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This is a discussion on Q1 Economic News within the Current Events forums, part of the Tech Support Forum category. Employers in the U.S. added more jobs than forecast in January, capping the biggest three-month gain in 17 years, and


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Old 02-06-2015, 06:04 AM   #1
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Employers in the U.S. added more jobs than forecast in January, capping the biggest three-month gain in 17 years, and workers’ earnings jumped.

The 257,000 advance in payrolls last month followed a 329,000 gain in December that was bigger than previously reported, figures from the Labor Department showed Friday in Washington. The median forecast in a Bloomberg survey of economists called for a 228,000 increase. The unemployment rate climbed to 5.7 percent as the improving job market lured more Americans into the labor force.

A stronger economy has encouraged companies to boost hiring, creating a virtuous cycle of growth as Americans spend newfound incomes on goods and services. Sustained job growth will probably help assure Federal Reserve policy makers that the expansion is well-rooted and can withstand an increase in interest rates later this year.

“These are pretty amazing numbers,” said Nariman Behravesh, chief economist at IHS Inc. in Lexington, Massachusetts, and the top forecaster of payrolls over the last two years, according to data compiled by Bloomberg. “The January number is strong, but then you’ve got sizzling November and December numbers too. And then you’ve got the wage gains.”

Average hourly earnings jumped 0.5 percent, the most since November 2008, from the prior month. They were up 2.2 percent over the past year, the biggest increase since August.
Quote:
A striking aspect of the report was an upward revision to prior months. Revisions to prior reports added 147,000 jobs to payrolls in the previous two months, which also incorporated adjustments back to 2010.

Employment in November was revised up to a 423,000 gain, the most since May 2010. Private payrolls, which exclude government agencies, soared 414,000 that month, the biggest advance since September 1997.
Quote:
The participation rate, which indicates the share of working-age people in the labor force, increased to 62.9 percent from 62.7 percent in December.
Bold mine

Finally seeing substantial improvement in wages! Not much here for the "Yeah but . . " crowd to whine about!

Jobs Report Crushes Expectations - Bloomberg Business
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Old 03-06-2015, 06:54 AM   #2
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Employers added more jobs than forecast in February and the unemployment rate dropped to 5.5 percent, the lowest in almost seven years, showing the labor market is sustaining progress after the best performance since 1999.

The 295,000 advance in payrolls last month followed a 239,000 January increase that was smaller than previously reported, figures from the Labor Department showed Friday in Washington. The median forecast in a Bloomberg survey of economists called for a 235,000 increase. The unemployment rate fell from 5.7 percent, while hourly earnings rose less than forecast.

The report underscores a lingering appetite among companies to boost headcounts as increased purchasing power from cheaper fuel supports consumer spending. While the jobless rate reached Federal Reserve policy makers’ range for what they consider full employment, a missing link continues to be faster wage growth that will be needed to ensure household purchases accelerate.

“These were solid job gains,” said Brian Jones, a senior U.S. economist at Societe Generale in New York, whose forecast for a 280,000 gain was among the closest in the Bloomberg survey. “You’ve got a very strong economy.”
Quote:
Average hourly earnings rose 0.1 percent from the prior month after rising 0.5 percent in January, which was the most since November 2008. The median forecast called for a 0.2 percent gain. Earnings were up 2 percent over the past year, also less than projected and matching the increase on average since the expansion began in mid-2009.
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February marked the 12th straight month payrolls have increased by at least 200,000, the best run since a 19-month stretch that ended in March 1995. Payrolls rose 3.1 million in 2014, the most in 15 years.
Bold mine

Nice jobs gain . . not so nice hourly earnings raise . .


Payrolls Climb More Than Forecast, U.S. Jobless Rate at 5.5% - Bloomberg Business
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Old 03-06-2015, 07:28 AM   #3
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February marked the 12th straight month payrolls have increased by at least 200,000, the best run since a 19-month stretch that ended in March 1995. Payrolls rose 3.1 million in 2014, the most in 15 years.
Remind me which republican was President during that last run?
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Old 03-06-2015, 07:51 AM   #4
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Old 03-06-2015, 08:13 AM   #5
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Why no one can figure out Wall Street. With this news and yesterdays' large drop, at this moment the DOW is down 160 points.
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Old 03-06-2015, 08:18 AM   #6
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Originally Posted by Corday View Post
Why no one can figure out Wall Street. With this news and yesterdays' large drop, at this moment the DOW is down 160 points.
Perhaps its because as we reach full employment wages must rise, and that takes money out of the pockets of the oligarchs.
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Old 03-06-2015, 10:03 AM   #7
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My read: It's the discounting for the anticipated Fed Rate increase that will come with the recovery. .
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Old 03-06-2015, 10:49 AM   #8
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If you get in the weeds, the volumes tell a tale . . almost negligent! less than 50 million at 1:00. The day traders p[lay the expectation of a rate increase and if there are not enough reasons to buy, we get what looks like a big selloff, but volumes are not there.
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Old 03-06-2015, 01:08 PM   #9
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You know when it is a good report when Fox has nary a mention of it . . not even a "Yeah but . . "

