The Pronk Pops Show 1350, November 1, 2019, Story 1: Understanding The November Jobs Report With Increased U-3 Unemployment Rate of 3.6%, U-6 Unemployment Rate of 7.0% and Labor Participation Rate of 63.3% With Estimated 128,000 New Jobs Created — Economy Growing — Videos — Story 2: Stock Market Hits New Record Highs in S&P 500 and NASDAQ — Videos– Story 3: The Decline of United States Monetary Base Could Lead to Massive Deflation and Recession? — What Institutions are The Fed Bailing Out? — Videos — Story 4: Listen To Reading and Read The Transcript of Call Between President Trump and Ukraine President Volodymyr Zelensky —  Videos — Story 5: Creepy Sleepy Dopey Joey Biden Does Not Get It — Lying Will Not Work — Ukraine Government Interfered in 2016 Election For Hillary Clinton  — Democrats Colluding with Ukraine Government — Videos — Story 6: Radical Extremist Democrat Socialist “Beto” Robert Francis O’Rourke Leaves Race — Crisis and Fear Monger — Will Not Be Missed By American People — Videos

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The Pronk Pops Show Podcasts

Pronk Pops Show 1350 November 1, 2019

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Pronk Pops Show 1347 October 29, 2019

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Pronk Pops Show 1345 October 25, 2019

Pronk Pops Show 1344 October 18, 2019

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Pronk Pops Show 1341 October 15, 2019

Pronk Pops Show 1340 October 14, 2019

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Pronk Pops Show 1337 October 9, 2019

Pronk Pops Show 1336 October 8, 2019

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Pronk Pops Show 1332 October 2, 2019

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Pronk Pops Show 1325 September 23, 2019

Pronk Pops Show 1324 September 20, 2019

Pronk Pops Show 1323 September 19, 2019

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Pronk Pops Show 1320 September 16, 2019

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Pronk Pops Show 1318 September 12, 2019

Pronk Pops Show 1317 September 11, 2019

Pronk Pops Show 1316 September 10, 2019

Pronk Pops Show 1315 September 9, 2019

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Pronk Pops Show 1313 August 28, 2019

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Pronk Pops Show 1302 August 6, 2019

Pronk Pops Show 1301 August 5, 2019

Pronk Pops Show 1300 August 1, 2019

 

http://www.shadowstats.com/alternate_data/unemployment-charts

See the source imageSee the source imageSee the source imageImage result for stock market new record highsSee the source image

Story 1: Understanding The November Jobs Report With Increased U-3 Unemployment Rate of 3.6% and Labor Participation Rate of 63.3% With Estimated 128,000 New Jobs Created — Videos

Watch Wall Street five experts react to the October jobs report

Pay attention to the manufacturing data in the jobs report, says NationsShares’ Scott Nations

October Jobs Report: 128,000 Jobs Added, Unemployment At 3.6 Percent | Morning Joe | MSNBC

Nightly Business Report – November 1, 2019

 

Alternate Unemployment Charts

The seasonally-adjusted SGS Alternate Unemployment Rate reflects current unemployment reporting methodology adjusted for SGS-estimated long-term discouraged workers, who were defined out of official existence in 1994. That estimate is added to the BLS estimate of U-6 unemployment, which includes short-term discouraged workers.

The U-3 unemployment rate is the monthly headline number. The U-6 unemployment rate is the Bureau of Labor Statistics’ (BLS) broadest unemployment measure, including short-term discouraged and other marginally-attached workers as well as those forced to work part-time because they cannot find full-time employment.

 

Public Commentary on Unemployment

Unemployment Data Series   subcription required(Subscription required.)  View  Download Excel CSV File   Last Updated: November 1st, 2019

The ShadowStats Alternate Unemployment Rate for October 2019 is 21.0%.

http://www.shadowstats.com/alternate_data/unemployment-charts

Civilian Labor Force Level

164,364,000

 

Series Id:           LNS11000000
Seasonally Adjusted
Series title:        (Seas) Civilian Labor Force Level
Labor force status:  Civilian labor force
Type of data:        Number in thousands
Age:                 16 years and over

Download:
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2000 142267(1) 142456 142434 142751 142388 142591 142278 142514 142518 142622 142962 143248
2001 143800 143701 143924 143569 143318 143357 143654 143284 143989 144086 144240 144305
2002 143883 144653 144481 144725 144938 144808 144803 145009 145552 145314 145041 145066
2003 145937(1) 146100 146022 146474 146500 147056 146485 146445 146530 146716 147000 146729
2004 146842(1) 146709 146944 146850 147065 147460 147692 147564 147415 147793 148162 148059
2005 148029(1) 148364 148391 148926 149261 149238 149432 149779 149954 150001 150065 150030
2006 150214(1) 150641 150813 150881 151069 151354 151377 151716 151662 152041 152406 152732
2007 153144(1) 152983 153051 152435 152670 153041 153054 152749 153414 153183 153835 153918
2008 154063(1) 153653 153908 153769 154303 154313 154469 154641 154570 154876 154639 154655
2009 154210(1) 154538 154133 154509 154747 154716 154502 154307 153827 153784 153878 153111
2010 153484(1) 153694 153954 154622 154091 153616 153691 154086 153975 153635 154125 153650
2011 153263(1) 153214 153376 153543 153479 153346 153288 153760 154131 153961 154128 153995
2012 154381(1) 154671 154749 154545 154866 155083 154948 154763 155160 155554 155338 155628
2013 155763(1) 155312 155005 155394 155536 155749 155599 155605 155687 154673 155265 155182
2014 155352(1) 155483 156028 155369 155684 155707 156007 156130 156040 156417 156494 156332
2015 157053(1) 156663 156626 157017 157616 157014 157008 157165 156745 157188 157502 158080
2016 158371(1) 158705 159079 158891 158700 158899 159150 159582 159810 159768 159629 159779
2017 159693(1) 159854 160036 160169 159910 160124 160383 160706 161190 160436 160626 160636
2018 161123(1) 161900 161646 161551 161667 162129 162209 161802 162055 162694 162821 163240
2019 163229(1) 163184 162960 162470 162646 162981 163351 163922 164039 164364
1 : Data affected by changes in population controls.

Labor Force Participation Rate

63.3%

Series Id:           LNS11300000
Seasonally Adjusted
Series title:        (Seas) Labor Force Participation Rate
Labor force status:  Civilian labor force participation rate
Type of data:        Percent or rate
Age:                 16 years and over

Download:
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2000 67.3 67.3 67.3 67.3 67.1 67.1 66.9 66.9 66.9 66.8 66.9 67.0
2001 67.2 67.1 67.2 66.9 66.7 66.7 66.8 66.5 66.8 66.7 66.7 66.7
2002 66.5 66.8 66.6 66.7 66.7 66.6 66.5 66.6 66.7 66.6 66.4 66.3
2003 66.4 66.4 66.3 66.4 66.4 66.5 66.2 66.1 66.1 66.1 66.1 65.9
2004 66.1 66.0 66.0 65.9 66.0 66.1 66.1 66.0 65.8 65.9 66.0 65.9
2005 65.8 65.9 65.9 66.1 66.1 66.1 66.1 66.2 66.1 66.1 66.0 66.0
2006 66.0 66.1 66.2 66.1 66.1 66.2 66.1 66.2 66.1 66.2 66.3 66.4
2007 66.4 66.3 66.2 65.9 66.0 66.0 66.0 65.8 66.0 65.8 66.0 66.0
2008 66.2 66.0 66.1 65.9 66.1 66.1 66.1 66.1 66.0 66.0 65.9 65.8
2009 65.7 65.8 65.6 65.7 65.7 65.7 65.5 65.4 65.1 65.0 65.0 64.6
2010 64.8 64.9 64.9 65.2 64.9 64.6 64.6 64.7 64.6 64.4 64.6 64.3
2011 64.2 64.1 64.2 64.2 64.1 64.0 64.0 64.1 64.2 64.1 64.1 64.0
2012 63.7 63.8 63.8 63.7 63.7 63.8 63.7 63.5 63.6 63.8 63.6 63.7
2013 63.7 63.4 63.3 63.4 63.4 63.4 63.3 63.3 63.2 62.8 63.0 62.9
2014 62.9 62.9 63.1 62.8 62.9 62.8 62.9 62.9 62.8 62.9 62.9 62.8
2015 62.9 62.7 62.6 62.7 62.9 62.6 62.6 62.6 62.4 62.5 62.6 62.7
2016 62.7 62.8 62.9 62.8 62.7 62.7 62.8 62.9 62.9 62.8 62.7 62.7
2017 62.9 62.9 62.9 62.9 62.8 62.8 62.9 62.9 63.1 62.7 62.8 62.7
2018 62.7 63.0 62.9 62.8 62.8 62.9 62.9 62.7 62.7 62.9 62.9 63.1
2019 63.2 63.2 63.0 62.8 62.8 62.9 63.0 63.2 63.2 63.3

 Employment Level

158,510,000

Series Id:           LNS12000000
Seasonally Adjusted
Series title:        (Seas) Employment Level
Labor force status:  Employed
Type of data:        Number in thousands
Age:                 16 years and over

Download:
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2000 136559(1) 136598 136701 137270 136630 136940 136531 136662 136893 137088 137322 137614
2001 137778 137612 137783 137299 137092 136873 137071 136241 136846 136392 136238 136047
2002 135701 136438 136177 136126 136539 136415 136413 136705 137302 137008 136521 136426
2003 137417(1) 137482 137434 137633 137544 137790 137474 137549 137609 137984 138424 138411
2004 138472(1) 138542 138453 138680 138852 139174 139556 139573 139487 139732 140231 140125
2005 140245(1) 140385 140654 141254 141609 141714 142026 142434 142401 142548 142499 142752
2006 143150(1) 143457 143741 143761 144089 144353 144202 144625 144815 145314 145534 145970
2007 146028(1) 146057 146320 145586 145903 146063 145905 145682 146244 145946 146595 146273
2008 146378(1) 146156 146086 146132 145908 145737 145532 145203 145076 144802 144100 143369
2009 142152(1) 141640 140707 140656 140248 140009 139901 139492 138818 138432 138659 138013
2010 138438(1) 138581 138751 139297 139241 139141 139179 139438 139396 139119 139044 139301
2011 139250(1) 139394 139639 139586 139624 139384 139524 139942 140183 140368 140826 140902
2012 141584(1) 141858 142036 141899 142206 142391 142292 142291 143044 143431 143333 143330
2013 143292(1) 143362 143316 143635 143882 143999 144264 144326 144418 143537 144479 144778
2014 145150(1) 145134 145648 145667 145825 146247 146399 146530 146778 147427 147404 147615
2015 148150(1) 148053 148122 148491 148802 148765 148815 149175 148853 149270 149506 150164
2016 150622(1) 150934 151146 150963 151074 151104 151450 151766 151877 151949 152150 152276
2017 152128(1) 152417 152958 153150 152920 153176 153456 153591 154399 153847 153945 154065
2018 154482(1) 155213 155160 155216 155539 155592 155964 155604 156069 156582 156803 156945
2019 156694(1) 156949 156748 156645 156758 157005 157288 157878 158269 158510
1 : Data affected by changes in population controls.

Unemployment Level

5,855,000

 

Series Id:           LNS13000000
Seasonally Adjusted
Series title:        (Seas) Unemployment Level
Labor force status:  Unemployed
Type of data:        Number in thousands
Age:                 16 years and over

Download:
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2000 5708 5858 5733 5481 5758 5651 5747 5853 5625 5534 5639 5634
2001 6023 6089 6141 6271 6226 6484 6583 7042 7142 7694 8003 8258
2002 8182 8215 8304 8599 8399 8393 8390 8304 8251 8307 8520 8640
2003 8520 8618 8588 8842 8957 9266 9011 8896 8921 8732 8576 8317
2004 8370 8167 8491 8170 8212 8286 8136 7990 7927 8061 7932 7934
2005 7784 7980 7737 7672 7651 7524 7406 7345 7553 7453 7566 7279
2006 7064 7184 7072 7120 6980 7001 7175 7091 6847 6727 6872 6762
2007 7116 6927 6731 6850 6766 6979 7149 7067 7170 7237 7240 7645
2008 7685 7497 7822 7637 8395 8575 8937 9438 9494 10074 10538 11286
2009 12058 12898 13426 13853 14499 14707 14601 14814 15009 15352 15219 15098
2010 15046 15113 15202 15325 14849 14474 14512 14648 14579 14516 15081 14348
2011 14013 13820 13737 13957 13855 13962 13763 13818 13948 13594 13302 13093
2012 12797 12813 12713 12646 12660 12692 12656 12471 12115 12124 12005 12298
2013 12471 11950 11689 11760 11654 11751 11335 11279 11270 11136 10787 10404
2014 10202 10349 10380 9702 9859 9460 9608 9599 9262 8990 9090 8717
2015 8903 8610 8504 8526 8814 8249 8194 7990 7892 7918 7995 7916
2016 7749 7771 7932 7928 7626 7795 7700 7817 7933 7819 7480 7503
2017 7565 7437 7078 7019 6991 6948 6927 7115 6791 6588 6682 6572
2018 6641 6687 6486 6335 6128 6537 6245 6197 5986 6112 6018 6294
2019 6535 6235 6211 5824 5888 5975 6063 6044 5769 5855

Unemployment Rate

3.6%

 

Series Id:           LNS14000000
Seasonally Adjusted
Series title:        (Seas) Unemployment Rate
Labor force status:  Unemployment rate
Type of data:        Percent or rate
Age:                 16 years and over
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2000 4.0 4.1 4.0 3.8 4.0 4.0 4.0 4.1 3.9 3.9 3.9 3.9
2001 4.2 4.2 4.3 4.4 4.3 4.5 4.6 4.9 5.0 5.3 5.5 5.7
2002 5.7 5.7 5.7 5.9 5.8 5.8 5.8 5.7 5.7 5.7 5.9 6.0
2003 5.8 5.9 5.9 6.0 6.1 6.3 6.2 6.1 6.1 6.0 5.8 5.7
2004 5.7 5.6 5.8 5.6 5.6 5.6 5.5 5.4 5.4 5.5 5.4 5.4
2005 5.3 5.4 5.2 5.2 5.1 5.0 5.0 4.9 5.0 5.0 5.0 4.9
2006 4.7 4.8 4.7 4.7 4.6 4.6 4.7 4.7 4.5 4.4 4.5 4.4
2007 4.6 4.5 4.4 4.5 4.4 4.6 4.7 4.6 4.7 4.7 4.7 5.0
2008 5.0 4.9 5.1 5.0 5.4 5.6 5.8 6.1 6.1 6.5 6.8 7.3
2009 7.8 8.3 8.7 9.0 9.4 9.5 9.5 9.6 9.8 10.0 9.9 9.9
2010 9.8 9.8 9.9 9.9 9.6 9.4 9.4 9.5 9.5 9.4 9.8 9.3
2011 9.1 9.0 9.0 9.1 9.0 9.1 9.0 9.0 9.0 8.8 8.6 8.5
2012 8.3 8.3 8.2 8.2 8.2 8.2 8.2 8.1 7.8 7.8 7.7 7.9
2013 8.0 7.7 7.5 7.6 7.5 7.5 7.3 7.2 7.2 7.2 6.9 6.7
2014 6.6 6.7 6.7 6.2 6.3 6.1 6.2 6.1 5.9 5.7 5.8 5.6
2015 5.7 5.5 5.4 5.4 5.6 5.3 5.2 5.1 5.0 5.0 5.1 5.0
2016 4.9 4.9 5.0 5.0 4.8 4.9 4.8 4.9 5.0 4.9 4.7 4.7
2017 4.7 4.7 4.4 4.4 4.4 4.3 4.3 4.4 4.2 4.1 4.2 4.1
2018 4.1 4.1 4.0 3.9 3.8 4.0 3.9 3.8 3.7 3.8 3.7 3.9
2019 4.0 3.8 3.8 3.6 3.6 3.7 3.7 3.7 3.5 3.6

Not in Labor Force

95,481,000

 

Series Id:           LNS15000000
Seasonally Adjusted
Series title:        (Seas) Not in Labor Force
Labor force status:  Not in labor force
Type of data:        Number in thousands
Age:                 16 years and over

Download:
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2000 69142 69120 69338 69267 69853 69876 70398 70401 70645 70782 70579 70488
2001 70088 70409 70381 70956 71414 71592 71526 72136 71676 71817 71876 72010
2002 72623 72010 72343 72281 72260 72600 72827 72856 72554 73026 73508 73675
2003 73960 74015 74295 74066 74268 73958 74767 75062 75249 75324 75280 75780
2004 75319 75648 75606 75907 75903 75735 75730 76113 76526 76399 76259 76581
2005 76808 76677 76846 76514 76409 76673 76721 76642 76739 76958 77138 77394
2006 77339 77122 77161 77318 77359 77317 77535 77451 77757 77634 77499 77376
2007 77506 77851 77982 78818 78810 78671 78904 79461 79047 79532 79105 79238
2008 78554 79156 79087 79429 79102 79314 79395 79466 79790 79736 80189 80380
2009 80529 80374 80953 80762 80705 80938 81367 81780 82495 82766 82865 83813
2010 83349 83304 83206 82707 83409 84075 84199 84014 84347 84895 84590 85240
2011 85441 85637 85623 85603 85834 86144 86383 86111 85940 86308 86312 86589
2012 87888 87765 87855 88239 88100 88073 88405 88803 88613 88429 88836 88722
2013 88900 89516 89990 89780 89827 89803 90156 90355 90481 91708 91302 91563
2014 91563 91603 91230 92070 91938 92107 92016 92099 92406 92240 92350 92695
2015 92671 93237 93454 93249 92839 93649 93868 93931 94580 94353 94245 93856
2016 94026 93872 93689 94077 94475 94498 94470 94272 94281 94553 94911 94963
2017 94389 94392 94378 94419 94857 94833 94769 94651 94372 95330 95323 95473
2018 95657 95033 95451 95721 95787 95513 95633 96264 96235 95821 95886 95649
2019 95010 95208 95577 96223 96215 96057 95874 95510 95599 95481

