Job seekers wait in line to apply for part-time, full-time or seasonal positions at a job fair at Dolphin Mall in Sweetwater, Fla., on Oct. 3, 2017. By Matt O'Brien Matt O'Brien Reporter covering economic affairs Email Bio Follow May 3 at 6:25 PM The headlines write themselves: The unemployment rate has just fallen to an almost 50-year low of 3.6 percent, the economy has now added jobs for a record 103 straight months, and while wage gains are still slightly muted at only 3.
That said, though, there were still a few dark linings to this otherwise silver cloud. Chief among them was the fact that while businesses said they added a very robust 263,000 jobs last month, households actually told us that 103,000 fewer of them were working then. These numbers, as you might expect, are usually pretty close to each other, since they’re supposed to be measuring the same thing. .
How is it possible, though, that the recovery might be slowing down when the unemployment rate just fell from 3.8 to 3.6 percent? Well, that makes more sense once you realize that it only happened for the “bad” reason that fewer people were looking for work rather than that more of them were finding it.
The question, then, is whether the whole idea that the economy would slow down once unemployment got below a certain point was wrong, or whether that point is just lower than we thought it was. And the answer is we have no idea. If you’re a glass-half-full kind of person, you might point out that not only is hiring still strong today, but also that wages are still low enough that there’s every reason to expect companies to keep adding just as many people tomorrow.
BoSnerdley 😱
I’m 45 with three teens. I have a full time job, a part time job and a seasonal job. I work in public education, for a nonprofit and in tourism, because in state college tuition is $20,000 a year and that is ridiculous. We tell kids to go to college, but make it cost prohibitive
Thank you realDonaldTrump
Because of people leaving the workforce and giving up. Also, what did this administration do to the formula / calculation?
Under the previous administration,this would rate an entire celebratory Sunday edition instead of a gruding editorial.
Good news, just as long as it doesn't evolve into a booming artificial economic bubble like in the 90's.
Then: Trump's election will destroy the economy. Now: Thanks Obama for having 8 years of weak growth which led to a huge expansion AFTER you left office, just like you planned!
This Vox piece is an excellent companion article...
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If a person works ten hours a week, the government considers them employed. But are they making ends meet? We need to stop measuring the economy by how well the rich are doing.
Unemployment at a 50 year low, more people paying tax than ever before but the deficite in tax income has increased, how did that happen? ... oh wait realDonaldTrump , his 1% off the top scam.
And could you please tell your readers about the deficit, too? And about those normal wages earning ppl who struggle to pay there bills now? Or about the taxes that have gone up for everyone except the very rich?
And that’s a bad thing because?
Unemployment is at historic lows cuz most people nowadays have to have TWO OR MORE JOBS, just to get by, instead of ahead!! Duh!
Isn't that kind of easy to do with so many people needing multiple jobs to survive? No where in America can a single person rent a 2 bedroom apartment on only 40 hours of minimum wage. It takes 1 full day of min wage each month to earn a bus pass in Los Angeles. FightFor15
Is it really though? Or did the BLS just raise non-participation number a bunch to manipulate the official employment statistic? 🤔 Everything else we know of Trump tells us he will put his thumb on a scale to create a lie. Why would he stop here, or at Commerce Sec Ross‘ BEA?
Personally I don’t believe a single word published by this administration. I is just as likely that these unemployment numbers are cooked as true.
Any asshole with a phone can get a job... most of the time without a real interview. But these “task” jobs just add to the working poor population in this country.
Sure; for part-time minimum wage jobs without benefits that you have to have three of to just get by. Major chains closing store everywhere. I live and work on Main Street. Illusory statistics re this and the 'great economy.' Horseshit!
British started working? Or more migrants arrived?
That means quite little until wages are raised significantly.
Majority jobs are slave jobs with slave wages & the companies have one prerogative only, which is money/greed/capitalizing. Where is the HUMANITY? Why does our gov lie and say we are free when we only are if we pay them money? So human rights ain’t free? WUT gave them the right?
Let’s all QUIT the greed! And be who we wanna be! And then truly be FREE! In my opinion this is quite good news!
It’s as if Trump’s pathological lying and egomaniacal idiocy is deterring him for being a good president.
Help Wanted signs are at Burger Greasy Spoons and pick your own food out of the dirt. Get over it already.
If people are working but aren't getting paid enough to cover the bills is it really a good economy?
. Very misleading article. What percentage are working full hours.
THEREFORE, THE WARRANTY OF THE WAR-FINDING WORK WILL KILL
In the meantime, what is the budget deficit at? ...And how about that trade deficit?
And Trump still somehow manages to have the worst polling in history.