But, to give them their due, they had a nice piece on how often Kim Kardashian has sex . .
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Old 03-12-2015, 05:56 AM   #10
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Quote:
The number of people seeking U.S. unemployment benefits fell sharply last week, a sign that strong hiring will likely continue.

Weekly applications for unemployment aid dropped 36,000 to a seasonally adjusted 289,000, the Labor Department said Thursday. The drop nearly reversed a large increase from last month, which likely occurred because of cold weather and snowstorms.

The four-week average, a less volatile measure, fell 3,750 to 302,250. The average has dropped nearly 9 percent in the past year.

Applications are a proxy for layoffs. The decline indicates companies are confident enough to hold onto their staffs and hire more workers.
This is kinda surprising given the Oil Company cutbacks because of the oil price plunge . .

https://finance.yahoo.com/news/applic...123210874.html
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Old 03-26-2015, 10:54 AM   #11
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The number of Americans filing new claims for jobless benefits fell more than expected last week while activity in the services sector hit a six-month high in March, underscoring the economy's solid fundamentals despite a recent softening in growth.

Harsh weather, the now-settled labor dispute at the country's busy West Coast ports, softer global demand and a strong dollar undercut growth early in the first quarter.

Thursday's upbeat reports, however, implied the slowdown would be temporary.

"The good news is that claims and the services sector data suggest the economy has gained some momentum heading into the second quarter," said Ryan Sweet, a senior economist at Moody's Analytics in West Chester, Pennsylvania.Initial claims for state unemployment benefits dropped 9,000 to a seasonally adjusted 282,000 for the week ended March 21, the Labor Department said.

That was the lowest level since mid-February and was better than economists' expectations for a dip to 290,000.

The four-week moving average of claims, considered a better measure of labor market trends as it irons out week-to-week volatility, fell 7,750 to 297,000 last week.

In a separate report, financial data firm Markit said its preliminary or "flash" Purchasing Managers Index for the service sector rose to 58.6 in March, the highest reading since September, from 57.1 in February.

A reading over 50 signals expansion in the vast services sector. Survey respondents said economic conditions were improving and reported an increase in new orders and an accumulation of backlogs.

Services industry employment growth increased at its fastest pace in nine months in March.
Quote:
The economy added 295,000 jobs in February, marking the 12th straight month that employment gains have been above 200,000, the longest such run since 1994.

Thursday's claims report showed the number of people still receiving benefits after an initial week of aid fell 6,000 to 2.42 million in the week ended March 14.

"The sustained low reading on continuing claims suggests the trend to a tighter labor market remains intact," said John Ryding, chief economist at RDQ Economics in New York.

Kinda surprising . . with the Oil Companies cutting j-bs, I would have expected it to go up.

U.S. jobs, services sector data point to growth rebound | Reuters
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Old 04-01-2015, 01:18 PM   #12
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It's not a lot, but it's a good sign that wages might be starting to raise

Quote:
McDonald’s Corp. plans to raise pay by more than 10% and add benefits like paid vacation for workers at U.S. restaurants it operates, an effort to rejuvenate the struggling fast-food giant that offers fresh evidence of rising wage pressure in the American labor market.
https://finance.yahoo.com/news/mcdona...193522693.html
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Old 04-02-2015, 01:25 AM   #13
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Do what?? Raise wages?? Vacation?? C'mon.......these are not real jobs. Nothing more than burger flippers......no better than the guy that collects your trash or mows your lawn.

This kind of stuff is utter nonsense and the public needs to fight back. We can do our part by getting up early and trudging to the kitchen.......make coffee and heat up a skillet for eggs and sausage......don't forget to toast a muffin or two. You want a side of French toast to go with your eggs?? If you didn't hit the snooze button on your alarm clock too many times you may be able to clean up after you've fixed breakfast. No time for that?? Don't worry......it will still be there when you get home from work. Oh, hang on......don't forget to pack a lunch before you leave. Nothing beats a cold ham and cheese sandwich for lunch.....last night's leftovers are even better.