 

U-6 Unemployment Rate

7.0%

 

Series Id:           LNS13327709
Seasonally Adjusted
Series title:        (seas) Total unemployed, plus all marginally attached workers plus total employed part time for economic reasons, as a percent of all civilian labor force plus all marginally attached workers
Labor force status:  Aggregated totals unemployed
Type of data:        Percent or rate
Age:                 16 years and over
Percent/rates:       Unemployed and mrg attached and pt for econ reas as percent of labor force plus marg attached

 

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2000 7.1 7.2 7.1 6.9 7.1 7.0 7.0 7.1 7.0 6.8 7.1 6.9
2001 7.3 7.4 7.3 7.4 7.5 7.9 7.8 8.1 8.7 9.3 9.4 9.6
2002 9.5 9.5 9.4 9.7 9.5 9.5 9.6 9.6 9.6 9.6 9.7 9.8
2003 10.0 10.2 10.0 10.2 10.1 10.3 10.3 10.1 10.4 10.2 10.0 9.8
2004 9.9 9.7 10.0 9.6 9.6 9.5 9.5 9.4 9.4 9.7 9.4 9.2
2005 9.3 9.3 9.1 8.9 8.9 9.0 8.8 8.9 9.0 8.7 8.7 8.6
2006 8.4 8.4 8.2 8.1 8.2 8.4 8.5 8.4 8.0 8.2 8.1 7.9
2007 8.4 8.2 8.0 8.2 8.2 8.3 8.4 8.4 8.4 8.4 8.4 8.8
2008 9.2 9.0 9.1 9.2 9.7 10.1 10.5 10.8 11.0 11.8 12.6 13.6
2009 14.2 15.2 15.8 15.9 16.5 16.5 16.4 16.7 16.7 17.1 17.1 17.1
2010 16.7 17.0 17.1 17.1 16.6 16.4 16.4 16.5 16.8 16.6 16.9 16.6
2011 16.2 16.0 15.9 16.1 15.8 16.1 15.9 16.1 16.4 15.8 15.5 15.2
2012 15.2 15.0 14.5 14.6 14.7 14.8 14.8 14.6 14.8 14.4 14.4 14.4
2013 14.6 14.4 13.8 14.0 13.8 14.2 13.8 13.6 13.5 13.6 13.1 13.1
2014 12.7 12.6 12.6 12.3 12.2 12.0 12.1 12.0 11.7 11.5 11.4 11.2
2015 11.3 11.0 10.8 10.8 10.9 10.4 10.3 10.2 10.0 9.8 10.0 9.9
2016 9.8 9.7 9.8 9.7 9.9 9.5 9.7 9.6 9.7 9.6 9.4 9.2
2017 9.3 9.1 8.7 8.6 8.5 8.5 8.5 8.6 8.3 8.0 8.0 8.1
2018 8.2 8.2 7.9 7.8 7.7 7.8 7.5 7.4 7.5 7.5 7.6 7.6
2019 8.1 7.3 7.3 7.3 7.1 7.2 7.0 7.2 6.9 7.0

October job creation comes in at 128,000, easily topping estimates even with GM auto strike

POINTS
  • Nonfarm payrolls rose by 128,000 in October, exceeding the estimate of 75,000 from economists surveyed by Dow Jones.
  • There were big revisions of past numbers as well. August’s initial 168,000 payrolls addition was revised up to 219,000, while September’s jumped from 136,000 to 180,000.
  • The unemployment rate ticked slightly higher to 3.6% from 3.5%, still near the lowest in 50 years.
  • The pace of average hourly earnings picked up a bit, rising 0.1% to a year-over-year 3% gain.

Nonfarm payrolls rose by 128,000 in October as the U.S. economy overcame the weight of the GM autoworkers’ strike and created jobs at a pace well above expectations.

Even with a decline of 42,000 in the motor vehicles and parts industry, the pace of new jobs well exceeded the estimate of 75,000 from economists surveyed by Dow Jones. The loss of jobs came due to the General Motors strike that has since been settled. That 42,000 job loss itself was less than the 50,000 or more that many economists had been anticipating.

The unemployment rate ticked higher to 3.6%, in line with estimates, but remains around the lowest in 50 years. A more encompassing measure that includes discouraged workers and those holding part-time positions for economic reasons also edged up to 7%.

The unemployment rate for African Americans nudged down to a record low 5.4%. Also, the total employment level as measured in the household survey jumped to 158.5 million, also a new high.

The pace of average hourly earnings picked up a bit, rising 0.1% to a year-over-year 3% gain, also in line with estimates. The average work week was unchanged at 34.4 hours.

“This report is yet another sign that the economy is still strong right now and adds to a list of indicators that are looking optimistic of late,” said Steve Rick, chief economist at CUNA Mutual Group. “The vigor of this labor market, along with a more positive housing market and solid Q3 GDP, should offer some welcome reassurance.”

Big revisions upward

Along with the better-than-expected performance in October, previous months’ counts were revised considerably higher. August’s initial 168,000 estimate came all the way up to 219,000 while September’s jumped from 136,000 to 180,000.

Together, the new estimates added 95,000 positions for the two-month period, bringing the three-month average to 176,000, which is well above the pace needed to keep the unemployment rate around its current level.

For the year, monthly job creation now averages 167,000 compared with 223,000 in 2018.

The report helps further quell worries that the U.S. economy is teetering toward recession and helps affirm the assessment from most Federal Reserve officials.

Central bank leaders have largely praised the state of the U.S. economy, particularly compared with its global peers. The Fed earlier this week lowered its benchmark interest rate a quarter point, the third such move this year, but Chairman Jerome Powell clearly indicated that this likely will be the last cut for some time unless conditions change significantly.

“The October jobs report is unambiguously positive for the US economic outlook,” said Citigroup economist Andrew Hollenhorst. “Above-consensus hiring in October, together with upward revisions to prior months, is consistent with our view that job growth, while clearly slower in 2019 than in 2018, will maintain a pace of 130-150K per month. Wage growth remaining at 3.0% should further support incomes and consumption-led growth.”

VIDEO02:25
How the unemployment rate is calculated

Hottest sectors

At the industry level, the biggest job creation came in food services and drinking establishments, which added 48,000.While those positions are generally associated with lower wages, they also can reflect consumer demand and the willingness to spend discretionary money. The industry has seen a surge in job creation as of late, with the past three months averaging 38,000 compared with 16,000 in the first seven months of this year.

Professional and business services added 22,000 and health care rose 15,000, part of a gain of 402,000 for that industry over the past year.

Social assistance increased by 20,000 while financial activities rose by 16,000, bringing to 108,000 the total Wall Street jobs added over the past year.

Job losses came in manufacturing (-36,000) as part of the GM strike, and the federal government, which subtracted 17,000 because 20,000 workers hired for Census duties finished their work.

The total employment level in the household survey reached another record high, swelling by 241,000 to 158.5 million.

The labor force expanded by 325,000 to 164.4 million and the labor force participation rate edged higher to 63.3%. Those counted as not in the labor force declined by 118,000 to nearly 95.5 million.

After previously sitting at a record low, the unemployment rate for Asians jumped 0.4 percentage points to 2.9%.

https://www.cnbc.com/2019/11/01/jobs-report-october-2019.html

private-sector production and nonsupervisory employees rose by 4 cents to $23.70.
(See tables B-3 and B-8.)

The average workweek for all employees on private nonfarm payrolls was unchanged
at 34.4 hours in October. In manufacturing, the average workweek decreased by
0.2 hour to 40.3 hours, while overtime was unchanged at 3.2 hours. The average
workweek of private-sector production and nonsupervisory employees held at 33.6
hours. (See tables B-2 and B-7.)

The change in total nonfarm payroll employment for August was revised up by 51,000
from +168,000 to +219,000, and the change for September was revised up by 44,000
from +136,000 to +180,000. With these revisions, employment gains in August and
September combined were 95,000 more than previously reported. (Monthly revisions
result from additional reports received from businesses and government agencies
since the last published estimates and from the recalculation of seasonal factors.)
After revisions, job gains have averaged 176,000 over the last 3 months.

_____________
The Employment Situation for November is scheduled to be released on
Friday, December 6, 2019, at 8:30 a.m. (EST).



https://www.bls.gov/news.release/empsit.nr0.htm

Employment Situation Summary Table A. Household data, seasonally adjusted

HOUSEHOLD DATA
Summary table A. Household data, seasonally adjusted
[Numbers in thousands]
Category Oct.
2018
Aug.
2019
Sept.
2019
Oct.
2019
Change from:
Sept.
2019-
Oct.
2019

Employment status

Civilian noninstitutional population

258,514 259,432 259,638 259,845 207

Civilian labor force

162,694 163,922 164,039 164,364 325

Participation rate

62.9 63.2 63.2 63.3 0.1

Employed

156,582 157,878 158,269 158,510 241

Employment-population ratio

60.6 60.9 61.0 61.0 0.0

Unemployed

6,112 6,044 5,769 5,855 86

Unemployment rate

3.8 3.7 3.5 3.6 0.1

Not in labor force

95,821 95,510 95,599 95,481 -118

Unemployment rates

Total, 16 years and over

3.8 3.7 3.5 3.6 0.1

Adult men (20 years and over)

3.5 3.4 3.2 3.2 0.0

Adult women (20 years and over)

3.4 3.3 3.1 3.2 0.1

Teenagers (16 to 19 years)

12.0 12.6 12.5 12.3 -0.2

White

3.3 3.4 3.2 3.2 0.0

Black or African American

6.2 5.5 5.5 5.4 -0.1

Asian

3.1 2.8 2.5 2.9 0.4

Hispanic or Latino ethnicity

4.4 4.2 3.9 4.1 0.2

Total, 25 years and over

3.1 2.9 2.8 2.9 0.1

Less than a high school diploma

5.9 5.4 4.8 5.6 0.8

High school graduates, no college

4.0 3.6 3.6 3.7 0.1

Some college or associate degree

3.0 3.1 2.9 2.9 0.0

Bachelor’s degree and higher

2.0 2.1 2.0 2.1 0.1

Reason for unemployment

Job losers and persons who completed temporary jobs

2,858 2,876 2,572 2,674 102

Job leavers

731 781 840 849 9

Reentrants

1,914 1,801 1,669 1,703 34

New entrants

605 574 677 627 -50

Duration of unemployment

Less than 5 weeks

2,062 2,207 1,868 1,968 100

5 to 14 weeks

1,845 1,757 1,781 1,749 -32

15 to 26 weeks

859 835 819 899 80

27 weeks and over

1,370 1,243 1,314 1,264 -50

Employed persons at work part time

Part time for economic reasons

4,630 4,381 4,350 4,438 88

Slack work or business conditions

2,837 2,678 2,588 2,754 166

Could only find part-time work

1,461 1,351 1,322 1,287 -35

Part time for noneconomic reasons

21,448 21,697 21,573 21,549 -24

Persons not in the labor force (not seasonally adjusted)

Marginally attached to the labor force

1,491 1,564 1,299 1,229

Discouraged workers

506 467 321 341

– Over-the-month changes are not displayed for not seasonally adjusted data.
NOTE: Persons whose ethnicity is identified as Hispanic or Latino may be of any race. Detail for the seasonally adjusted data shown in this table will not necessarily add to totals because of the independent seasonal adjustment of the various series. Updated population controls are introduced annually with the release of January data.

 

https://www.bls.gov/news.release/empsit.a.htmEmployment Situation Summary Table B. Establishment data, seasonally adjusted

ESTABLISHMENT DATA
Summary table B. Establishment data, seasonally adjusted
Category Oct.
2018
Aug.
2019
Sept.
2019(P)
Oct.
2019(P)

EMPLOYMENT BY SELECTED INDUSTRY
(Over-the-month change, in thousands)

Total nonfarm

277 219 180 128

Total private

285 163 167 131

Goods-producing

60 4 7 -26

Mining and logging

6 -5 1 0

Construction

25 7 11 10

Manufacturing

29 2 -5 -36

Durable goods(1)

19 -2 -6 -41

Motor vehicles and parts

7.1 -2.6 -3.5 -41.6

Nondurable goods

10 4 1 5

Private service-providing

225 159 160 157

Wholesale trade

6.7 2.4 7.1 10.8

Retail trade

-9.9 -1.3 6.7 6.1

Transportation and warehousing

24.3 -7.6 6.3 9.9

Utilities

1.4 -0.9 -1.3 -1.4

Information

10 -4 4 -4

Financial activities

14 17 8 16

Professional and business services(1)

55 38 37 22

Temporary help services

14.3 9.5 20.1 -8.1

Education and health services(1)

37 63 49 39

Health care and social assistance

46.7 54.8 44.8 34.2

Leisure and hospitality

79 48 45 61

Other services

7 5 -2 -3

Government

-8 56 13 -3

(3-month average change, in thousands)

Total nonfarm

222 188 188 176

Total private

213 149 151 154

WOMEN AND PRODUCTION AND NONSUPERVISORY EMPLOYEES
AS A PERCENT OF ALL EMPLOYEES(2)

Total nonfarm women employees

49.7 49.9 49.9 49.9

Total private women employees

48.3 48.5 48.6 48.6

Total private production and nonsupervisory employees

82.4 82.3 82.3 82.2

HOURS AND EARNINGS
ALL EMPLOYEES

Total private

Average weekly hours

34.5 34.4 34.4 34.4

Average hourly earnings

$27.35 $28.11 $28.12 $28.18

Average weekly earnings

$943.58 $966.98 $967.33 $969.39

Index of aggregate weekly hours (2007=100)(3)

110.3 111.4 111.5 111.6

Over-the-month percent change

0.3 0.5 0.1 0.1

Index of aggregate weekly payrolls (2007=100)(4)

144.2 149.7 149.9 150.4

Over-the-month percent change

0.4 0.9 0.1 0.3

DIFFUSION INDEX
(Over 1-month span)(5)

Total private (258 industries)

67.4 55.8 55.4 55.4

Manufacturing (76 industries)

59.9 48.7 40.8 43.4

Footnotes
(1) Includes other industries, not shown separately.
(2) Data relate to production employees in mining and logging and manufacturing, construction employees in construction, and nonsupervisory employees in the service-providing industries.
(3) The indexes of aggregate weekly hours are calculated by dividing the current month’s estimates of aggregate hours by the corresponding annual average aggregate hours.
(4) The indexes of aggregate weekly payrolls are calculated by dividing the current month’s estimates of aggregate weekly payrolls by the corresponding annual average aggregate weekly payrolls.
(5) Figures are the percent of industries with employment increasing plus one-half of the industries with unchanged employment, where 50 percent indicates an equal balance between industries with increasing and decreasing employment.
(P) Preliminary

NOTE: Data have been revised to reflect March 2018 benchmark levels and updated seasonal adjustment factors.

https://www.bls.gov/news.release/empsit.b.htm

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In this episode of the Keiser Report, Max and Stacy discuss the fact that the massive daily NY Fed interventions in the repo market are getting worse and worse. What was meant to be small and temporary seems now to be huge and permanent. Investors are asking, “What is the Fed hiding?” They also look at the 23% decline in the U.S. Monetary Base since 2016 and ask whether or not it signifies anything. In the second half, Max talks to David Morgan of The Morgan Report about what he sees in the turmoil in the repo markets. They also discuss China’s gold purchases and whether or not he agrees with Alasdair MacLeod’s belief that China could announce they have more than 10,000 tons of gold.

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Opinion: The Federal Reserve is in stealth intervention mode

Published: Oct 26, 2019 4:23 p.m. ET

What the central bank passes off as ‘funding issues’ could more accurately be described as liquidity injections to keep interest rates low

Getty Images
Federal Reserve Chairman Jerome Powell

By SVENHENRICH

The Federal Reserve has gone into full intervention mode.

Actually, accelerated intervention mode. Not just a “mid-cycle adjustment,” as Fed Chairman Jerome Powell said in July, but interventions to the tune of tens of billions of dollars every day.

What’s the crisis, you ask? After all, we live in an age of trillion-dollar market-cap companies and unemployment at 50-year lows. Yet the Fed is acting like the doomsday clock has melted as a result of a nuclear attack.

Think I’m in hyperbole mode? Far from it.

Unless you think the biggest repurchase (repo) efforts ever — surpassing the 2008 financial-crisis actions — are hyperbole:

Something’s off. See, it all started as a temporary fix in September when, suddenly, the overnight target rate jumped sky high and the Fed had to intervene to keep the wheels from coming off. Short-term liquidity issues, the Fed said. Those have become rather permanent:

And liquidity injections are massive and accelerating. On Tuesday, the Fed injected $99.9 billion in temporary liquidity into the financial system and $7.5 billion in permanent reserves as part of a program to buy $60 billion a month in Treasury bills. The $99.9 billion comes from $64.9 billion in overnight repurchase agreements and $35 billion in repo operations.

But market demand for overnight repo operations has far exceeded even the $75 billion the Fed has allocated, suggesting a lot more liquidity demand. Hence, on Wednesday the Fed suddenly announced a $45 billion increase on top of the $75 billion repo facility for a daily total of $120 billion. Here’s the Federal Reserve Bank of New York, the branch involved in such actions:

“Consistent with the most recent FOMC [Federal Open Market Committee] directive, to ensure that the supply of reserves remains ample even during periods of sharp increases in non-reserve liabilities, and to mitigate the risk of money market pressures that could adversely affect policy implementation, the amount offered in overnight repo operations will increase to at least $120 billion starting Thursday, Oct. 24, 2019.”

And, consequently, on Oct. 24 the Fed injected $134 billion in temporary liquidity.

