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The Economy Adds 227,000 Jobs in January, and Unemployment Little Changed at 4.8%

The Economy Adds 227,000 Jobs in January, and Unemployment Little Changed at 4.8%

The U.S. economy added 227,000 jobs in January in the last employment report of the the Barack Obama administration. Unemployment was little changed at 4.8%, according to figures released this morning by the U.S. Bureau of Labor Statistics. President Donald Trump is inheriting a relatively strong economy based on years of work that Barack Obama and his administration did to bring us out of the horrible recession brought on, in part, because of George W. Bush-era deregulation and weak enforcement. Obama inherited a failing economy, with 589,000 jobs lost in January 2009 and an unemployment rate in February 2009 of 7.6%. Trump, on the other hand, is inheriting a much stronger jobs market, with 227,000 jobs added in January 2017 and an unemploymet rate of 4.8%. Trump's challenge is to continue the pattern of job growth and rising wages. The administration needs to create policies benefiting working people so the recovery continues.

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The Economy Adds 156,000 Jobs in December, and Unemployment Little Changed at 4.7%

The Economy Adds 156,000 Jobs in December, and Unemployment Little Changed at 4.7%

The U.S. economy added 156,000 jobs in December and unemployment was little changed at 4.7%, according to figures released this morning by the U.S. Bureau of Labor Statistics. This continues the recovery of the labor market at a tempered rate, which means the Federal Reserve’s Open Market Committee should continue to let the economy grow at this rate and not raise interest rates.

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The Federal Reserve Raising Interest Rates is Unwelcome and Unnecessary

The Federal Reserve Raising Interest Rates is Unwelcome and Unnecessary

Wednesday’s decision by the Federal Reserve to raise interest rates is unwelcome and unnecessary. As admitted in its statement, investment remains soft, growth is only moderate and inflation expectations are little changed. Moreover, the economy confronts financial headwinds from the recent jump in long-term interest rates and an even stronger dollar.

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The Economy Adds 178,000 Jobs in November, and Unemployment Down to 4.6%

The Economy Adds 178,000 Jobs in November, and Unemployment Down to 4.6%

The U.S. economy added 178,000 jobs in November and unemployment was down to 4.6%, according to figures released this morning by the U.S. Bureau of Labor Statistics. This continues the recovery of the labor market at a tempered rate. With the report that wage growth moderated in November, it means the Federal Reserve’s Open Market Committee should continue to let the economy grow at this rate and not raise interest rates.

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The On-Demand Economy Is Smaller Than You Think

Image via Northeastern University

A lot of people assume that a hefty share of working people earn money in the “platform economy”—also called the “gig economy” or the “on-demand economy.”

According to a new report, however, only 0.5% of adults in the United States earn income from digital labor platforms—such as Uber and Task Rabbit—that are used to provide labor or services. That works out to a little more than 1 million people.

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Putting Off Retirement Shouldn’t Be a Death Sentence

Putting Off Retirement Shouldn’t Be a Death Sentence

Working people are working longer to support themselves and their families. And they are paying for it. Today, one in five workers are 65 years or older and are at greatest risk of fatalities and injuries due to falls, slips and trips. But a rule proposed by the Occupational Safety and Health Administration would strengthen protections and prevent falls, slips and trips caused by workplace hazards.

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Trying to Teach Old Dogs New Tricks

On Wednesday, the Federal Reserve's open market committee concluded its two-day meeting to set U.S. monetary policy. In a vote that divided the Board of Governors, appointed by the president and confirmed by the U.S. Senate in an open public process, and the presidents of the regional bank board presidents, chosen by boards dominated by banks within their region, Janet Yellen, chair of the Federal Reserve Board of Governors and the FOMC, announced the FOMC decided to hold steady to its current fed funds rate. The fed funds rate is an overnight interest charge made between banks loaning reserves to each other. If it is higher, the cost of making loans goes up, and that reduces liquidity for the business and consumer sectors. Lower liquidity means less borrowing for business investment or consumer purchases like homes and cars. In turn, that means slower demand, and translates into slower growth for jobs.

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