U.S. Added 187000 Jobs in August
Wall Street Journal - Sep 1, 2023
-- https://www.wsj.com/livecoverage/stock-market-today-jobs-report-09-01-2023/card/u-s-added-187-000-jobs-in-august-jobs-report-H0bW2SphuXxFvUJ7M2xK

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Mayorkas To Introduce New Inflation Reduction Act Investment After One-Year Anniversary
Washington Examiner - Aug 17, 2023
-- https://www.washingtonexaminer.com/policy/economy/watch-live-mayorkas-new-inflation-reduction-act-investment

In article <ba513094-f011-40ce-a079-8da0c1b0c042n@googlegroups.com>,
bruce bowser <bruce2bowser@gmail.com> wrote:

> U.S. Added 187000 Jobs

The government shut down the country for a year and a half and put
millions out of work.

The fact that people are slowly recovering from that and getting back to
the jobs they previously had is not some grand accomplishment by Biden
"adding jobs".

On 9/6/23 2:49 PM, BTR1701 wrote:
> In article <ba513094-f011-40ce-a079-8da0c1b0c042n@googlegroups.com>,
> bruce bowser <bruce2bowser@gmail.com> wrote:
>
>> U.S. Added 187000 Jobs
>
> The government shut down the country for a year and a half and put
> millions out of work.

Correction: Trump shut the country down and put hundreds of thousands in
body bags.

No charge.

--
"Thou shalt not make a machine in the likeness of a man’s mind." - OC
Bible 25B.G.
https://www.dropbox.com/s/ek8kap93bmk0q5w/D%20U%20N%20E%20Part%20II.jpg?dl=0

Gracie, age 6.
https://www.dropbox.com/s/0es3xolxka455iw/BetterThingsToDo.jpg?dl=0

Staggering figures have revealed that over 1.2million US-born workers lost
their jobs last month while the foreign-born workforce increased by nearly
700,000 - as migrants continue to flood across the border under the Biden
administration.

Data from US Bureau of Labor Statistics show that between July and August,
there was a staggering decrease of 1.223million native-born people in the
workforce - which is a low not beaten since the jobs crash when Covid hit in
April 2020.

In stark contrast almost 688,000 jobs were secured by foreign-born workers,
underlining the difference in Joe Biden's pro-migration policies versus
Donald Trump's tough border stance.

The data published on Friday shows that the numbers of US-born workers in
employment had previously been steadily increasing since January - when the
figure sat at 130million. This jumped to 131.1million in April, before
peaking in July with 132.25million. Employment in this category was back down
to 131.03millon in August.

By comparison, the number of foreign-born workers has been increasing since
the beginning of the year. In January 2023, there were 28.69million non-
natives working in the States, rising to 29.96million in April, and
30.396million in August.

The most dramatic drop in native-born employment numbers was, perhaps
unsurprisingly, between March and April of 2020, in the first month of the
coronavirus pandemic.

Employment went from 128million to 111million in the space of four weeks -
equating to 17.324million jobs being lost.

July to August of 2023 has been the biggest drop since.

While there can often be a lull in employment during the summer months, as
well as over the winter period from December to January, this year's drop is
more significant that previous periods.

In 2021 between July and August, there was an employment drop of 601,000
native-born people in the US.

Similarly in the same months in 2022, there were 324,000 less workers in
jobs.

Even before the pandemic, in data from July and August 2019, there were
700,000 less native-born people in the US workforce.

Therefore, this year's 1.223million negative difference seems more concerning
- negatively bucking the trend of previous vacation lulls.

Looking at the same summer jumps for foreign workers, the opposite trend
seems to be true. Employment has been expanding, rather than contracting.

Between the summer months in the first year of the pandemic, employment of
foreign-born workers boomed - increasing by 473,000.

Between July and August 2021, the number of foreign-born workers increased by
237,000, and in 2022, although there was no increase, the dip was marginal -
at just 29,000.

The increase in foreign-born people working in the US this summer, 668,000,
is the highest July-to-August jump in the last 10 years. The only July-to-
August period that has come close was during the height of the pandemic in
2020 - 605,000.

While there can often be a lull in employment during the summer months, as
well as over the winter period from December to January, this year's drop is
more significant that previous periods (stock image)

What the figures suggest is there has been nearly a net-zero increase in
native-born jobs created since the Covid economic crash. The job market is
only just about reaching the highs seen in October 2019, where employment was
131.72million.

Trends also seem to show that under Donald Trump, there were less foreign-
born people working in the US month-on-month, the Bureau's data shows.

Comparing figures from the first three years of each of their tenures, the
Republican president's foreign-born workforce expanded by 752,000 between
August 2017 to 2019.

By contrast, Democrat Biden's figure from August 2021 to 2023 was
3.943million.

During Trump's presidency, between July and August of 2017, foreign-born
employment rose by just 82,000.

The 668,000 foreign workforce figure in 2023 is a staggering eight times more
- set on the backdrop of the Biden administration's control of the movement
across the US-Mexico border since the end of pandemic-era Title 42 in May.

Between July and August of 2018, foreign-born employment increased by
168,000, and 2019's corresponding figure was 132,000.

According to the Bureau of Labor Statistics, foreign-born people are those
residing in the United States who were not US citizens at birth, and do not
have parents who are U.S. citizens.

Though hiring this August was strong by historical standards, with 187,000
jobs added, employment gains over the last three months have averaged just
150,000, the lowest reading since the October to December period in 2019.

The 668,000 foreign workforce figure in 2023 is a staggering eight times more
- set on the backdrop of the Biden administration's control of the movement
across the US-Mexico border since the end of pandemic-era Title 42 in May
(stock image)

The rates at which workers are quitting as well as the pace of hiring also
have slipped to near or below pre-pandemic levels, while one statistic
closely watched by the Fed - the number of job openings for every unemployed
person - tumbled in July to 1.51, the lowest since September 2021.

The downshift marks 'a clear cooling of the labor market,' former Boston Fed
President Eric Rosengren said. 'If it continues we are likely at the peak of
the interest rate cycle.'

The Fed has raised its benchmark overnight interest rate rapidly since March
of 2022, but is expected at its September 20 meeting to hold it steady in the
current 5.25%-5.50% range.

New economic projections issued at the end of that gathering will show if
policymakers continue to expect an additional rate increase this year, but
after the latest jobs data investors increased their bets against such a
prospect.

Acting U.S. Labor Secretary Julie Su said the slower pace of job growth
showed the economy was shifting from the 'breakneck' recovery from pandemic-
era job losses to 'continued stable, steady growth.'

She said: 'This is really what you want to see if you are looking for a 'soft
landing.''

Her reference was to the hope among Fed policymakers that they can lower
still-elevated inflation to the central bank's 2 percent target without
forcing the economy into recession or causing high rates of joblessness.

Although the unemployment rate rose three-tenths of a percentage point to 3.8
percent in August, it remained well below the rates of 5 percent and higher
that have been normal in the U.S. since World War Two.

Moreover, it was driven by a jump of more than 700,000 in the number of
available workers - a constructive dynamic that can allow employment to
expand without inflationary pressure on wages.

Fed officials have been hoping to see the labor market cool, torn between the
fact that rising wages and a good job market improve the economic fortunes of
workers and families, and concern that continued strong hiring conditions
could keep inflation high.

At least so far, the Fed is registering gains there as well, with data since
the July meeting showing the pace of price increases slowing and the breadth
of inflation narrowing.

--
Let's go Brandon!