These actions are surprising. What stable financial system requires over $100 billion in overnight liquidity injections? The Fed did not see the need for these actions coming. It is reacting to a market that suddenly requires it.

Funding issues,” Chairman Powell called it in October. The Fed was totally caught off guard when the overnight financing rate suddenly jumped to over 5%, and it’s been reacting ever since.

What started as a slow walk in policy reversion from last year’s rate-hike cycle and balance-sheet roll-off (aka quantitative tightening, or QT) on autopilot has now turned into ongoing interest-rate cuts and balance-sheet expansion:

To be clear: This is not a temporary rise in the balance sheet; this is the beginning of something big. The Fed’s balance sheet looks like it will expand to record highs once again.

I keep questioning the efficacy of all this, and I have to question the honesty of the Fed. After all, the central bank keeps chasing events, and its policy actions are turning ever more aggressive while it insists that everything is fine. The bank’s actions are saying things are not fine. Far from it. Otherwise, the Fed wouldn’t be forced into all these policy actions. But would the Fed cop to things not being fine? To do so would be to sap confidence — can’t have that.

What would markets look like without these policy interventions? One can only wonder. For one, we know the overnight financing rate would be much higher. That is, after all, why the Fed is forced to intervene: To keep the target rate low.

Many analysts now suggest there will be a year-end stock market rally, primarily driven by the Fed as earnings growth remains weak. If they print, you must buy.

It may well be that our financial markets have permanently devolved into a Fed-subsidized, wealth-inequality-generating machine benefitting the few that own stocks. But one has to wonder why the rate cutting and liquidity injections haven’t been able to produce sustained market highs.

Consider the evolution of the Fed’s “put” in 2019:

First came the hints in January. “Flexible on the balance sheet,” Powell suddenly was uttering following the fourth-quarter 2018 stock market massacre, producing a 3.5% rally in one day on that pronouncement. Then we got treated to a multi-month jawboning of Fed speakers increasingly sending dovish messages, and markets gladly jumping from Fed speech to Fed speech. Powell again rescued the market in early June after May’s market rout. “Ready to act” was the rallying cry then — and the market rallied dutifully into the July rate cut.

But then the dynamics changed. Rate cut No. 1 in July was sold. Rate cut No. 2 in September was sold. Then came the repo operations, also in September. And now, in October, the Fed launched the $60 billion-a-month Treasury-bill-buying program.

Did you note the accelerated pace of Fed actions here? The Fed went from pausing rate increases to ending the balance sheet roll-off to multiple rate cuts and, finally, aggressive daily repos and balance-sheet expansion. All of this since July. And guess what? Another rate cut is coming next week.

Why? Because markets want it. And what markets want, markets shall receive. That’s the only data point that matters, it appears.

And markets really want that third rate cut next week:

There’s a 94.6% probability of a rate cut. Think that a Fed that is intervening in markets daily by the tens of billions of dollars will chance to disappoint markets by not cutting rates? Please.

Investors have been chasing the Fed into corporate multiple expansion all year. But now that the Fed is forced to intervene ever more aggressively, it has to prove something: Efficacy.

Are we seeing an improvement in growth? No. Are we seeing an improvement in earnings? No. From the looks of it, the Fed is barely keeping it together and is forced to do ever more to prevent markets from falling as the principal bull rationale for buying stocks is the Fed.

And so one has to ponder a larger question:

But, to be fair, so far the Fed has succeeded in compressing volatility as price discovery has degraded to overnight action over any intraday price discovery. Markets are back to tight intra-ranges void of any actions and elevating indices near record highs.

Whether the Fed can prompt a move to sustained new highs remains to be seen. All eyes will be on the Fed next week to see whether policy makers can achieve it.

If they can, investors can look for another run at the upper trend line on the S&P 500 SPX, -0.12%  chart:

If they can’t, things may turn out quite differently, such as this speculative scenario:

You don’t think the Fed is all about markets? Where have you been? After all, the Fed’s stated policy objective now is to extend the business cycle by any means necessary. And policy makers can’t do that with falling stock prices.

And so they are in accelerated daily intervention mode. Because that is what it takes. The questions that investors have to ask themselves is: What if it’s not enough? And what is it policy makers aren’t telling us? Why are they are forced into these historic, unexpected measures? What happens if they lose control? We may know more next week.

Sven Henrich is founder and the lead market strategist of NorthmanTrader.com. Follow him on Twitter at @NorthmanTrader.

https://www.marketwatch.com/story/the-federal-reserve-is-in-stealth-intervention-mode-2019-10-25

 

PERATING POLICY
Statement Regarding Repurchase and Reverse Repurchase Agreements Small Value Exercise
November 4, 2019

The New York Fed undertakes certain small value open market transactions from time to time for the purpose of testing operational readiness to implement existing and potential policy directives from the Federal Open Market Committee (FOMC). The FOMC authorizes the New York Fed’s Open Market Trading Desk (the Desk) to conduct these exercises to test its operational readiness in the Authorization for Domestic Open Market Operations and Authorization for Foreign Currency Operations.

In connection with these authorizations, the Desk intends to conduct one small value forward-settling repo and one small value reverse repo operation during the month of November. Each operation will begin around 9:45 AM ET and end at 10:00 AM ET. The operations will be open to Primary Dealers and/or Reverse Repo Counterparties.  All counterparties will be limited to one $1 million proposition per tranche during each operation. The planned schedule, including operation details, follows below:

Repurchase Agreement Operation:

OPERATION TENOR/TYPE ELIGIBLE COUNTERPARTIES OPERATION DATE SETTLEMENT DATE MATURITY DATE COLLATERAL TYPE MAXIMUM VALUE OF OPERATION
Term Repo Primary Dealers Tues, Nov 5, 2019 Wed, Nov 6, 2019 Fri, Nov 8, 2019 Multi-tranche: Treasury, Agency, Agency MBS $75 million

Reverse Repurchase Agreement Operation:

OPERATION TENOR/TYPE ELIGIBLE COUNTERPARTIES OPERATION DATE SETTLEMENT DATE MATURITY DATE COLLATERAL TYPE OFFERING RATE MAXIMUM VALUE OF OPERATION
Term Reverse Repo Primary Dealers and Reverse Repo Counterparties Tues, Nov 19, 2019 Tues, Nov 19, 2019 Thu, Nov 21, 2019 Single-tranche: Agency MBS -only ON RRP Offering Rate on Nov 19 $175 million

Announcements and results will be posted on the New York Fed’s website at the start and following the completion of each operation.

 

Monetary Base

 

What is Monetary Base

A monetary base is the total amount of a currency that is either in general circulation in the hands of the public or in the commercial bank deposits held in the central bank’s reserves. This measure of the money supply typically only includes the most liquid currencies; it is also known as the “money base.”

 

Breaking Down Monetary Base

The monetary base is a component of a nation’s money supply. It refers strictly to highly liquid funds including notes, coinage and current bank deposits. When the Federal Reserve creates new funds to purchase bonds from commercial banks, the banks see an increase in their holdings, which causes the monetary base to expand.

For example, country Z has 600 million currency units circulating in the public and its central bank has 10 billion currency units in reserve as part of deposits from many commercial banks. In this case, the monetary base for country Z is 10.6 billion currency units.

As of June 2016, the U.S. had a monetary base of almost $3.9 trillion.

 

Monetary Base and the Money Supply

The money supply expands beyond the monetary base to include other assets that may be less liquid in form. It is most commonly divided into levels, listed as M0 through M3 or M4 depending on the system, with each representing a different facet of a nation’s assets. The monetary base’s funds are generally held within the lower levels of the money supply, such as M1 or M2, which encompasses cash in circulation and specific liquid assets including, but not limited to, savings and checking accounts.

To qualify, the funds must be considered a final settlement of a transaction. For example, if a person uses cash to pay a debt, that transaction is final. Additionally, writing a check against money in a checking account, or using a debit card, can also be considered final since the transaction is backed by actual cash deposits once they have cleared.
In contrast, the use of credit to pay a debt does not qualify as part of the monetary base, as this is not the final step to the transaction. This is due to the fact the use of credit just transfers a debt owed from one party, the person or business receiving the credit-based payment and the credit issuer.

Managing Monetary Bases

Most monetary bases are controlled by one national institution, usually a country’s central bank. They can usually change the monetary base (either expanding or contracting) through open market operations or monetary policies.

For many countries, the government can maintain a measure of control over the monetary base by buying and selling government bonds in the open market.

Smaller Scale Monetary Bases and Money Supplies

At the household level, the monetary base consists of all notes and coins in the possession of the household, as well as any funds in deposit accounts. The money supply of a household may be extended to include any available credit open on credit cards, unused portions of lines of credit and other accessible funds that translate into a debt that must be repaid.

 

 

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Ukraine Court Rules Manafort Disclosure Caused ‘Meddling’ in U.S. Election

Paul Manafort, center, arriving for his arraignment hearing at the federal courthouse in Alexandria, Va., in March.
Credit…Al Drago for The New York Times

MOSCOW — A court in Ukraine has ruled that officials in the country violated the law by revealing, during the 2016 presidential election in the United States, details of suspected illegal payments to Paul Manafort.

In 2016, while Mr. Manafort was chairman of the Trump campaign, anti-corruption prosecutors in Ukraine disclosed that a pro-Russian political party had earmarked payments for Mr. Manafort from an illegal slush fund. Mr. Manafort resigned from the campaign a week later.

The court’s ruling that what the prosecutors did was illegal comes as the Ukrainian government, which is deeply reliant on the United States for financial and military aid, has sought to distance itself from matters related to the special counsel’s investigation of Russia’s interference in the 2016 presidential race.

Some of the investigation by the special counsel, Robert S. Mueller III, has dealt with Mr. Manafort’s decade of work in Ukraine advising the country’s Russia-aligned former president, Viktor F. Yanukovych, his party and the oligarchs behind it.

After President Trump’s victory, some politicians in Ukraine criticized the public release by prosecutors of the slush fund records, saying the move would complicate Ukraine’s relations with the Trump administration.

In Ukraine, investigations into the payments marked for Mr. Manafort were halted for a time and never led to indictments. Mr. Manafort’s conviction in the United States on financial fraud charges related to his work in Ukraine was not based on any known legal assistance from Ukraine.

Two Ukrainian members of Parliament had pressed for investigations into whether the prosecutors’ revelation of the payment records, which were first published in The New York Times, had violated Ukrainian laws that, in some cases, prohibit prosecutors from revealing evidence before a trial.

Both lawmakers asserted that if the release of the slush fund information broke the law, then it should be viewed as an illegal effort to influence the United States presidential election in favor of Hillary Clinton by damaging the Trump campaign.

Artem Sytnik, the head of the National Anti-Corruption Bureau of Ukraine, said he had revealed the information about Paul Manafort “in accordance with the law in effect at the time.”
Credit…Oleksandr Stashevskyi/Associated Press

The Kiev District Administrative Court, in a statement issued Wednesday, said that Artem Sytnik, the head of the National Anti-Corruption Bureau of Ukraine, the agency that had released information about the payments, had violated the law. The court’s statement said this violation “resulted in meddling in the electoral process of the United States in 2016 and damaged the national interests of Ukraine.”

 

A spokeswoman for the anti-corruption bureau said she could not comment before the court released a full text of the ruling. In an interview last June, Mr. Sytnik said he had revealed the information “in accordance with the law in effect at the time.”

The court also faulted a member of Ukraine’s Parliament, Serhiy A. Leshchenko, who had commented on Mr. Manafort’s case and publicized at a news conference materials that the anti-corruption bureau had already posted on its website.

Mr. Leshchenko said he would appeal the ruling, and that the court was not independent and was doing the bidding of the Ukrainian government as it sought to curry favor with the Trump administration.

“This decision of the court is for Poroshenko to find a way to Trump’s heart,” he said, referring to President Petro O. Poroshenko. “At the next meeting with Trump, he will say, ‘You know, an independent Ukrainian court decided investigators made an inappropriate move.’ He will find the loyalty of the Trump administration.”

Mr. Leshchenko said the prosecutors’ revelations about Mr. Manafort were legal because they were “public interest information,” even if they were also potential evidence in a criminal investigation.

Mr. Manafort has not been charged with a crime in Ukraine, and earlier this year, Ukrainian officials froze several investigations into Mr. Manafort’s payments at a time when the government was negotiating with the Trump administration to purchase sophisticated anti-tank missiles, called Javelins.

Ukraine’s prosecutor general said the delay on Mr. Manafort’s cases was unrelated to the missile negotiations. In total, the United States provides about $600 million in bilateral aid to Ukraine annually.

Earlier this month, the special counsel accused Mr. Manafort of violating a cooperation agreement by lying. Two of the five alleged lies, according to the filing, related to meetings or conversations with Konstantin V. Kilimnik, Mr. Manafort’s former office manager in Kiev, whom the special counsel’s office has identified as tied to Russian intelligence and as a key figure in the investigation into possible coordination between the Trump campaign and Russia.

Ukrainian law enforcement officials last year allowed Mr. Kilimnik to leave for Russia, putting him out of reach for questioning.

Let’s get real: Democrats were first to enlist Ukraine in US elections

Story 6: Radical Extremist Democrat Socialist “Beto” Robert Francis O’Rourke Leaves Race — Crisis and Fear Monger — Will Not Be Missed By American People  — Videos

Watch: O’Rourke Gives Farewell Campaign Speech | NBC News

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The Pronk Pops Show 1223, March 8, 2019, Story 1: U-3 Unemployment Rate Declines To 3.8% With Labor Participation Rate of 63.2% — Total Non-farm Payroll Jobs Increased By 20,000 — Annual Wages Up 3.4% Best Post Recession — Videos — Story 2: House Votes To Give Illegal Aliens The Right To Vote — What is Next? — Citizenship For The 30-60 Million Illegal Aliens In The United States — American People Will Throw These Radical Extremist Democrat Socialist (REDS) Out of Office For Betraying American Workers — Videos — Story 3: President Trump Needs A 2020 Fundamental Tax Reform Proposal To Get Up To A 4% Economic Growth Rate And Near Full Employment — FairTax or Better Yet Fair Tax Less — Time To Fire UP The Economic Engine of United States — Incentives Matter — Videos

Posted on March 13, 2019. Filed under: 2020 Democrat Candidates, 2020 President Candidates, 2020 Republican Candidates, Abortion, Addiction, American History, Blogroll, Bribery, Bribes, Budgetary Policy, Cartoons, Clinton Obama Democrat Criminal Conspiracy, Communications, Computers, Congress, Corruption, Countries, Crime, Culture, Defense Spending, Donald J. Trump, Donald J. Trump, Donald J. Trump, Donald Trump, Drugs, Eating, Economics, Education, Elections, Empires, Employment, Energy, Federal Communications Commission, Federal Government, Fiscal Policy, Free Trade, Freedom of Speech, Government, Government Dependency, Government Spending, Health, Health Care Insurance, History, House of Representatives, Housing, Human, Human Behavior, Illegal Drugs, Illegal Drugs, Illegal Immigration, Immigration, Independence, Labor Economics, Law, Legal Immigration, Life, Media, Medicare, Mexico, Military Spending, Monetary Policy, National Interest, National Security Agency, People, Philosophy, Photos, Politics, Polls, Pro Abortion, Pro Life, Public Corruption, Radio, Raymond Thomas Pronk, Rule of Law, Scandals, Security, Senate, Social Security, South America, Spying, Subversion, Surveillance and Spying On American People, Tax Fraud, Tax Policy, Taxation, Taxes, Technology, Trade Policy, Unemployment, United States of America, Videos, Violence, Wall Street Journal, Wealth, Welfare Spending, Wisdom | Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , |

 

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Story 1: U-3 Unemployment Rate Declines To 3.8% With Labor Participation Rate of 63.2% — Total Non-farm Payroll Jobs Increased By 20,000 — Annual Wages Up 3.4% Best Post Recession — Videos —

Take the February jobs report with a grain of salt: Economy experts

How Wall Street Views the U.S. February Jobs Report

U.S. Jobs Report Mainly a ‘Shutdown Effect,’ Economist Gapen Says

Take jobs report with grain of salt: Grant Thornton economist

February Jobs Report: U.S. Adds 20,000 Jobs, Below Expectations | Morning Joe | MSNBC

Understanding BLS Unemployment Statistics

 

Alternate Unemployment Charts

The seasonally-adjusted SGS Alternate Unemployment Rate reflects current unemployment reporting methodology adjusted for SGS-estimated long-term discouraged workers, who were defined out of official existence in 1994. That estimate is added to the BLS estimate of U-6 unemployment, which includes short-term discouraged workers.

The U-3 unemployment rate is the monthly headline number. The U-6 unemployment rate is the Bureau of Labor Statistics’ (BLS) broadest unemployment measure, including short-term discouraged and other marginally-attached workers as well as those forced to work part-time because they cannot find full-time employment.

 

Public Commentary on Unemployment

Unemployment Data Series   subcription required(Subscription required.)  View  Download Excel CSV File   Last Updated: March 8th, 2019

The ShadowStats Alternate Unemployment Rate for February 2019 is 21.1%.

Republishing our charts:  Permission, Restrictions and Instructions (includes important requirements for successful hot-linking)

http://www.shadowstats.com/alternate_data/unemployment-charts

 

 

Economic News Release

U.S. adds meager 20,000 jobs in February to mark smallest increase in 17 months

Published: Mar 8, 2019 2:01 p.m. ET

Unemployment rate drops to 3.8% from 4%, wages grow faster

By JEFFRYBARTASH

REPORTER
Getty Images
The U.S. economy added just 20,000 new jobs in February after big gains in the prior two months, but the unemployment rate fell again and wages rose sharply.

The numbers: American businesses and other employers created the fewest new jobs in February in 17 months, the latest sign of a broader slowdown in the U.S. economy.

The economy added just 20,000 new jobs last month, the smallest gain since September 2017, the government said Friday.

