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Government selectors, pages, etc.
Thank you President Biden!
By Curt_Anderson
September 1, 2023 9:51 am
Category: Government

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Employers add enough jobs to keep the unemployment rate near a 50-year low.

On Friday, the Bureau of Labor Statistics reported that the US economy added 187,000 jobs in August.

Wage growth has been particularly strong for low-paid workers since March 2020, when the pandemic shut down the U.S. economy, said Elise Gould, senior economist at the Economic Policy Institute. Because of government stimulus such as expanded unemployment benefits, low-paid workers had a stronger safety net as they looked for better-paying jobs. As a result, many employers have boosted pay during the past three years.

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Comments on "Thank you President Biden!":

  1. by Indy! on September 2, 2023 7:00 pm

    Employers boosted pay because workers refused to return to their shitty pay jobs. Biden had ZERO to do with that like just about everything else for which you try to give him credit.

  2. by Curt_Anderson on September 2, 2023 9:21 pm
    Why haven't employees been refusing to work for low pay before--for the past fifty years or so? Because there weren't better paying jobs available.

    President Biden signed a $1 trillion infrastructure bill enacting a key piece of his domestic spending agenda that will funnel billions to states and local governments to upgrade outdated roads, bridges, transit systems and more. He also signed into law the $369 billion Inflation Reduction Act of 2022, a legislative package to fight inflation, lower prescription costs for seniors, invest in domestic energy production and manufacturing, and reduce carbon emissions. How do those programs not create more jobs?

    It's supply and demand. Employees are in short supply so they can demand more, hence wages increase.

  3. by oldedude on September 3, 2023 6:13 am
    And now for the rest of the story... From the same report. Admittingly, every president uses this report for their own benefits.

    The unemployment rate rose to 3.8%. So unemployed persons increased by 514,000 to 6.4 million. Underemployment also went up .3% to 3.8%, up slightly from 3.7% last year (those unemployed was at 6.0 million).

    Long story short. there were 187,000 "jobs" created, and more people are underemployed as seen by those working part time for economic reasons (those looking for full time work) increased. And people have given up on the job market to get out of the workforce and live off the government also increased.

    Employment Situation Summary

    Total nonfarm payroll employment increased by 187,000 in August, and the unemployment rate rose to 3.8 percent, the U.S. Bureau of Labor Statistics reported today. Employment continued to trend up in health care, leisure and hospitality, social assistance, and construction. Employment in transportation and warehousing declined.

    Household Survey Data

    The unemployment rate rose by 0.3 percentage point to 3.8 percent in August, and the number of unemployed persons increased by 514,000 to 6.4 million. Both measures are little different from a year earlier, when the unemployment rate was 3.7 percent and the number of unemployed persons was 6.0 million. (See table A-1.)

    Among the major worker groups, the unemployment rates for adult men (3.7 percent), Whites (3.4 percent), and Asians (3.1 percent) rose in August. The jobless rates for adult women (3.2 percent), teenagers (12.2 percent), Blacks (5.3 percent), and Hispanics (4.9 percent) showed little change over the month. (See tables A-1, A-2, and A-3.)

    Among the unemployed, the number of job losers and persons who completed temporary jobs increased by 294,000 to 2.9 million in August, offsetting a decrease of 280,000 in July. In August, the number of new entrants edged up to 597,000. (New entrants are unemployed persons with no previous work experience.) (See table A-11.)

    Both the number of persons unemployed less than 5 weeks, at 2.2 million, and the number of long-term unemployed (those jobless for 27 weeks or more), at 1.3 million, edged up in August. The long-term unemployed accounted for 20.3 percent of all unemployed persons. (See table A-12.)

    In August, the labor force participation rate rose by 0.2 percentage point to 62.8 percent, after being flat since March. The employment-population ratio was unchanged over the month at 60.4 percent. (See table A-1.)

    The number of persons employed part time for economic reasons, at 4.2 million, changed little in August. These individuals, who would have preferred full-time employment, were working part time because their hours had been reduced or they were unable to find full-time jobs. (See table A-8.)

    In August, the number of persons not in the labor force who currently want a job was 5.4 million, little changed from the prior month. These individuals were not counted as unemployed because they were not actively looking for work during the 4 weeks preceding the survey or were unavailable to take a job. (See table A-1.)

    Among those not in the labor force who wanted a job, the number of persons marginally attached to the labor force was little changed at 1.5 million in August. These individuals wanted and were available for work and had looked for a job sometime in the prior 12 months but had not looked for work in the 4 weeks preceding the survey. The number of discouraged workers, a subset of the marginally attached who believed that no jobs were available for them, also changed little over the month at 386,000. (See Summary table A.)

  4. by oldedude on September 3, 2023 6:34 am
    Part-time workers pay a big-time penalty

    There is a penalty for working part time in America that goes beyond the lower annual earnings and fewer employee benefits that part-time workers get. Part-time workers are also face an hourly wage penalty: they are paid 29.3% less in wages per hour than workers with similar demographic characteristics and education levels who work full time. And when controls for industry and occupation are added, part-time workers are paid 19.8% less than their full-time counterparts. This part-time wage penalty is on par with the gender and racial wage penalties in the United States.

    This report provides new analysis of data on the part-time wage penalty overall, by race/ethnicity and gender, and by the reasons workers give for working part time. White men and black men suffer the largest wage penalty for working part time. However, because women constitute a disproportionate 60% share of the part-time work force, they bear the brunt of the wage penalty for working part-time jobs. Moreover, the part-time wage penalty is worse for people who work part time but want full-time hours, relative to part-time workers who cannot or do not want to work full time. In addition, there is a broader compensation penalty in employee benefits, faced by part-time workers, in particular part-time workers employed in service occupations. (Note: penalties are calculated using 2003–2018 microdata from the Current Population Survey.)

  5. by Donna on September 3, 2023 9:01 am

    Plus, most p/t workers receive no benefits, and many are in the donut hole of earning too little to be able to afford medical care but too much to qualify for an adequate subsidy.

  6. by oldedude on September 3, 2023 9:52 am
    Right. That's kind of covered in the EPI report, but like you, I think it skirts the real issues of not having medical insurance (especially) and several other benefits.

    I think that's a big reason why you see more people choosing not to work part time that really want a full time job to cover a plethora of life's issues.

  7. by Indy! on September 3, 2023 12:08 pm

    The reason is simple, Curt - people were conditioned over years of lower pay and more work that they weren't worth more money. This is confirmed by all the statistics showing wages over the last 40 years have not kept pace with increased production and the fact the upper 10% has stolen over $50T in wage theft. So what changed? People got sent home during covid which gave them the opportunity to realize they could live just as well WITHOUT those lower wage jobs as they could WITH those jobs. So why go back to work for the same pay when they did just as well NOT going to work everyday. So employers HAD to raise pay to bring people back. This was - of course - counteracted by corporate America with the fake "inflation" we've seen to keep their profits high.

    You're out of touch, my friend. This aint the 1950s.

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