These guys that collect the trash.....who do they think they are?? All they do is drive down the street and dump trash cans in the back of the truck.......that's not a real job and certainly isn't worth paying much money for. If these guys are making anything more than minimum wage I'm fighting back. I own a decent size van and I'm sure I can fit a whole week's worth of putrid garbage in the back and haul it to a landfill. Weather??......no problem.....I'm sure I'd like to spend all day climbing in and out of a truck cab in sub-freezing temps or pouring rain. But, I'm only making a single trip to the dump......I can handle that.

Mowing the lawn........nothing to it. Mine only takes two hours at top speed with a 60" mower.......going back and forth at bone jarring speed is a perfect way to spend a summer afternoon in the hot sun. By the time I trim around the house, fence, and front ditch I can almost call it a day........it's only 1,000 feet of trimming. Once I've swept the walks and put the equipment away I can call it done. Just for fun I'll pull some maintenance on the equipment between mowings....change oil, sharpen blades, drive to town and get some gas. There's no real need to pay more than current minimum wage......a school boy can do all this. I'm quite proud that my government is protecting me from being gouged for $10 an hour for things I can do for myself.
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Old 04-02-2015, 05:11 AM   #14
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Hell . . all those MBA grads for the last 8 years have to start somewhere!!

. . one small step for burger flippers . . one even smaller step for mankind . .
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Old 04-02-2015, 09:39 AM   #15
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My morning senior coffee at McD's yesterday was .50¢, today it was .75¢

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Old 04-02-2015, 10:22 AM   #16
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My morning senior coffee at McD's yesterday was .50¢, today it was .75¢

BG
Is yours a company store? Or is it one of the 90% that are franchises? If it's a franchise, then the owner has decided to make a quick buck hoping you'll think it's because he raised wages when he probably did not.

The exact same thing happened when the ACA was enacted - insurance companies, employers, even some municipalities ---cough...VB...cough --- used the negative press to feather their own nest.
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Old 04-02-2015, 11:22 AM   #17
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McDonald's is raising wages by 10% - Business Insider

Finance More: Retail McDonald's
McDonald's is raising wages by 10% for some of its workers

Hayley Peterson

Apr. 1, 2015, 8:28 PM
100

mcdonald's customerReuters

McDonald's is raising wages by 10% for some of its workers.

The Big Mac chain will also add benefits like paid vacation for workers, the company said Wednesday.

Beginning July 1, starting wages at McDonald's 1,500 company-owned restaurants in the US will be raised to $1 more than the locally mandated minimum wage.

The change will increase the average hourly wage from $9.01 to $9.90 for employees of company-owned restaurants. By the end of 2016, McDonald's expects the average hourly wage for those workers to exceed $10.

McDonald’s will also start offering five days of paid vacation to workers with one year of employment.

Many McDonald's employees won't benefit from the pay raise and benefits, however.

The changes only apply to company-owned restaurants, which account for just 10% of the more than 14,000 McDonald's restaurants in the US.

In response, a labor group released the following statement from McDonald's worker Kwanza Brooks.

"Because we joined together and stood up, McDonald’s was forced to raise pay," said Brooks, who works at a Charlotte, North Carolina, McDonald's making $7.25 an hour. "Still, this is too little to make a real difference, and covers only a fraction of workers. It’s a weak move for a company that made $5.6 billion in profits last year. We’re going to keep fighting until we win $15 and union rights for all fast-food workers and our families."

Fast-food workers across the globe have been holding protests and walking out on their jobs in an attempt to force the industry to raise wages to at least $15 an hour.

In response to these protests, McDonald's has warned that wage increases would force franchisees to raise menu prices.

In the US, fast-food workers make an average of $8.90 per hour.

This appears to agree with you, yustr.
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Old 04-02-2015, 12:02 PM   #18
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Senior coffee at the MCD's here is free . . .
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Old 04-02-2015, 01:07 PM   #19
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Quote:
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Is yours a company store? Or is it one of the 90% that are franchises? If it's a franchise, then the owner has decided to make a quick buck hoping you'll think it's because he raised wages when he probably did not.
It is franchises

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Old 04-02-2015, 01:11 PM   #20
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The McD's BG goes to is getting an early jump on the situation. The wage increase doesn't start until July......

I'll have to check on the senior discounts.......might have a few more years to go but I do have my Golden Buckeye card.
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