The number of new nonfarm jobs created last month was well below the 172,000 MarketWatch forecast, but the slowdown was probably exaggerated by heavy snow and other seasonal oddities that are unlikely to persist. The U.S. has been adding more than 200,000 new jobs a month for the past year.

Hiring sputtered in February in construction, retail and shipping and was muted in most other industries.

The pace of hiring is still strong enough, however, to keep downward pressure on the nation’s unemployment rate, especially in a tight labor market in which good help is hard to find.

The jobless rate slipped to 3.8% from 4%, aided by the return of government workers after the end of the partial federal shutdown in January. Last year unemployment fell to a half-century low of 3.7%.

An ultra-tight labor market, what’s more, is forcing companies to offer better pay and benefits to attract or retain workers. The amount of money the average worker earns jumped 11 cents an hour to $27.66 last month.

The increase in pay in the past 12 months climbed to 3.4%, the biggest gain since the end of the last recession in 2009. While faster pay might spark fresh worries about inflation, so far there’s little sign that higher labor costs have done much if any harm.

Read: Fed’s pause now extends through September in wake of weak jobs report

What happened: The biggest dropoff in hiring in February took place in construction, where employment fell 31,000 after a 53,000 increase in January. The sharp swing in construction employment is likely evidence that government statisticians had trouble with seasonal adjustments.

A similarly large swing took place among hotels and restaurants, whose employment was flat in February after an outsized 89,000 increase in January that was the second largest in the past 20 years.

Retailers and shippers also cut jobs.

Hiring was strongest among professional firms and health-care companies. Professional firms created 42,000 new jobs and health providers added 21,000 jobs. Those have been the fastest growing industries through the nearly 10-year-old expansion.

Economists figure the U.S. needs to add about 100,000 jobs a month to absorb the number of people entering the labor force — immigrants, high school and college grads, moms or retirees going back to work. The labor force has been growing more slowly because of an aging population and tighter immigration restrictions, among other things.

Read: Trade deficit soars to 10-year high, foiling Trump White House efforts to rein it in

Also Read: Don’t blame oil for surging trade deficit – it’s all the other stuff Americans buy

Big picture: The U.S. is not growing as fast as it was last summer and companies might be more cautious about hiring, but the economy is not about to fall into a ditch despite what the February jobs report seems to indicate.

Read: ‘Don’t hit panic’ — economists say jobs report wasn’t as bad as it looked

A chief reason is the strong labor market: Wages are rising, unemployment and layoffs remain near a half-century low and job openings are at a record high.

So long as consumers are working and spending, companies are unlikely to see the kind of hiccup in sales that would force them to slash jobs. Their biggest worry right now is a slowing global economy that’s crimped exports, but if the U.S. and China strike a deal and end a damaging dispute over trade, it could go a long way in easing some of those worries.

Read: The rise of the robots and decline of inflation: How AI is keeping prices low

What they are saying: “Bizarre swings in the economic data have become routine since the end of the government shutdown and today was no exception,” said Thomas Simons, senior money market economist at Jefferies LLC. He said the 166,000 average of job gains in the first two months of 2019 are a more accurate reflection of underlying hiring trends.

“One poor report should not set off alarm bells, but given that the labor market is the linchpin for the entire economy, it does add to existing concerns and raises the stakes for next month’s report,” said Curt Long, chief economist at National Association of Federally-Insured Credit Unions.

Market reaction: The Dow Jones Industrial Average DJIA, -0.09% and S&P 500SPX, -0.21% fell sharply in Friday trades.

The 10-year Treasury yield TMUBMUSD10Y, -0.31% fell several basis points to 2.65%. Many loans such as mortgages and auto loans are tied to changes in the 10-year note, whose yield has fallen from a seven-year high of 3.23% in October.

https://www.marketwatch.com/story/us-adds-meager-20000-jobs-in-february-to-mark-smallest-increase-in-17-months-2019-03-08

Employment Situation Summary

Transmission of material in this news release is embargoed until		USDL-19-0360
8:30 a.m. (EST) Friday, March 8, 2019

Technical information: 
 Household data:       (202) 691-6378  *  cpsinfo@bls.gov  *  www.bls.gov/cps
 Establishment data:   (202) 691-6555  *  cesinfo@bls.gov  *  www.bls.gov/ces

Media contact:	       (202) 691-5902  *  PressOffice@bls.gov
	

                   THE EMPLOYMENT SITUATION -- FEBRUARY 2019


Total nonfarm payroll employment changed little in February (+20,000), and the
unemployment rate declined to 3.8 percent, the U.S. Bureau of Labor Statistics
reported today. Employment in professional and business services, health care, and
wholesale trade continued to trend up, while construction employment decreased.  

Household Survey Data

The unemployment rate declined by 0.2 percentage point to 3.8 percent in February,
and the number of unemployed persons decreased by 300,000 to 6.2 million. Among the
unemployed, the number of job losers and persons who completed temporary jobs
(including people on temporary layoff) declined by 225,000. This decline reflects,
in part, the return of federal workers who were furloughed in January due to the
partial government shutdown. (See tables A-1 and A-11.)

Among the major worker groups, the unemployment rates for adult men (3.5 percent),
Whites (3.3 percent), and Hispanics (4.3 percent) decreased in February. The jobless
rates for adult women (3.4 percent), teenagers (13.4 percent), Blacks (7.0 percent),
and Asians (3.1 percent) showed little or no change over the month. (See tables A-1,
A-2, and A-3.)

In February, the number of long-term unemployed (those jobless for 27 weeks or more)
was essentially unchanged at 1.3 million and accounted for 20.4 percent of the
unemployed. (See table A-12.) 

The labor force participation rate held at 63.2 percent in February and has changed
little over the year. The employment-population ratio, at 60.7 percent, was unchanged
over the month but was up by 0.3 percentage point over the year. (See table A-1.)

The number of persons employed part time for economic reasons (sometimes referred to
as involuntary part-time workers) decreased by 837,000 to 4.3 million in February.
This decline follows a sharp increase in January that may have resulted from the
partial federal government shutdown. (Persons employed part time for economic reasons
would have preferred full-time employment but were working part time because their
hours had been reduced or they were unable to find full-time jobs.) (See table A-8.)

In February, 1.4 million persons were marginally attached to the labor force, a
decrease of 178,000 from a year earlier. (Data are not seasonally adjusted.) These
individuals were not in the labor force, wanted and were available for work, and had
looked for a job sometime in the last 12 months. They were not counted as unemployed
because they had not searched for work in the 4 weeks preceding the survey. (See
table A-16.)

Among the marginally attached, there were 428,000 discouraged workers in February,
little changed from a year earlier. (Data are not seasonally adjusted.) Discouraged
workers are persons not currently looking for work because they believe no jobs are
available for them. The remaining 1.0 million persons marginally attached to the
labor force in February had not searched for work for reasons such as school
attendance or family responsibilities. (See table A-16.)	

Establishment Survey Data

Total nonfarm payroll employment was little changed in February (+20,000), after
increasing by 311,000 in January. In 2018, job growth averaged 223,000 per month.
In February, employment continued to trend up in professional and business services,
health care, and wholesale trade, while construction employment declined. (See table
B-1.)

In February, employment in professional and business services continued to trend
up (+42,000), in line with its average monthly gain over the prior 12 months. 

Health care added 21,000 jobs in February and 361,000 jobs over the year. Employment
in ambulatory health care services edged up over the month (+16,000). 

In February, wholesale trade employment continued its upward trend (+11,000). The
industry has added 95,000 jobs over the year, largely among durable goods wholesalers. 

Employment in construction declined by 31,000 in February, partially offsetting an
increase of 53,000 in January. In February, employment declined in heavy and civil
engineering construction (-13,000). Over the year, construction has added 223,000 jobs.

Manufacturing employment changed little in February (+4,000), after increasing by an
average of 22,000 per month over the prior 12 months.

In February, employment in leisure and hospitality was unchanged, after posting job
gains of 89,000 and 65,000 in January and December, respectively. Over the year,
leisure and hospitality has added 410,000 jobs.

Employment in other major industries, including mining, retail trade, transportation
and warehousing, information, financial activities, and government, showed little
or no change over the month.

The average workweek for all employees on private nonfarm payrolls decreased by 0.1
hour to 34.4 hours in February. In manufacturing, the average workweek declined 0.1
hour to 40.7 hours, while overtime was unchanged at 3.5 hours. The average workweek
for production and nonsupervisory employees on private nonfarm payrolls fell by 0.2
hour to 33.6 hours. (See tables B-2 and B-7.)

In February, average hourly earnings for all employees on private nonfarm payrolls
rose by 11 cents to $27.66, following a 2-cent gain in January. Over the year, average
hourly earnings have increased by 3.4 percent. Average hourly earnings of private-sector
production and nonsupervisory employees increased by 8 cents to $23.18 in February.
(See tables B-3 and B-8.)

The change in total nonfarm payroll employment for December was revised up from +222,000
to +227,000, and the change for January was revised up from +304,000 to +311,000. With
these revisions, employment gains in December and January combined were 12,000 more than
previously reported. (Monthly revisions result from additional reports received from
businesses and government agencies since the last published estimates and from the
recalculation of seasonal factors.) After revisions, job gains have averaged 186,000
per month over the last 3 months. 

_____________
The Employment Situation for March is scheduled to be released on Friday, April 5, 2019,
at 8:30 a.m. (EDT).



The PDF version of the news release

News release charts

Supplemental Files Table of Contents

Table of Contents

Last Modified Date: March 08, 2019

Employment Situation Summary Table A. Household data, seasonally adjusted

HOUSEHOLD DATA
Summary table A. Household data, seasonally adjusted
[Numbers in thousands]
Category Feb.
2018
Dec.
2018
Jan.
2019
Feb.
2019
Change from:
Jan.
2019-
Feb.
2019

Employment status

Civilian noninstitutional population

256,934 258,888 258,239 258,392 153

Civilian labor force

161,900 163,240 163,229 163,184 -45

Participation rate

63.0 63.1 63.2 63.2 0.0

Employed

155,213 156,945 156,694 156,949 255

Employment-population ratio

60.4 60.6 60.7 60.7 0.0

Unemployed

6,687 6,294 6,535 6,235 -300

Unemployment rate

4.1 3.9 4.0 3.8 -0.2

Not in labor force

95,033 95,649 95,010 95,208 198

Unemployment rates

Total, 16 years and over

4.1 3.9 4.0 3.8 -0.2

Adult men (20 years and over)

3.7 3.6 3.7 3.5 -0.2

Adult women (20 years and over)

3.8 3.5 3.6 3.4 -0.2

Teenagers (16 to 19 years)

14.4 12.5 12.9 13.4 0.5

White

3.7 3.4 3.5 3.3 -0.2

Black or African American

6.8 6.6 6.8 7.0 0.2

Asian

3.0 3.3 3.1 3.1 0.0

Hispanic or Latino ethnicity

4.9 4.4 4.9 4.3 -0.6

Total, 25 years and over

3.4 3.1 3.3 3.1 -0.2

Less than a high school diploma

5.6 5.8 5.7 5.3 -0.4

High school graduates, no college

4.4 3.8 3.8 3.8 0.0

Some college or associate degree

3.5 3.3 3.4 3.2 -0.2

Bachelor’s degree and higher

2.2 2.1 2.4 2.2 -0.2

Reason for unemployment

Job losers and persons who completed temporary jobs

3,227 2,903 3,082 2,857 -225

Job leavers

784 839 805 840 35

Reentrants

1,954 1,958 1,945 1,905 -40

New entrants

703 588 606 623 17

Duration of unemployment

Less than 5 weeks

2,458 2,126 2,325 2,194 -131

5 to 14 weeks

1,900 2,027 2,013 1,810 -203

15 to 26 weeks

933 897 902 942 40

27 weeks and over

1,403 1,306 1,252 1,271 19

Employed persons at work part time

Part time for economic reasons

5,115 4,657 5,147 4,310 -837

Slack work or business conditions

3,293 2,891 3,451 2,792 -659

Could only find part-time work

1,537 1,496 1,419 1,347 -72

Part time for noneconomic reasons

21,120 21,234 20,949 21,153 204

Persons not in the labor force (not seasonally adjusted)

Marginally attached to the labor force

1,602 1,556 1,614 1,424

Discouraged workers

373 375 426 428

– Over-the-month changes are not displayed for not seasonally adjusted data.
NOTE: Persons whose ethnicity is identified as Hispanic or Latino may be of any race. Detail for the seasonally adjusted data shown in this table will not necessarily add to totals because of the independent seasonal adjustment of the various series. Updated population controls are introduced annually with the release of January data.

 

Table A-2. Employment status of the civilian population by race, sex, and age

HOUSEHOLD DATA
Table A-2. Employment status of the civilian population by race, sex, and age
[Numbers in thousands]
Employment status, race, sex, and age Not seasonally adjusted Seasonally adjusted(1)
Feb.
2018
Jan.
2019
Feb.
2019
Feb.
2018
Oct.
2018
Nov.
2018
Dec.
2018
Jan.
2019
Feb.
2019

WHITE

Civilian noninstitutional population

199,799 200,382 200,447 199,799 200,596 200,690 200,774 200,382 200,447

Civilian labor force

125,658 125,516 126,102 125,862 126,100 126,334 126,680 126,351 126,313

Participation rate

62.9 62.6 62.9 63.0 62.9 63.0 63.1 63.1 63.0

Employed

120,646 120,542 121,628 121,241 121,923 122,036 122,318 121,880 122,168

Employment-population ratio

60.4 60.2 60.7 60.7 60.8 60.8 60.9 60.8 60.9

Unemployed

5,012 4,974 4,475 4,621 4,177 4,299 4,362 4,471 4,144

Unemployment rate

4.0 4.0 3.5 3.7 3.3 3.4 3.4 3.5 3.3

Not in labor force

74,141 74,866 74,345 73,937 74,496 74,355 74,094 74,030 74,134

Men, 20 years and over

Civilian labor force

65,802 65,684 65,925 65,887 65,771 65,961 66,110 66,051 66,052

Participation rate

72.0 71.6 71.8 72.1 71.6 71.8 71.9 72.0 72.0

Employed

63,185 63,112 63,636 63,651 63,785 63,960 64,046 63,890 64,088

Employment-population ratio

69.1 68.8 69.3 69.6 69.4 69.6 69.6 69.6 69.8

Unemployed

2,617 2,572 2,289 2,236 1,986 2,000 2,064 2,161 1,964

Unemployment rate

4.0 3.9 3.5 3.4 3.0 3.0 3.1 3.3 3.0

Women, 20 years and over

Civilian labor force

55,465 55,612 56,042 55,254 55,778 55,819 55,995 55,740 55,814

Participation rate

57.8 57.7 58.1 57.5 57.8 57.9 58.0 57.8 57.9

Employed

53,640 53,733 54,365 53,456 54,062 54,023 54,226 53,959 54,151

Employment-population ratio

55.9 55.8 56.4 55.7 56.1 56.0 56.2 56.0 56.2

Unemployed

1,825 1,879 1,677 1,798 1,716 1,796 1,769 1,781 1,663

Unemployment rate

3.3 3.4 3.0 3.3 3.1 3.2 3.2 3.2 3.0

Both sexes, 16 to 19 years

Civilian labor force

4,392 4,219 4,135 4,721 4,551 4,554 4,575 4,560 4,447

Participation rate

35.6 34.4 33.7 38.3 37.0 37.0 37.2 37.2 36.3

Employed

3,822 3,697 3,627 4,134 4,076 4,052 4,047 4,031 3,929

Employment-population ratio

31.0 30.1 29.6 33.5 33.1 32.9 32.9 32.9 32.0

Unemployed

570 523 508 587 476 502 528 530 518

Unemployment rate

13.0 12.4 12.3 12.4 10.5 11.0 11.6 11.6 11.6

BLACK OR AFRICAN AMERICAN

Civilian noninstitutional population

32,607 32,868 32,897 32,607 32,887 32,923 32,956 32,868 32,897

Civilian labor force

20,360 20,549 20,441 20,518 20,564 20,451 20,460 20,628 20,575

Participation rate

62.4 62.5 62.1 62.9 62.5 62.1 62.1 62.8 62.5

Employed

18,928 19,033 18,944 19,118 19,290 19,232 19,107 19,220 19,137

Employment-population ratio

58.1 57.9 57.6 58.6 58.7 58.4 58.0 58.5 58.2

Unemployed

1,432 1,516 1,497 1,399 1,274 1,219 1,353 1,408 1,437

Unemployment rate

7.0 7.4 7.3 6.8 6.2 6.0 6.6 6.8 7.0

Not in labor force

12,246 12,318 12,457 12,089 12,323 12,472 12,496 12,240 12,322

Men, 20 years and over

Civilian labor force

9,339 9,320 9,333 9,448 9,400 9,310 9,284 9,367 9,414

Participation rate

68.5 67.6 67.6 69.3 68.2 67.4 67.2 67.9 68.2

Employed

8,744 8,584 8,595 8,889 8,814 8,771 8,709 8,705 8,734

Employment-population ratio

64.1 62.2 62.3 65.2 63.9 63.5 63.0 63.1 63.3

Unemployed

595 736 738 559 586 539 575 662 680

Unemployment rate

6.4 7.9 7.9 5.9 6.2 5.8 6.2 7.1 7.2

Women, 20 years and over

Civilian labor force

10,261 10,433 10,358 10,264 10,327 10,303 10,359 10,419 10,366

Participation rate

62.4 62.8 62.3 62.4 62.2 62.0 62.2 62.8 62.4

Employed

9,615 9,820 9,793 9,642 9,825 9,789 9,749 9,847 9,822

Employment-population ratio

58.4 59.2 58.9 58.6 59.2 58.9 58.6 59.3 59.1

Unemployed

646 613 565 621 501 515 611 572 544

Unemployment rate

6.3 5.9 5.5 6.1 4.9 5.0 5.9 5.5 5.3

Both sexes, 16 to 19 years

Civilian labor force

760 797 750 806 837 837 817 842 795

Participation rate

30.3 32.2 30.3 32.1 33.6 33.6 32.8 34.0 32.1

Employed

569 629 556 587 650 672 650 669 582

Employment-population ratio

22.7 25.4 22.5 23.4 26.1 27.0 26.1 27.0 23.5

Unemployed

191 168 194 219 187 165 167 173 213

Unemployment rate

25.2 21.0 25.9 27.1 22.4 19.7 20.5 20.6 26.8

ASIAN

Civilian noninstitutional population

15,792 16,034 16,055 15,792 16,030 16,096 16,138 16,034 16,055

Civilian labor force

9,934 10,264 10,383 9,925 10,280 10,334 10,262 10,298 10,369

Participation rate

62.9 64.0 64.7 62.8 64.1 64.2 63.6 64.2 64.6

Employed

9,635 9,938 10,053 9,630 9,956 10,050 9,929 9,978 10,045

Employment-population ratio

61.0 62.0 62.6 61.0 62.1 62.4 61.5 62.2 62.6

Unemployed

299 326 329 294 324 284 334 321 324

Unemployment rate

3.0 3.2 3.2 3.0 3.1 2.7 3.3 3.1 3.1

Not in labor force

5,858 5,770 5,672 5,868 5,750 5,762 5,876 5,736 5,686

Footnotes
(1) The population figures are not adjusted for seasonal variation; therefore, identical numbers appear in the unadjusted and seasonally adjusted columns.

