling and improvements that extend the life of the home. For the last six quarters RFI has averaged a 14 percent growth rate, as usnews has informed MHProNews. The National Association of Home Builders (NAHB) reports housing, defined as the combination of the monetary value of newly-built housing and sales of existing housing, has often accounted for 17-18 percent of the overall economy. The first quarter of 2013 saw that number at 15.18 percent.

(Photo credit: Liberty Homes–manufactured home)

Jobless Benefits Numbers Skew Reporting

October 11th, 2012 Comments off

A larger than expected drop in jobless claims last week was the result of one large state not filing their quarterly report, not the result of more jobs being filled. YAHOO! Finance reports the Labor Department said jobless claims fell by a seasonally-adjusted rate of 30,000 last week, resulting in a four-year-low of 339,000, which in turn spurred financial markets. The state did file weekly claims, but quarterly claims generally reflect people re-applying for benefits rather than being newly out of work, which skews the numbers. Instead of a sign of a regenerative healthy job market, the slip-up may increase perception labor market figures cannot be trusted. As MHProNews has learned, while the Labor Dept. cannot be faulted for one state’s reporting error, it could have been more forthcoming when the figures were originally released.

(Photo credit: ebay)

Employment Figures not Expected to be Robust

July 5th, 2012 Comments off

Anchorage Daily News states weekly unemployment benefit applications fell 14,000 to a seasonally-adjusted 374,000 according to the U.S Dept. of Labor, the fewest in six weeks. While economists predict only 90,000 jobs were added last month, payroll provider ADP counts 176,000 jobs added in June. ADP only measures private sector jobs, not government workers. The labor department said employers added an average of 73,000 jobs in April and May, well below the 223,000 average for the first three months of the year. The total number of people receiving benefits fell 20,000 for the week ending June 16. With retail sales and manufacturing down for June, the economy only expanding at a 1.9 percent rate Jan.–March of this year, and consumer confidence falling in June for the fourth consecutive month, it is not anticipated job growth will be very high.

(Image credit: jobsearch/Karen Roach)

Jobless Claims Fall

May 11th, 2012 Comments off

HousingWire reports the Labor Department says the number of Americans filing jobless claims fell to 367,000 the week ending May 5, 1,000 fewer than the previous week. This pales in comparison to the week ending April 28 when claims fell 27,000. The four week moving average hit 279,000, 5,250 fewer than the previous week’s drop-off. Capital Economics suggests any drop in claims is important in the economic recovery.

(Photo credit: ebay)

Sluggish Economy May Be Due to Frigid Winter

March 17th, 2011 Comments off

Bloomberg News reports the producer price index moved up 1.6 percent in February, the most since June 2009, according to Labor Department figures.  The article says the combination of higher fuel and food prices coupled with a struggling housing market put a strain on disposable income.  The consumer price index rose .03 percent, the biggest jump since June 2009.  Energy prices rose 3.3 percent, propelled by a 15 percent increase in home heating oil; food prices increased 3.9 percent, the largest jump since November 1974, and housing starts fell 23 percent. The frigid winter that covered most of North America may have limited housing starts and contributed to the higher home heating cost.  Nevertheless, say some analysts, it could be the start of an inflationary trend, and a definite downside to the economy.