NOTE: Estimates for the above race groups will not sum to totals shown in table A-1 because data are not presented for all races. Updated population controls are introduced annually with the release of January data.

https://www.bls.gov/news.release/empsit.t02.htm

Story 2: House Votes To Give Illegal Aliens The Right To Vote — What is Next? — Citizenship For The 30-60 Million Illegal Aliens In The United States — American People Will Throw These Radical Extremist Democrat Socialist (REDS) Out of Office For Betraying American Workers — Videos —

House Democrats push for Illegals & Non citizens to Vote!!!

House votes in favor of illegal immigrant voting

Voters packed the Vigo County Annex in Terre Haute, Ind., on Monday, Nov. 5, 2018, during the final day of early voting. (Austen Leake/Tribune-Star via AP) ** FILE **

 

– The Washington Times – Friday, March 8, 2019

House Democrats voted Friday to defend localities that allow illegal immigrants to vote in their elections, turning back a GOP attempt to discourage the practice.

The vote marks a stunning reversal from just six months ago, when the chamber — then under GOP control — voted to decry illegal immigrant voting.

“We are prepared to open up the political process and let all of the people come in,” Rep. John Lewis, a Georgia Democrat and hero of the civil rights movement, told colleagues as he led opposition to the GOP measure.

The 228-197 vote came as part of a broader debate on Democrats’ major legislative priority this year, HR 1, the “For the People Act,” which includes historic expansions of voter registration and access, as well as a major rewrite of campaign finance laws.

The measure would have had no practical effect even if it had passed. Illegal immigrants — and indeed noncitizens as a whole — are not legally able to participate in federal elections.

But Republicans had hoped to send a message to localities such as San Francisco, where noncitizens are now allowed to vote in school board elections.

https://www.washingtontimes.com/news/2019/mar/8/house-votes-favor-illegal-immigrant-voting/

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Who Pays Income Taxes?

By Demian Brady

(pdf)

As taxpayers have begun to file after the one-year anniversary of the passage of the Tax Cuts and Jobs Act, it’s an opportune time to reflect on the tax relief it brought. Lower tax rates across-the-board increased take home pay for workers. And thanks to the increased standard deduction, an estimated 31 million filers will no longer need to itemize their taxes, reducing the compliance burden by 248 million hours. With a reduced corporate tax rate that has made the U.S. more competitive, the TCJA also helped spur a booming economy that is generating record levels of tax receipts.

For historical information:

Despite the achievement of the TCJA, many politicians remain opposed to the tax cuts. And they employ worn out class warfare rhetoric to inaccurately disparage the law or even any attempt to reduce income taxes. Nancy Pelosi, and several others in her party, have slammed the tax cuts as a giveaway to the rich and complain that the wealthy are not paying their “fair share.”

First of all, reducing taxes allows people to keep more of what they created and earned – that’s not a giveaway. Second, Pelosi and her colleagues neglect to take into account the fact that under the progressive tax code, the top income earners pay an outsized share of income taxes. And the biggest unreported fact about TCJA is that it will increase the progressivity of the tax system.

The IRS has recently released an analysis of the distribution of the income tax burden for Tax Year 2016. The new data shows that the top one percent of income earners bear the burden of 37 percent of all income taxes. This is nearly twice as much as their share of income (19.7 percent). The top 25 percent of earners shoulder nearly 86 percent of the income tax load. Combined, the top 50 percent of earners are responsible for 97 percent income taxes collected. The other half of filers pay just 3 percent of all income taxes.

NTUF has compiled historical data tracking the distribution of the federal income tax burden back to 1980. In that year, the top one percent of filers’ income tax share was 19 percent – that’s nearly half of what it is now. On the other side of the spectrum, the bottom fifty percent’s share has been cut from 7 percent to 3 percent over the past 38 years. And this happened despite the top marginal income tax rate falling from 70 percent in 1980 to 39.6 percent by 2016.

The trends are clear: the code has become increasingly progressive, and when people are allowed to keep more of their own money, they prosper, move up the economic ladder, and pay a bigger part of the income tax bill for those who aren’t.

The tax code provides net assistance to many filers working their way up the economic ladder. A Congressional Budget Office report on shows that households in the lowest income quintiles actually have negative tax liabilities. This means that they are recipients of refundable tax credits which can be claimed above and beyond any net income taxes owed. For example, almost 26 million households received the Earned Income Tax Credit in 2016. Beyond reducing many filers’ tax obligation, this refundable credit resulted in outlays totaling $61 billion.

After accounting for low-income levels and various tax credits, 33.4 percent of returns in Tax Year 2016 paid no income tax, up significantly from 21.3 percent in 1980.

While it’s true that the benefits of the tax cuts enacted in the TCJA went to the top income earners who pay most income taxes, it is also expected that the TCJA will increase the progressivity of the code. The combination of the near-doubling of the standard deduction and the expanded child credit will increase the number of filers with zero income tax liability. The Tax Policy Center estimated that an additional 2.4 percent of tax units will owe nothing. David Splinter of the Joint Committee on Taxation simultaneously projected that the TCJA will increase the figure by 2.5 percent.

Splinter also finds that most of the increase in the number of filers with no liability over the past decades has occurred because of changes in tax policy, more so than the health of the economy. Using an econometric index, he calculates that the code has become much more progressive since 1985 – due to exclusions and increases in refundable credits – and that the TCJA will further increase its progressivity.

The lopsided income tax burden carried by the top income earners raises the question: just what is a “fair” level of taxation? Until recently, those who complained most loudly that the rich are not paying their fair share generally refrained from specifying what would be an appropriate amount. In July 2018, Senator Elizabeth Warren agreed that a 90 percent rate “sounds pretty shockingly high,” but was unwilling to state just what tax rate she would support. This year the new left has ratcheted up calls for higher taxes with some specifics. Newly-elected Representative Alexandria Ocasio-Cortez led the charge with a 70 percent marginal rate on incomes above $10 million. Warren responded with a proposal for a 2 percent wealth tax on households with a net worth of $50 million, and a 3 percent rate on households with over $1 billion in wealth. It’s worth noting that while these proposals would further increase the progressivity of the tax system – and the wealth tax in particular would impose significant additional administrative complexities and compliance burdens, and may not be constitutional – they would also only pay for a fraction of new spending programs, including Medicare for All, also being pitched by the high tax advocates.

And just who are the “rich” that are allegedly not paying their “fair share”? The minimum threshold to be counted among the wealthiest tenth of taxpayers is just under $140,000, and the top quarter’s threshold starts at just under $81,000. The latter is comparable to the median income that year in several large metropolitan areas. Many homeowners who think of themselves as middle-class may be surprised to learn that the tax code classifies them among the rich.

As pundits and politicians complain about “tax fairness” taxpayers should press them to specify what would be fair. They should also be reminded that with lower taxes, people keep more of what they earned and spend or save their dollars more productively than Washington, DC. The lesson of tax reform efforts from the Kennedy-Johnson tax cuts through the Reagan and Bush era is that tax cuts stimulate productivity and job growth. Increasing the tax rates could reverse the economic expansion. That wouldn’t just be unfair, it would be unwise.

https://www.ntu.org/foundation/tax-page/who-pays-income-taxes

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The Pronk Pops Show 1168, November 2, 2018, Story 1: Jobs Report — U.S. Economy Added 250,000 Jobs — Real Wages Up 3.1% and Capital Spending Growth — Civilian Labor Participation Rate Up .2% Going in Right Direction — Getting Better– All The Time — Videos — Story 2: Federal Reserve Will Be Increasing Fed Funds Target Rate by .25% In December 2018 — No Real Surprise — Videos — Story 3: President Trump’s Job Approval Rising — Hits 51% — Top Three Concerns of American People — The Economy, Illegal Immigration and Obamacare — Videos

Posted on November 4, 2018. Filed under: Addiction, American History, Banking System, Barack H. Obama, Bill Clinton, Blogroll, Books, Breaking News, Budgetary Policy, Business, College, Congress, Corruption, Countries, Deep State, Defense Spending, Donald J. Trump, Donald J. Trump, Donald J. Trump, Donald Trump, Eating, Economics, Education, Elections, Empires, Employment, Federal Government, First Amendment, Fiscal Policy, Foreign Policy, Former President Barack Obama, Free Trade, Freedom of Speech, Government, Government Dependency, Government Spending, Health, Health Care, Health Care Insurance, History, House of Representatives, Housing, Human, Human Behavior, Illegal Immigration, Immigration, Independence, Insurance, Investments, Labor Economics, Language, Law, Legal Immigration, Life, Lying, Media, Medicare, Monetary Policy, National Interest, Networking, News, Obama, Obesity, Overweight, People, Philosophy, Photos, Politics, Polls, President Trump, Progressives, Public Corruption, Public Relations, Radio, Raymond Thomas Pronk, Regulation, Rule of Law, Scandals, Security, Senate, Social Security, Spying, Success, Supplemental Nutrition Assistance Program (SNAP_, Surveillance and Spying On American People, Tax Policy, Taxation, Taxes, Terrorism, Trade Policy, Trump Surveillance/Spying, Unemployment, United States Constitution, United States of America, Videos, Violence, War, Wealth, Welfare Spending, Wisdom | Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , |

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The Pronk Pops Show Podcasts

Pronk Pops Show 1168 November 2, 2018

Pronk Pops Show 1167 November 1, 2018

Pronk Pops Show 1166 October 31, 2018

Pronk Pops Show 1165 October 30, 2018

Pronk Pops Show 1164 October 29, 2018

Pronk Pops Show 1163 October 26, 2018

Pronk Pops Show 1162 October 24, 2018

Pronk Pops Show 1161 October 23, 2018

Pronk Pops Show 1160 October 22, 2018

Pronk Pops Show 1159 October 19, 2018

Pronk Pops Show 1158 October 18, 2018

Pronk Pops Show 1157 October 16, 2018

Pronk Pops Show 1156 October 15, 2018

Pronk Pops Show 1155 October 12, 2018

Pronk Pops Show 1154 October 11, 2018

Pronk Pops Show 1153 October 10, 2018

Pronk Pops Show 1152 October 5, 2018

Pronk Pops Show 1151 October 4, 2018

Pronk Pops Show 1150 October 3, 2018

Pronk Pops Show 1149, October 1, 2018

Pronk Pops Show 1148, September 28, 2018

Pronk Pops Show 1147, September 27, 2018

Pronk Pops Show 1146, September 25, 2018

Pronk Pops Show 1145, September 24, 2018

Pronk Pops Show 1144, September 20, 2018

Pronk Pops Show 1143, September 19, 2018

Pronk Pops Show 1142, September 18, 2018

Pronk Pops Show 1141, September 17, 2018

Pronk Pops Show 1140, September 14, 2018

Pronk Pops Show 1139, September 13, 2018

Pronk Pops Show 1138, September 12, 2018

Pronk Pops Show 1137, September 7, 2018

Pronk Pops Show 1136, September 6, 2018

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Pronk Pops Show 1133, August 29, 2018

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Pronk Pops Show 1130, August 22, 2018

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Pronk Pops Show 1128, August 20, 2018

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Pronk Pops Show 1126, August 16, 2018

Pronk Pops Show 1125, August 15, 2018

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Pronk Pops Show 1123, August 13, 2018

Pronk Pops Show 1122, August 9, 2018

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Pronk Pops Show 1120, August 6, 2018

Pronk Pops Show 1119, August 2, 2018

Pronk Pops Show 1118, August 1, 2018

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Story 1: November 2018 Jobs Report — U.S. Economy Added 250,000 Jobs With 3.7% U-3 Unemployment Rate  — Real Wages Up 3.1% and Capital Spending Growth — Civilian Labor Participation Rate Up .2% Going in Right Direction Up! — Getting Better– All The Time — Videos 

The Beatles – Getting Better

Getting Better
It’s getting better all the time
I used to get mad at my school (No, I can’t complain)
The teachers who taught me weren’t cool (No, I can’t complain)
You’re holding me down
Turning me round
Filling me up with your rules
I’ve got to admit it’s getting better (Better)
A little better all the time (It can’t get no worse)
I have to admit it’s getting better (Better)
It’s getting better
Since you’ve been mine
Me used to be angry young man
Me hiding me head in the sand
You gave me the word, I finally heard
I’m doing the best that I can
I’ve got to admit it’s getting better (Better)
A little better all the time (It can’t get no worse)
I have to admit it’s getting better (Better)
It’s getting better
Since you’ve been mine
Getting so much better all the time!
It’s getting better all the time
Better, better, better
It’s getting better all the time
Better, better, better
I used to be cruel to my woman
I beat her and kept her apart from the things that she loved
Man, I was mean but I’m changing my scene
And I’m doing the best that I can (ooh)
I admit it’s getting better (Better)
A little better all the time (It can’t get no worse)
Yes, I admit it’s getting better (Better)
It’s getting better
Since you’ve been mine
Getting so much better all the time!
It’s getting better all the time
Better, better, better
It’s getting better all the time
Better, better, better
Getting so much better all the time!
Songwriters: John Lennon / Paul McCartney
Getting Better lyrics © Sony/ATV Music Publishing LLC

Trump celebrates strong jobs report at rally

Job growth powers ahead

Economy adds 250K jobs in October

Santelli Exchange: Lazear on the jobs report

Jim Cramer on October jobs report: We have to move fast

CEA’s Hassett on China Trade, Jobs Report, Debt and Deficit

What does October’s banner jobs report tell us about where the economy is headed?

A Deep Dive Into the U.S. October Jobs Report

How Wall Street Views the October Jobs Report

What the markets want from the jobs report

What Is 3%? Jim Cramer on the Jobs Report

Alan Greenspan: Tightest labor market I’ve ever seen

Greenspan: We are in uncharted territory

Alan Greenspan: We have to deal with entitlements

Greenspan: The financial community doesn’t care about bookkeeping, they’re going to confront inflation

Defining the Unemployment Rate

Is Unemployment Undercounted?

Labor Force Participation

Cyclical Unemployment

Frictional Unemployment

Structural Unemployment

Monetary Policy and the Federal Reserve

Monetary Policy: The Best Case Scenario

Milton Friedman: Inflation vs Unemployment

Milton Friedman – Stimulus and Inflation

Milton Friedman – Money and Inflation (Q&A)

Responsibility to the Poor

Milton Friedman: There’s No Such Thing as a Free Lunch

TAKE IT TO THE LIMITS: Milton Friedman on Libertarianism

156,562,000: Record Employment for 12th Time Under Trump

By Susan Jones | November 2, 2018 | 8:41 AM EDT

A sign of the times in an Illinois shop window. (Photo by Tim Boyle/Getty Images)

(CNSNews.com) – The economy is the second most important issue for registered voters as the midterm election nears, a new Gallup Poll says. And there was very good economic news on Friday, as the Labor Department’s Bureau of Labor Statistics rolled out the October employment report — the final one before next week’s midterm election.

The number of employed Americans has never been higher. The 156,562,000 Americans employed in October is the twefth record set under President Donald Trump.

In October, the number of employed men age 20 and up — 80,405,000 — set the 12th record since Trump took office; and likewise, for the 12th time, the number of employed women age 20 and up set a record, reaching 70,909,000 in October.

The unemployment rate held at 3.7 percent, the same as September, which is the lowest it’s been in decades — since the end of 1969. And the Hispanic unemployment rate, 4.4 percent, has never been lower.

The unemployment rate for African-Americans, 6.2 percent, remained near the all-time low of 5.9 percent set in May.

On top of those numbers, the economy added a whopping 250,000 jobs last month. After revisions, job gains have averaged 218,000 over the past 3 months.

(“Wow!” Trump tweeted on Friday morning. “The U.S. added 250,000 Jobs in October – and this was despite the hurricanes. Unemployment at 3.7%. Wages UP! These are incredible numbers. Keep it going, Vote Republican!”)

The number of Americans not in the labor force dipped to 95.8 million, down from last month’s record high; and the labor force participation rate increased two-tenths of a point to 62.9 percent, a move in the right direction.

Among the major worker groups, the unemployment rates for adult men (3.5 percent), adult women (3.4 percent), teenagers (11.9 percent), Whites (3.3 percent), Blacks (6.2 percent), and Asians (3.2 percent) showed little or no change in October.

In October, average hourly earnings for all employees on private nonfarm payrolls rose by 5 cents to $27.30. Over the year, average hourly earnings have increased by 83 cents, or 3.1 percent.

In October, the nation’s civilian noninstitutionalized population, consisting of all people age 16 or older who were not in the military or an institution, reached 258,514,000. Of those, 162,637,000 participated in the labor force by either holding a job or actively seeking one.

The 162,637,000 who participated in the labor force equaled 62.9 percent of the 258,514,000 civilian noninstitutionalized population, the same as August.

The higher the participation rate, the better, but economists expect this percentage to remain stagnant and decline in the years ahead as an increasing number of baby boomers retire.

President Trump highlghted the booming economy at his rally in Missouri yesterday, telling voters that next week’s election “will decide whether we build on an extraordinary prosperity,” or whether Democrats “will wipe it all away.”

“The unemployment rate just fell to the lowest level in over 50 years,” the president said. “More Americans are working now than any time in history. Think of that…So today, right now, we have more Americans working than at any time, any time in the history of our country. That’s pretty good,” he said. “That’s pretty good!”

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Alternate Unemployment Charts

The seasonally-adjusted SGS Alternate Unemployment Rate reflects current unemployment reporting methodology adjusted for SGS-estimated long-term discouraged workers, who were defined out of official existence in 1994. That estimate is added to the BLS estimate of U-6 unemployment, which includes short-term discouraged workers.

The U-3 unemployment rate is the monthly headline number. The U-6 unemployment rate is the Bureau of Labor Statistics’ (BLS) broadest unemployment measure, including short-term discouraged and other marginally-attached workers as well as those forced to work part-time because they cannot find full-time employment.

 

Public Commentary on Unemployment

Unemployment Data Series   subcription required(Subscription required.)  View  Download Excel CSV File   Last Updated: November 2nd, 2018

The ShadowStats Alternate Unemployment Rate for October 2018 is 21.2%.

Republishing our charts:  Permission, Restrictions and Instructions (includes important requirements for successful hot-linking)

http://www.shadowstats.com/alternate_data/unemployment-charts

Labor Force Statistics from the Current Population Survey

Civilian Labor Force Level

162,637,000

Series Id:           LNS11000000
Seasonally Adjusted
Series title:        (Seas) Civilian Labor Force Level
Labor force status:  Civilian labor force
Type of data:        Number in thousands
Age:                 16 years and over

Download:
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2000 142267(1) 142456 142434 142751 142388 142591 142278 142514 142518 142622 142962 143248
2001 143800 143701 143924 143569 143318 143357 143654 143284 143989 144086 144240 144305
2002 143883 144653 144481 144725 144938 144808 144803 145009 145552 145314 145041 145066
2003 145937(1) 146100 146022 146474 146500 147056 146485 146445 146530 146716 147000 146729
2004 146842(1) 146709 146944 146850 147065 147460 147692 147564 147415 147793 148162 148059
2005 148029(1) 148364 148391 148926 149261 149238 149432 149779 149954 150001 150065 150030
2006 150214(1) 150641 150813 150881 151069 151354 151377 151716 151662 152041 152406 152732
2007 153144(1) 152983 153051 152435 152670 153041 153054 152749 153414 153183 153835 153918
2008 154063(1) 153653 153908 153769 154303 154313 154469 154641 154570 154876 154639 154655
2009 154210(1) 154538 154133 154509 154747 154716 154502 154307 153827 153784 153878 153111
2010 153484(1) 153694 153954 154622 154091 153616 153691 154086 153975 153635 154125 153650
2011 153263(1) 153214 153376 153543 153479 153346 153288 153760 154131 153961 154128 153995
2012 154381(1) 154671 154749 154545 154866 155083 154948 154763 155160 155554 155338 155628
2013 155763(1) 155312 155005 155394 155536 155749 155599 155605 155687 154673 155265 155182
2014 155357(1) 155526 156108 155404 155564 155742 156011 156124 156019 156383 156455 156301
2015 157063(1) 156734 156754 157051 157449 157071 157035 157132 156700 157138 157435 158043
2016 158387(1) 158811 159253 158919 158512 158976 159207 159514 159734 159700 159544 159736
2017 159718(1) 159997 160235 160181 159729 160214 160467 160598 161082 160371 160533 160597
2018 161115(1) 161921 161763 161527 161539 162140 162245 161776 161926 162637
1 : Data affected by changes in population controls.

Labor Force Participation Rate

62.9%




Series Id:           LNS11300000
Seasonally Adjusted
Series title:        (Seas) Labor Force Participation Rate
Labor force status:  Civilian labor force participation rate
Type of data:        Percent or rate
Age:                 16 years and over

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2000 67.3 67.3 67.3 67.3 67.1 67.1 66.9 66.9 66.9 66.8 66.9 67.0
2001 67.2 67.1 67.2 66.9 66.7 66.7 66.8 66.5 66.8 66.7 66.7 66.7
2002 66.5 66.8 66.6 66.7 66.7 66.6 66.5 66.6 66.7 66.6 66.4 66.3
2003 66.4 66.4 66.3 66.4 66.4 66.5 66.2 66.1 66.1 66.1 66.1 65.9
2004 66.1 66.0 66.0 65.9 66.0 66.1 66.1 66.0 65.8 65.9 66.0 65.9
2005 65.8 65.9 65.9 66.1 66.1 66.1 66.1 66.2 66.1 66.1 66.0 66.0
2006 66.0 66.1 66.2 66.1 66.1 66.2 66.1 66.2 66.1 66.2 66.3 66.4
2007 66.4 66.3 66.2 65.9 66.0 66.0 66.0 65.8 66.0 65.8 66.0 66.0
2008 66.2 66.0 66.1 65.9 66.1 66.1 66.1 66.1 66.0 66.0 65.9 65.8
2009 65.7 65.8 65.6 65.7 65.7 65.7 65.5 65.4 65.1 65.0 65.0 64.6
2010 64.8 64.9 64.9 65.2 64.9 64.6 64.6 64.7 64.6 64.4 64.6 64.3
2011 64.2 64.1 64.2 64.2 64.1 64.0 64.0 64.1 64.2 64.1 64.1 64.0
2012 63.7 63.8 63.8 63.7 63.7 63.8 63.7 63.5 63.6 63.8 63.6 63.7
2013 63.7 63.4 63.3 63.4 63.4 63.4 63.3 63.3 63.2 62.8 63.0 62.9
2014 62.9 62.9 63.1 62.8 62.8 62.8 62.9 62.9 62.8 62.9 62.9 62.8
2015 62.9 62.7 62.7 62.8 62.9 62.7 62.6 62.6 62.3 62.5 62.5 62.7
2016 62.8 62.9 63.0 62.8 62.6 62.7 62.8 62.8 62.9 62.8 62.7 62.7
2017 62.9 62.9 63.0 62.9 62.7 62.8 62.9 62.9 63.0 62.7 62.7 62.7
2018 62.7 63.0 62.9 62.8 62.7 62.9 62.9 62.7 62.7 62.9

Unemployment Level

6,075,000

 

Series Id:           LNS13000000
Seasonally Adjusted
Series title:        (Seas) Unemployment Level
Labor force status:  Unemployed
Type of data:        Number in thousands
Age:                 16 years and over

Download:
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2000 5708 5858 5733 5481 5758 5651 5747 5853 5625 5534 5639 5634
2001 6023 6089 6141 6271 6226 6484 6583 7042 7142 7694 8003 8258
2002 8182 8215 8304 8599 8399 8393 8390 8304 8251 8307 8520 8640
2003 8520 8618 8588 8842 8957 9266 9011 8896 8921 8732 8576 8317
2004 8370 8167 8491 8170 8212 8286 8136 7990 7927 8061 7932 7934
2005 7784 7980 7737 7672 7651 7524 7406 7345 7553 7453 7566 7279
2006 7064 7184 7072 7120 6980 7001 7175 7091 6847 6727 6872 6762
2007 7116 6927 6731 6850 6766 6979 7149 7067 7170 7237 7240 7645
2008 7685 7497 7822 7637 8395 8575 8937 9438 9494 10074 10538 11286
2009 12058 12898 13426 13853 14499 14707 14601 14814 15009 15352 15219 15098
2010 15046 15113 15202 15325 14849 14474 14512 14648 14579 14516 15081 14348
2011 14013 13820 13737 13957 13855 13962 13763 13818 13948 13594 13302 13093
2012 12797 12813 12713 12646 12660 12692 12656 12471 12115 12124 12005 12298
2013 12471 11950 11689 11760 11654 11751 11335 11279 11270 11136 10787 10404
2014 10235 10365 10435 9724 9740 9474 9610 9602 9266 8972 9064 8704
2015 8951 8634 8578 8546 8662 8265 8206 7996 7891 7884 7948 7907
2016 7811 7806 8024 7942 7465 7812 7723 7827 7919 7761 7419 7502
2017 7642 7486 7171 7021 6837 6964 6956 7127 6759 6524 6616 6576
2018 6684 6706 6585 6346 6065 6564 6280 6234 5964 6075

Not in Labor Force

95,877,000

 

Series Id:           LNS15000000
Seasonally Adjusted
Series title:        (Seas) Not in Labor Force
Labor force status:  Not in labor force
Type of data:        Number in thousands
Age:                 16 years and over

Download:
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2000 69142 69120 69338 69267 69853 69876 70398 70401 70645 70782 70579 70488
2001 70088 70409 70381 70956 71414 71592 71526 72136 71676 71817 71876 72010
2002 72623 72010 72343 72281 72260 72600 72827 72856 72554 73026 73508 73675
2003 73960 74015 74295 74066 74268 73958 74767 75062 75249 75324 75280 75780
2004 75319 75648 75606 75907 75903 75735 75730 76113 76526 76399 76259 76581
2005 76808 76677 76846 76514 76409 76673 76721 76642 76739 76958 77138 77394
2006 77339 77122 77161 77318 77359 77317 77535 77451 77757 77634 77499 77376
2007 77506 77851 77982 78818 78810 78671 78904 79461 79047 79532 79105 79238
2008 78554 79156 79087 79429 79102 79314 79395 79466 79790 79736 80189 80380
2009 80529 80374 80953 80762 80705 80938 81367 81780 82495 82766 82865 83813
2010 83349 83304 83206 82707 83409 84075 84199 84014 84347 84895 84590 85240
2011 85441 85637 85623 85603 85834 86144 86383 86111 85940 86308 86312 86589
2012 87888 87765 87855 88239 88100 88073 88405 88803 88613 88429 88836 88722
2013 88900 89516 89990 89780 89827 89803 90156 90355 90481 91708 91302 91563
2014 91557 91559 91150 92036 92058 92072 92012 92105 92428 92274 92390 92726
2015 92660 93165 93326 93214 93006 93592 93841 93963 94625 94403 94312 93893
2016 94010 93766 93515 94049 94662 94421 94413 94340 94357 94621 94996 95006
2017 94364 94248 94179 94407 95038 94743 94684 94759 94480 95395 95416 95512
2018 95665 95012 95335 95745 95915 95502 95598 96290 96364 95877

U-3 Unemployment Rate

3.7%

Series Id:           LNS14000000
Seasonally Adjusted
Series title:        (Seas) Unemployment Rate
Labor force status:  Unemployment rate
Type of data:        Percent or rate
Age:                 16 years and over

Download:
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2000 4.0 4.1 4.0 3.8 4.0 4.0 4.0 4.1 3.9 3.9 3.9 3.9
2001 4.2 4.2 4.3 4.4 4.3 4.5 4.6 4.9 5.0 5.3 5.5 5.7
2002 5.7 5.7 5.7 5.9 5.8 5.8 5.8 5.7 5.7 5.7 5.9 6.0
2003 5.8 5.9 5.9 6.0 6.1 6.3 6.2 6.1 6.1 6.0 5.8 5.7
2004 5.7 5.6 5.8 5.6 5.6 5.6 5.5 5.4 5.4 5.5 5.4 5.4
2005 5.3 5.4 5.2 5.2 5.1 5.0 5.0 4.9 5.0 5.0 5.0 4.9
2006 4.7 4.8 4.7 4.7 4.6 4.6 4.7 4.7 4.5 4.4 4.5 4.4
2007 4.6 4.5 4.4 4.5 4.4 4.6 4.7 4.6 4.7 4.7 4.7 5.0
2008 5.0 4.9 5.1 5.0 5.4 5.6 5.8 6.1 6.1 6.5 6.8 7.3
2009 7.8 8.3 8.7 9.0 9.4 9.5 9.5 9.6 9.8 10.0 9.9 9.9
2010 9.8 9.8 9.9 9.9 9.6 9.4 9.4 9.5 9.5 9.4 9.8 9.3
2011 9.1 9.0 9.0 9.1 9.0 9.1 9.0 9.0 9.0 8.8 8.6 8.5
2012 8.3 8.3 8.2 8.2 8.2 8.2 8.2 8.1 7.8 7.8 7.7 7.9
2013 8.0 7.7 7.5 7.6 7.5 7.5 7.3 7.2 7.2 7.2 6.9 6.7
2014 6.6 6.7 6.7 6.3 6.3 6.1 6.2 6.2 5.9 5.7 5.8 5.6
2015 5.7 5.5 5.5 5.4 5.5 5.3 5.2 5.1 5.0 5.0 5.0 5.0
2016 4.9 4.9 5.0 5.0 4.7 4.9 4.9 4.9 5.0 4.9 4.6 4.7
2017 4.8 4.7 4.5 4.4 4.3 4.3 4.3 4.4 4.2 4.1 4.1 4.1
2018 4.1 4.1 4.1 3.9 3.8 4.0 3.9 3.9 3.7 3.7

 U-6 Unemployment Rate

7.4 %

Series Id:           LNS13327709
Seasonally Adjusted
Series title:        (seas) Total unemployed, plus all marginally attached workers plus total employed part time for economic reasons, as a percent of all civilian labor force plus all marginally attached workers
Labor force status:  Aggregated totals unemployed
Type of data:        Percent or rate
Age:                 16 years and over
Percent/rates:       Unemployed and mrg attached and pt for econ reas as percent of labor force plus marg attached

Download:
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2000 7.1 7.2 7.1 6.9 7.1 7.0 7.0 7.1 7.0 6.8 7.1 6.9
2001 7.3 7.4 7.3 7.4 7.5 7.9 7.8 8.1 8.7 9.3 9.4 9.6
2002 9.5 9.5 9.4 9.7 9.5 9.5 9.6 9.6 9.6 9.6 9.7 9.8
2003 10.0 10.2 10.0 10.2 10.1 10.3 10.3 10.1 10.4 10.2 10.0 9.8
2004 9.9 9.7 10.0 9.6 9.6 9.5 9.5 9.4 9.4 9.7 9.4 9.2
2005 9.3 9.3 9.1 8.9 8.9 9.0 8.8 8.9 9.0 8.7 8.7 8.6
2006 8.4 8.4 8.2 8.1 8.2 8.4 8.5 8.4 8.0 8.2 8.1 7.9
2007 8.4 8.2 8.0 8.2 8.2 8.3 8.4 8.4 8.4 8.4 8.4 8.8
2008 9.2 9.0 9.1 9.2 9.7 10.1 10.5 10.8 11.0 11.8 12.6 13.6
2009 14.2 15.2 15.8 15.9 16.5 16.5 16.4 16.7 16.7 17.1 17.1 17.1
2010 16.7 17.0 17.1 17.1 16.6 16.4 16.4 16.5 16.8 16.6 16.9 16.6
2011 16.2 16.0 15.9 16.1 15.8 16.1 15.9 16.1 16.4 15.8 15.5 15.2
2012 15.2 15.0 14.5 14.6 14.7 14.8 14.8 14.6 14.8 14.4 14.4 14.4
2013 14.6 14.4 13.8 14.0 13.8 14.2 13.8 13.6 13.5 13.6 13.1 13.1
2014 12.7 12.7 12.7 12.3 12.1 12.0 12.1 11.9 11.7 11.5 11.4 11.2
2015 11.3 11.0 10.9 10.9 10.8 10.4 10.3 10.2 10.0 9.8 9.9 9.9
2016 9.9 9.7 9.8 9.8 9.8 9.5 9.7 9.6 9.7 9.6 9.3 9.1
2017 9.4 9.2 8.8 8.6 8.4 8.5 8.5 8.6 8.3 8.0 8.0 8.1
2018 8.2 8.2 8.0 7.8 7.6 7.8 7.5 7.4 7.5 7.4

Employment Situation Summary

Transmission of material in this news release is embargoed until            USDL-18-1739
8:30 a.m. (EDT) Friday, November 2, 2018

Technical information:
 Household data:     (202) 691-6378  *  cpsinfo@bls.gov  *  www.bls.gov/cps
 Establishment data: (202) 691-6555  *  cesinfo@bls.gov  *  www.bls.gov/ces

Media contact:        (202) 691-5902  *  PressOffice@bls.gov


                        THE EMPLOYMENT SITUATION -- OCTOBER 2018


Total nonfarm payroll employment rose by 250,000 in October, and the unemployment rate
was unchanged at 3.7 percent, the U.S. Bureau of Labor Statistics reported today. Job
gains occurred in health care, in manufacturing, in construction, and in transportation
and warehousing.

   __________________________________________________________________________________
  |                                                                                  |
  |                               Hurricane Michael                                  |
  |                                                                                  |
  | Hurricane Michael made landfall in the Florida Panhandle on October 10, 2018,    |
  | during the reference periods for both the establishment and household surveys.   |
  | Hurricane Michael had no discernible effect on the national employment and       |
  | unemployment estimates for October, and response rates for the two surveys were  |
  | within normal ranges. For information on how severe weather can affect employment|
  | and hours data, see Question 8 in the Frequently Asked Questions section of this |
  | news release.                                                                    |
  |                                                                                  |
  | BLS will release the state estimates of employment and unemployment on           |
  | November 16, 2018, at 10:00 a.m. (EST).                                          |
  |__________________________________________________________________________________|


Household Survey Data

The unemployment rate remained at 3.7 percent in October, and the number of unemployed
persons was little changed at 6.1 million. Over the year, the unemployment rate and
the number of unemployed persons declined by 0.4 percentage point and 449,000,
respectively. (See table A-1.)

Among the major worker groups, the unemployment rates for adult men (3.5 percent),
adult women (3.4 percent), teenagers (11.9 percent), Whites (3.3 percent), Blacks
(6.2 percent), Asians (3.2 percent), and Hispanics (4.4 percent) showed little or no
change in October. (See tables A-1, A-2, and A-3.)

The number of long-term unemployed (those jobless for 27 weeks or more) was essentially
unchanged at 1.4 million in October and accounted for 22.5 percent of the unemployed.
(See table A-12.)

The labor force participation rate increased by 0.2 percentage point to 62.9 percent in
October but has shown little change over the year. The employment-population ratio
edged up by 0.2 percentage point to 60.6 percent in October and has increased by 0.4
percentage point over the year. (See table A-1.)

The number of persons employed part time for economic reasons (sometimes referred to as
involuntary part-time workers) was essentially unchanged at 4.6 million in October.
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 October, 1.5 million persons were marginally attached to the labor force, little
changed from a year earlier. (Data are not seasonally adjusted.) These individuals were
not in the labor force, wanted and were available for work, and had looked for a job
sometime in the prior 12 months. They were not counted as unemployed because they had
not searched for work in the 4 weeks preceding the survey. (See table A-16.)

Among the marginally attached, there were 506,000 discouraged workers in October, about
unchanged from a year earlier. (Data are not seasonally adjusted.) Discouraged workers
are persons not currently looking for work because they believe no jobs are available
for them. The remaining 984,000 persons marginally attached to the labor force in
October had not searched for work for reasons such as school attendance or family
responsibilities. (See table A-16.)

Establishment Survey Data

Total nonfarm payroll employment increased by 250,000 in October, following an average
monthly gain of 211,000 over the prior 12 months. In October, job growth occurred in
health care, in manufacturing, in construction, and in transportation and warehousing.
(See table B-1.)

Health care added 36,000 jobs in October. Within the industry, employment growth
occurred in hospitals (+13,000) and in nursing and residential care facilities
(+8,000). Employment in ambulatory health care services continued to trend up
(+14,000). Over the past 12 months, health care employment grew by 323,000.

In October, employment in manufacturing increased by 32,000. Most of the increase
occurred in durable goods manufacturing, with a gain in transportation equipment
(+10,000). Manufacturing has added 296,000 jobs over the year, largely in durable
goods industries.

Construction employment rose by 30,000 in October, with nearly half of the gain
occurring among residential specialty trade contractors (+14,000). Over the year,
construction has added 330,000 jobs.

Transportation and warehousing added 25,000 jobs in October. Within the industry,
employment growth occurred in couriers and messengers (+8,000) and in warehousing
and storage (+8,000). Over the year, employment in transportation and warehousing
has increased by 184,000.

Employment in leisure and hospitality edged up in October (+42,000). Employment was
unchanged in September, likely reflecting the impact of Hurricane Florence. The
average gain for the 2 months combined (+21,000) was the same as the average monthly
gain in the industry for the 12-month period prior to September.

In October, employment in professional and business services continued to trend up
(+35,000). Over the year, the industry has added 516,000 jobs.

Employment in mining also continued to trend up over the month (+5,000). The industry
has added 65,000 jobs over the year, with most of the gain in support activities for
mining.

Employment in other major industries--including wholesale trade, retail trade,
information, financial activities, and government--showed little change over the
month.

The average workweek for all employees on private nonfarm payrolls increased by 0.1
hour to 34.5 hours in October. In manufacturing, the workweek edged down by 0.1 hour
to 40.8 hours, and overtime was unchanged at 3.5 hours. The average workweek for
production and nonsupervisory employees on private nonfarm payrolls, at 33.7 hours,
was unchanged over the month. (See tables B-2 and B-7.)

In October, average hourly earnings for all employees on private nonfarm payrolls
rose by 5 cents to $27.30. Over the year, average hourly earnings have increased by
83 cents, or 3.1 percent. Average hourly earnings of private-sector production and
nonsupervisory employees increased by 7 cents to $22.89 in October. (See tables B-3
and B-8.)

The change in total nonfarm payroll employment for September was revised down from
+134,000 to +118,000, and the change for August was revised up from +270,000 to
+286,000. The downward revision in September offset the upward revision in August.
(Monthly revisions result from additional reports received from businesses and
government agencies since the last published estimates and from the recalculation
of seasonal factors.) After revisions, job gains have averaged 218,000 over the
past 3 months.

_____________
The Employment Situation for November is scheduled to be released on Friday,
December 7, 2018, at 8:30 a.m. (EST).



The PDF version of the news release

News release charts

Supplemental Files Table of Contents

Table of Contents

Employment Situation Summary Table A. Household data, seasonally adjusted

HOUSEHOLD DATA
Summary table A. Household data, seasonally adjusted
[Numbers in thousands]
Category Oct.
2017
Aug.
2018
Sept.
2018
Oct.
2018
Change from:
Sept.
2018-
Oct.
2018

Employment status

Civilian noninstitutional population

255,766 258,066 258,290 258,514 224

Civilian labor force

160,371 161,776 161,926 162,637 711

Participation rate

62.7 62.7 62.7 62.9 0.2

Employed

153,846 155,542 155,962 156,562 600

Employment-population ratio

60.2 60.3 60.4 60.6 0.2

Unemployed

6,524 6,234 5,964 6,075 111

Unemployment rate

4.1 3.9 3.7 3.7 0.0

Not in labor force

95,395 96,290 96,364 95,877 -487

Unemployment rates

Total, 16 years and over

4.1 3.9 3.7 3.7 0.0

Adult men (20 years and over)

3.8 3.5 3.4 3.5 0.1

Adult women (20 years and over)

3.6 3.6 3.3 3.4 0.1

Teenagers (16 to 19 years)

13.7 12.8 12.8 11.9 -0.9

White

3.5 3.4 3.3 3.3 0.0

Black or African American

7.3 6.3 6.0 6.2 0.2

Asian

3.0 3.0 3.5 3.2 -0.3

Hispanic or Latino ethnicity

4.8 4.7 4.5 4.4 -0.1

Total, 25 years and over

3.3 3.2 3.0 3.1 0.1

Less than a high school diploma

6.1 5.7 5.5 6.0 0.5

High school graduates, no college

4.3 3.9 3.7 4.0 0.3

Some college or associate degree

3.6 3.5 3.2 3.0 -0.2

Bachelor’s degree and higher

2.0 2.1 2.0 2.0 0.0

Reason for unemployment

Job losers and persons who completed temporary jobs

3,214 2,875 2,796 2,850 54

Job leavers

731 862 730 726 -4

Reentrants

2,001 1,846 1,877 1,906 29

New entrants

626 584 586 606 20

Duration of unemployment

Less than 5 weeks

2,128 2,208 2,065 2,057 -8

5 to 14 weeks

1,943 1,720 1,720 1,821 101

15 to 26 weeks

856 923 861 856 -5

27 weeks and over

1,645 1,332 1,384 1,373 -11

Employed persons at work part time

Part time for economic reasons

4,880 4,379 4,642 4,621 -21

Slack work or business conditions

2,960 2,551 2,782 2,816 34

Could only find part-time work

1,615 1,365 1,447 1,436 -11

Part time for noneconomic reasons

20,897 21,781 21,464 21,512 48

Persons not in the labor force (not seasonally adjusted)

Marginally attached to the labor force

1,535 1,443 1,577 1,491

Discouraged workers

524 434 383 506

– Over-the-month changes are not displayed for not seasonally adjusted data.
NOTE: Persons whose ethnicity is identified as Hispanic or Latino may be of any race. Detail for the seasonally adjusted data shown in this table will not necessarily add to totals because of the independent seasonal adjustment of the various series. Updated population controls are introduced annually with the release of January data.

 

Employment Situation Summary Table B. Establishment data, seasonally adjusted

ESTABLISHMENT DATA
Summary table B. Establishment data, seasonally adjusted
Category Oct.
2017
Aug.
2018
Sept.
2018(P)
Oct.
2018(P)

EMPLOYMENT BY SELECTED INDUSTRY
(Over-the-month change, in thousands)

Total nonfarm

271 286 118 250

Total private

277 267 121 246

Goods-producing

38 49 42 67

Mining and logging

1 7 4 5

Construction

17 31 20 30

Manufacturing

20 11 18 32

Durable goods(1)

10 11 14 21

Motor vehicles and parts

-1.6 2.7 1.0 6.8

Nondurable goods

10 0 4 11

Private service-providing

239 218 79 179

Wholesale trade

7.5 20.6 3.3 9.1

Retail trade

6.5 9.1 -32.4 2.4

Transportation and warehousing

13.7 23.1 20.8 24.8

Utilities

0.0 0.9 0.1 1.2

Information

0 -4 -4 7

Financial activities

9 9 15 7

Professional and business services(1)

60 54 46 35

Temporary help services

19.8 10.8 7.6 3.3

Education and health services(1)

15 67 26 44

Health care and social assistance

35.7 52.5 34.9 46.7

Leisure and hospitality

110 30 0 42

Other services

17 8 4 7

Government

-6 19 -3 4

(3-month average change, in thousands)

Total nonfarm

169 220 190 218

Total private

167 199 175 211

WOMEN AND PRODUCTION AND NONSUPERVISORY EMPLOYEES
AS A PERCENT OF ALL EMPLOYEES(2)

Total nonfarm women employees

49.5 49.7 49.7 49.7

Total private women employees

48.1 48.3 48.3 48.3

Total private production and nonsupervisory employees

82.4 82.4 82.4 82.4

HOURS AND EARNINGS
ALL EMPLOYEES

Total private

Average weekly hours

34.4 34.5 34.4 34.5

Average hourly earnings

$26.47 $27.17 $27.25 $27.30

Average weekly earnings

$910.57 $937.37 $937.40 $941.85

Index of aggregate weekly hours (2007=100)(3)

107.8 110.0 109.7 110.3

Over-the-month percent change

0.5 0.3 -0.3 0.5

Index of aggregate weekly payrolls (2007=100)(4)

136.5 142.8 143.0 143.9

Over-the-month percent change

0.4 0.6 0.1 0.6

DIFFUSION INDEX
(Over 1-month span)(5)

Total private (258 industries)

63.2 64.5 60.7 65.7

Manufacturing (76 industries)

63.8 56.6 65.1 62.5

Footnotes
(1) Includes other industries, not shown separately.
(2) Data relate to production employees in mining and logging and manufacturing, construction employees in construction, and nonsupervisory employees in the service-providing industries.
(3) The indexes of aggregate weekly hours are calculated by dividing the current month’s estimates of aggregate hours by the corresponding annual average aggregate hours.
(4) The indexes of aggregate weekly payrolls are calculated by dividing the current month’s estimates of aggregate weekly payrolls by the corresponding annual average aggregate weekly payrolls.
(5) Figures are the percent of industries with employment increasing plus one-half of the industries with unchanged employment, where 50 percent indicates an equal balance between industries with increasing and decreasing employment.
(P) Preliminary

NOTE: Data have been revised to reflect March 2017 benchmark levels and updated seasonal adjustment factors.

The Beatles – Hey Jude

Hey Jude
Hey Jude, don’t make it bad
Take a sad song and make it better
Remember to let her into your heart
Then you can start to make it better
Hey Jude, don’t be afraid
You were made to go out and get her
The minute you let her under your skin
Then you begin to make it better
And anytime you feel the pain, hey Jude, refrain
Don’t carry the world upon your shoulders
For well you know that it’s a fool who plays it cool
By making his world a little colder
Nah nah nah nah nah nah nah nah nah
Hey Jude, don’t let me down
You have found her, now go and get her
Remember to let her into your heart
Then you can start to make it better
So let it out and let it in, hey Jude, begin
You’re waiting for someone to perform with
And don’t you know that it’s just you, hey Jude, you’ll do
The movement you need is on your shoulder
Nah nah nah nah nah nah nah nah nah yeah
Hey Jude, don’t make it bad
Take a sad song and make it better
Remember to let her under your skin
Then you’ll begin to make it
Better better better better better better, oh
Nah nah nah nah nah nah, nah nah nah, hey Jude
Nah nah nah nah nah nah, nah nah nah, hey Jude
Nah nah nah nah nah nah, nah nah nah, hey Jude
Nah nah nah nah nah nah, nah nah nah, hey Jude
Nah nah nah nah nah nah, nah nah nah, hey Jude
Nah nah nah nah nah nah, nah nah nah, hey Jude
Nah nah nah nah nah nah, nah nah nah, hey Jude
Nah nah nah nah nah nah, nah nah nah, hey Jude
Nah nah nah nah nah nah, nah nah nah, hey Jude
Nah nah nah nah nah nah, nah nah nah, hey Jude
Nah nah nah nah nah nah, nah nah nah, hey Jude
Nah nah nah nah nah nah, nah nah nah, hey Jude
Nah nah nah nah nah nah, nah nah nah, hey Jude
Nah nah nah nah nah nah, nah nah nah, hey Jude
Nah nah nah nah nah nah, nah nah nah, hey Jude
Nah nah nah nah nah nah, nah nah nah, hey Jude
Songwriters: John Lennon / Paul McCartney
Hey Jude lyrics © Sony/ATV Music Publishing LLC

 

Getting Better

From Wikipedia, the free encyclopedia

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“Getting Better”
Getting Better - The Beatles (sheet music).jpg

Original UK sheet music for the song
Song by the Beatles
from the album Sgt. Pepper’s Lonely Hearts Club Band
Released 26 May 1967[1]
Recorded 9 March 1967
Genre
Length 2:47
Label ParlophoneCapitolEMI
Songwriter(s) Lennon–McCartney
Producer(s) George Martin

Getting Better” is a song written mainly by Paul McCartney, with lyrical contributions from John Lennon (credited to Lennon–McCartney).[3] It was recorded by the Beatles for the 1967 album Sgt. Pepper’s Lonely Hearts Club Band.

Composition

The song, which has been said to be musically reminiscent of the hit single “Penny Lane,”[4] moves forward by way of regular chords, produced by Lennon’s guitar, McCartney’s electric piano,[verification needed] and George Martin, who struck the strings of a pianet with a mallet. These heavily accented and repetitive lines cause the song to sound as if it is based on a drone. Lead guitarist George Harrison adds an Indian tanpura part to the final verse, which further accentuates this impact.

McCartney’s bassline, in counterpoint to this droning, was described by music critic Ian MacDonald as “dreamy” and “well thought out as a part of the production by McCartney”.[5] It was recorded after the main track was completed, as were many of the bass lines on Sgt Pepper’s Lonely Hearts Club Band.[6] Starting out in the verse with a pedal on the root note (G) that leaps two octaves, McCartney moves to a marching quarter-note (walking) bass line for the first (and only the first) chorus. In stark contrast, all subsequent choruses are played using a fluid, swing feel, full of anticipated notes that propel the song forward despite the quarter-note droning of the guitar and keyboard.

The song’s title and music suggest optimism, but some of the song’s lyrics have a more negative tone. In this sense, it reflects the contrasting personas of the two songwriters. In response to McCartney’s line, “It’s getting better all the time”, Lennon replies, “Can’t get no worse!”[7] In a December 1983 interview, McCartney praised this contribution as an example of things he “couldn’t ever have done [him]self”.[8]

Referring to the lyric “I used to be cruel to my woman/I beat her and kept her apart from the things that she loved/Man I was mean but I’m changing my scene/And I’m doing the best that I can”, Lennon admitted that he had done things in relationships in the past that he was not proud of.[9]

In a 1980 interview in Playboy with John Lennon and Yoko Ono, Lennon, when asked about the song, said that the song’s lyrics came personally from his own experience abusing women in relationships in the past. He states: “It is a diary form of writing. All that ‘I used to be cruel to my woman / I beat her and kept her apart from the things that she loved’ was me. I used to be cruel to my woman, and physically—any woman. I was a hitter. I couldn’t express myself and I hit. I fought men and I hit women. That is why I am always on about peace, you see. It is the most violent people who go for love and peace. Everything’s the opposite. But I sincerely believe in love and peace. I am a violent man who has learned not to be violent and regrets his violence. I will have to be a lot older before I can face in public how I treated women as a youngster.”

According to the author Hunter Davies and music critic Ian MacDonald, the initial idea for the song’s title came from a phrase often spoken by Jimmie Nicol, the group’s stand-in drummer for the Australian leg of a 1964 tour.[3][5]

Lennon on the roof

One of the recording sessions for “Getting Better” is infamous for an incident involving Lennon. During the 21 March 1967 session in which producer George Martin added a piano solo to “Lovely Rita“, Lennon complained that he did not feel well and could not focus.[10][11]He had accidentally taken LSD when he meant to take an upper.[12] Unaware of the mistake, Martin took him up to the roof of Abbey Road Studios for some fresh air, and returned to Studio Two where McCartney and Harrison were waiting. They knew why Lennon was not well, and upon hearing where Lennon was, rushed to the roof to retrieve him and prevent a possible accident.[11][13][14]

Personnel

Personnel per Ian MacDonald[4]

Live performances

Paul McCartney performed the song live for the first time by any Beatle on his 2002 Driving World Tour. He later reprised the song on his 2003 Back in the World Tour.[citation needed]

Cover versions

Notes

  1. Jump up^ Everett 1999, p. 123. “In the United Kingdom Sgt. Pepper’s Lonely Hearts Club Band…was rush-released six days ahead of its official date, June 1.”
  2. Jump up^ Unterberger 2009.
  3. Jump up to:a b Miles 1997, pp. 312–313.
  4. Jump up to:a b MacDonald 2005, p. 241.
  5. Jump up to:a b MacDonald 2005, p. 200.
  6. Jump up^ MacDonald 2005.
  7. Jump up^ Miles 1997, p. 314.
  8. Jump up^ “December 1983 interview”. Retrieved July 13, 2016.
  9. Jump up^http://www.recmusicbeatles.com/public/files/bbs/jl_yo.playboy/lennon4.html
  10. Jump up^ Spitz 2005, pp. 670–671.
  11. Jump up to:a b Lewisohn 1988, p. 104.
  12. Jump up^ Miles 1997, p. 382.
  13. Jump up^ The Beatles 2000, p. 242.
  14. Jump up^ Emerick & Massey 2006, p. 172–173.
  15. Jump up^ http://www.beatlesebooks.com/getting-better

References

External links

https://en.wikipedia.org/wiki/Getting_Better

 

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Regular updates are posted Monday through Friday at 9:30 a.m. Eastern (sign up for free daily email update).

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Illegal immigration is the most important voting issue in the upcoming elections for 22% of Republicans, 15% of unaffiliated voters and eight percent (8%) of Democrats.

 

20-Jan-1711-Apr-1729-Jun-1719-Sep-1711-Dec-1706-Mar-1824-May-1815-Aug-1802-Nov-180%10%20%30%40%50%60%70%80%www.RasmussenReports.comTotal Approve (Trump)Total Approve (Obama)

Sixty-one percent (61%) of Americans favor the death penalty, and among these adults, 68% think it needs to be carried out in a more timely fashion rather than delayed for all possible legal appeals.

Following last weekend’s massacre at a synagogue in Pittsburgh, Americans continue to worry that media overcoverage of horrific events like this inspires copycats.

Democrats (51%) are much more likely than Republicans (13%) and those not affiliated with either major party (25%) to blame the availability of guns for mass shootings more than the person who pulls the trigger.

-320-Jan-1711-Apr-1729-Jun-1719-Sep-1711-Dec-1706-Mar-1824-May-1815-Aug-1802-Nov-1810%20%30%40%50%60%www.RasmussenReports.comStrongly DisapproveStrongly Approve

Some readers wonder how we come up with our job approval ratings for the president since they often don’t show as dramatic a change as some other pollsters do. It depends on how you ask the question and whom you ask.

To get a sense of longer-term job approval trends for the president, Rasmussen Reports compiles our tracking data on a full month-by-month basis.

Rasmussen Reports has been a pioneer in the use of automated telephone polling techniques, but many other firms still utilize their own operator-assisted technology (see methodology).

Daily tracking results are collected via telephone surveys of 500 likely voters per night and reported on a three-day rolling average basis. To reach those who have abandoned traditional landline telephones, Rasmussen Reports uses an online survey tool to interview randomly selected participants from a demographically diverse panel. The margin of sampling error for the full sample of 1,500 Likely Voters is +/- 2.5 percentage points with a 95% level of confidence. Results are also compiled on a full-week basis and crosstabs for full-week results are available for Platinum Members.

Rasmussen Reports is a media company specializing in the collection, publication and distribution of public opinion information.

We conduct public opinion polls on a variety of topics to inform our audience on events in the news and other topics of interest. To ensure editorial control and independence, we pay for the polls ourselves and generate revenue through the sale of subscriptions, sponsorships, and advertising. Nightly polling on politics, business and lifestyle topics provides the content to update the Rasmussen Reports web site many times each day. If it’s in the news, it’s in our polls. Additionally, the data drives a daily update newsletter and various media outlets across the country.

Some information, including the Rasmussen Reports daily Presidential Tracking Poll and commentariesare available for free to the general public. Subscriptions are available for $4.95 a month or 34.95 a year that provide subscribers with exclusive access to more than 20 stories per week on upcoming elections, consumer confidence, and issues that affect us all. For those who are really into the numbers, Platinum Members can review demographic crosstabs and a full history of our data.

http://www.rasmussenreports.com/public_content/politics/political_updates/prez_track_nov02

Trump, Economy Top Voter Concerns

Thursday, October 25, 2018

President Trump and the economy are the major concerns for voters going into the midterm congressional elections.

The latest Rasmussen Reports national telephone and online survey finds that 30% of Likely U.S. Voters view Trump as the most important issue to their vote in the upcoming elections. The economy is most important for 22%, followed by 15% who rank illegal immigration that way and 14% who say the same of Obamacare. (To see survey question wording, click here.)

Rasmussen Reports invites you to be a part of our first-ever Citizen-Sourced National Midterm Election Polling Project. Learn more about how you can contribute.

(Want a free daily email update? If it’s in the news, it’s in our polls). Rasmussen Reports updates are also available on Twitter or Facebook.

The survey of 1,000 Likely Voters was conducted on October 23-24, 2018 by Rasmussen Reports. The margin of sampling error is +/- 3 percentage points with a 95% level of confidence. Field work for all Rasmussen Reports surveys is conducted by Pulse Opinion Research, LLC. See methodology.

http://www.rasmussenreports.com/public_content/politics/general_politics/october_2018/trump_economy_top_voter_concerns

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The Pronk Pops Show 887, May 5, 2017, Story 1: Labor Participation Rate Falls To 62.9% and Not In Labor Force Rises by 162,000 To 94,375,000 — Need To Get Back To Labor Participation Rate Between 66% to 67% — Do Not Celebrate 4.4% Unemployment Rate! — Not A Wow Number Except For Economics Challenged — Videos — Story 2: Republicans Bailing Out Insurance Companies By Subsidizing Individual Insurance — Republican Party Now For Socialized Medicine! — Videos — Story 3: Senator Rand Paul’s Repeal and Replacement Bill Is The Way To Go — Videos

Posted on May 5, 2017. Filed under: American History, Banking System, Blogroll, Breaking News, Budgetary Policy, College, Communications, Congress, Corruption, Countries, Donald J. Trump, Donald J. Trump, Donald Trump, Donald Trump, Economics, Education, Elections, Empires, Employment, Fiscal Policy, Freedom of Speech, Government, Government Dependency, Government Spending, History, House of Representatives, Human, Labor Economics, Life, Medicare, Monetary Policy, Philosophy, Photos, Politics, President Barack Obama, President Trump, Raymond Thomas Pronk, Rule of Law, Senate, Social Security, Tax Policy, Taxation, Taxes, Unemployment, United States of America, Videos, Wealth, Wisdom | Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , |

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Image result for labor force labor participation rate 2000-2017 Image result for ronald reagan on socialized medicineImage result for senator rand paul replacement plan for obamacare

Story 1: Labor Participation Rate Falls To 62.9% and Not In Labor Force Rises by 162,000 To 94,375,000 — Need To Get Back To Labor Participation Rate Between 66% to 67% — Do Not Celebrate 4.4% Unemployment Rate! — Videos —

Image result for labor force labor participation rate and unemployment rate 2000-2017

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Civilian Labor Force

160,213,000

Series Id:           LNS11000000
Seasonally Adjusted
Series title:        (Seas) Civilian Labor Force Level
Labor force status:  Civilian labor force
Type of data:        Number in thousands
Age:                 16 years and over

Download:
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2000 142267(1) 142456 142434 142751 142388 142591 142278 142514 142518 142622 142962 143248
2001 143800 143701 143924 143569 143318 143357 143654 143284 143989 144086 144240 144305
2002 143883 144653 144481 144725 144938 144808 144803 145009 145552 145314 145041 145066
2003 145937(1) 146100 146022 146474 146500 147056 146485 146445 146530 146716 147000 146729
2004 146842(1) 146709 146944 146850 147065 147460 147692 147564 147415 147793 148162 148059
2005 148029(1) 148364 148391 148926 149261 149238 149432 149779 149954 150001 150065 150030
2006 150214(1) 150641 150813 150881 151069 151354 151377 151716 151662 152041 152406 152732
2007 153144(1) 152983 153051 152435 152670 153041 153054 152749 153414 153183 153835 153918
2008 154063(1) 153653 153908 153769 154303 154313 154469 154641 154570 154876 154639 154655
2009 154210(1) 154538 154133 154509 154747 154716 154502 154307 153827 153784 153878 153111
2010 153484(1) 153694 153954 154622 154091 153616 153691 154086 153975 153635 154125 153650
2011 153263(1) 153214 153376 153543 153479 153346 153288 153760 154131 153961 154128 153995
2012 154381(1) 154671 154749 154545 154866 155083 154948 154763 155160 155554 155338 155628
2013 155695(1) 155268 154990 155356 155514 155747 155669 155587 155731 154709 155328 155151
2014 155295(1) 155485 156115 155378 155559 155682 156098 156117 156100 156389 156421 156238
2015 157022(1) 156771 156781 157043 157447 156993 157125 157109 156809 157123 157358 157957
2016 158362(1) 158888 159278 158938 158510 158889 159295 159508 159830 159643 159456 159640
2017 159716(1) 160056 160201 160213
1 : Data affected by changes in population controls.

 

Labor Participation Rate

62.9%

 

Series Id:           LNS11300000
Seasonally Adjusted
Series title:        (Seas) Labor Force Participation Rate
Labor force status:  Civilian labor force participation rate
Type of data:        Percent or rate
Age:                 16 years and over

Download:
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2000 67.3 67.3 67.3 67.3 67.1 67.1 66.9 66.9 66.9 66.8 66.9 67.0
2001 67.2 67.1 67.2 66.9 66.7 66.7 66.8 66.5 66.8 66.7 66.7 66.7
2002 66.5 66.8 66.6 66.7 66.7 66.6 66.5 66.6 66.7 66.6 66.4 66.3
2003 66.4 66.4 66.3 66.4 66.4 66.5 66.2 66.1 66.1 66.1 66.1 65.9
2004 66.1 66.0 66.0 65.9 66.0 66.1 66.1 66.0 65.8 65.9 66.0 65.9
2005 65.8 65.9 65.9 66.1 66.1 66.1 66.1 66.2 66.1 66.1 66.0 66.0
2006 66.0 66.1 66.2 66.1 66.1 66.2 66.1 66.2 66.1 66.2 66.3 66.4
2007 66.4 66.3 66.2 65.9 66.0 66.0 66.0 65.8 66.0 65.8 66.0 66.0
2008 66.2 66.0 66.1 65.9 66.1 66.1 66.1 66.1 66.0 66.0 65.9 65.8
2009 65.7 65.8 65.6 65.7 65.7 65.7 65.5 65.4 65.1 65.0 65.0 64.6
2010 64.8 64.9 64.9 65.2 64.9 64.6 64.6 64.7 64.6 64.4 64.6 64.3
2011 64.2 64.1 64.2 64.2 64.1 64.0 64.0 64.1 64.2 64.1 64.1 64.0
2012 63.7 63.8 63.8 63.7 63.7 63.8 63.7 63.5 63.6 63.8 63.6 63.7
2013 63.6 63.4 63.3 63.4 63.4 63.4 63.3 63.3 63.3 62.8 63.0 62.9
2014 62.9 62.9 63.1 62.8 62.8 62.8 62.9 62.9 62.8 62.9 62.9 62.7
2015 62.9 62.7 62.7 62.8 62.9 62.6 62.6 62.6 62.4 62.5 62.5 62.7
2016 62.7 62.9 63.0 62.8 62.6 62.7 62.8 62.8 62.9 62.8 62.6 62.7
2017 62.9 63.0 63.0 62.9

Employment Level

153,156,000

Series Id:           LNS12000000
Seasonally Adjusted
Series title:        (Seas) Employment Level
Labor force status:  Employed
Type of data:        Number in thousands
Age:                 16 years and over

Download:
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2000 136559(1) 136598 136701 137270 136630 136940 136531 136662 136893 137088 137322 137614
2001 137778 137612 137783 137299 137092 136873 137071 136241 136846 136392 136238 136047
2002 135701 136438 136177 136126 136539 136415 136413 136705 137302 137008 136521 136426
2003 137417(1) 137482 137434 137633 137544 137790 137474 137549 137609 137984 138424 138411
2004 138472(1) 138542 138453 138680 138852 139174 139556 139573 139487 139732 140231 140125
2005 140245(1) 140385 140654 141254 141609 141714 142026 142434 142401 142548 142499 142752
2006 143150(1) 143457 143741 143761 144089 144353 144202 144625 144815 145314 145534 145970
2007 146028(1) 146057 146320 145586 145903 146063 145905 145682 146244 145946 146595 146273
2008 146378(1) 146156 146086 146132 145908 145737 145532 145203 145076 144802 144100 143369
2009 142152(1) 141640 140707 140656 140248 140009 139901 139492 138818 138432 138659 138013
2010 138438(1) 138581 138751 139297 139241 139141 139179 139438 139396 139119 139044 139301
2011 139250(1) 139394 139639 139586 139624 139384 139524 139942 140183 140368 140826 140902
2012 141584(1) 141858 142036 141899 142206 142391 142292 142291 143044 143431 143333 143330
2013 143225(1) 143315 143319 143603 143856 144006 144318 144304 144466 143577 144536 144741
2014 145055(1) 145102 145715 145673 145819 146222 146461 146501 146845 147426 147361 147521
2015 148061(1) 148108 148244 148522 148792 148742 148890 149092 148932 149255 149419 150030
2016 150533(1) 151043 151301 151028 151058 151090 151546 151655 151926 151902 152048 152111
2017 152081(1) 152528 153000 153156
1 : Data affected by changes in population controls.

U-3 Unemployment Rate

4.4%

Series Id:           LNS14000000
Seasonally Adjusted
Series title:        (Seas) Unemployment Rate
Labor force status:  Unemployment rate
Type of data:        Percent or rate
Age:                 16 years and over

Download:
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2000 4.0 4.1 4.0 3.8 4.0 4.0 4.0 4.1 3.9 3.9 3.9 3.9
2001 4.2 4.2 4.3 4.4 4.3 4.5 4.6 4.9 5.0 5.3 5.5 5.7
2002 5.7 5.7 5.7 5.9 5.8 5.8 5.8 5.7 5.7 5.7 5.9 6.0
2003 5.8 5.9 5.9 6.0 6.1 6.3 6.2 6.1 6.1 6.0 5.8 5.7
2004 5.7 5.6 5.8 5.6 5.6 5.6 5.5 5.4 5.4 5.5 5.4 5.4
2005 5.3 5.4 5.2 5.2 5.1 5.0 5.0 4.9 5.0 5.0 5.0 4.9
2006 4.7 4.8 4.7 4.7 4.6 4.6 4.7 4.7 4.5 4.4 4.5 4.4
2007 4.6 4.5 4.4 4.5 4.4 4.6 4.7 4.6 4.7 4.7 4.7 5.0
2008 5.0 4.9 5.1 5.0 5.4 5.6 5.8 6.1 6.1 6.5 6.8 7.3
2009 7.8 8.3 8.7 9.0 9.4 9.5 9.5 9.6 9.8 10.0 9.9 9.9
2010 9.8 9.8 9.9 9.9 9.6 9.4 9.4 9.5 9.5 9.4 9.8 9.3
2011 9.1 9.0 9.0 9.1 9.0 9.1 9.0 9.0 9.0 8.8 8.6 8.5
2012 8.3 8.3 8.2 8.2 8.2 8.2 8.2 8.1 7.8 7.8 7.7 7.9
2013 8.0 7.7 7.5 7.6 7.5 7.5 7.3 7.3 7.2 7.2 6.9 6.7
2014 6.6 6.7 6.7 6.2 6.3 6.1 6.2 6.2 5.9 5.7 5.8 5.6
2015 5.7 5.5 5.4 5.4 5.5 5.3 5.2 5.1 5.0 5.0 5.0 5.0
2016 4.9 4.9 5.0 5.0 4.7 4.9 4.9 4.9 4.9 4.8 4.6 4.7
2017 4.8 4.7 4.5 4.4

U-6 Unemployment Rate

8.6%

Series Id:           LNS13327709
Seasonally Adjusted
Series title:        (seas) Total unemployed, plus all marginally attached workers plus total employed part time for economic reasons, as a percent of all civilian labor force plus all marginally attached workers
Labor force status:  Aggregated totals unemployed
Type of data:        Percent or rate
Age:                 16 years and over
Percent/rates:       Unemployed and mrg attached and pt for econ reas as percent of labor force plus marg attached

Download:
Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2000 7.1 7.2 7.1 6.9 7.1 7.0 7.0 7.1 7.0 6.8 7.1 6.9
2001 7.3 7.4 7.3 7.4 7.5 7.9 7.8 8.1 8.7 9.3 9.4 9.6
2002 9.5 9.5 9.4 9.7 9.5 9.5 9.6 9.6 9.6 9.6 9.7 9.8
2003 10.0 10.2 10.0 10.2 10.1 10.3 10.3 10.1 10.4 10.2 10.0 9.8
2004 9.9 9.7 10.0 9.6 9.6 9.5 9.5 9.4 9.4 9.7 9.4 9.2
2005 9.3 9.3 9.1 8.9 8.9 9.0 8.8 8.9 9.0 8.7 8.7 8.6
2006 8.4 8.4 8.2 8.1 8.2 8.4 8.5 8.4 8.0 8.2 8.1 7.9
2007 8.4 8.2 8.0 8.2 8.2 8.3 8.4 8.4 8.4 8.4 8.4 8.8
2008 9.2 9.0 9.1 9.2 9.7 10.1 10.5 10.8 11.0 11.8 12.6 13.6
2009 14.2 15.2 15.8 15.9 16.5 16.5 16.4 16.7 16.7 17.1 17.1 17.1
2010 16.7 17.0 17.1 17.1 16.6 16.4 16.4 16.5 16.8 16.6 16.9 16.6
2011 16.2 16.0 15.9 16.1 15.8 16.1 15.9 16.1 16.4 15.8 15.5 15.2
2012 15.2 15.0 14.5 14.6 14.7 14.8 14.8 14.6 14.8 14.4 14.4 14.4
2013 14.5 14.4 13.8 14.0 13.8 14.2 13.8 13.6 13.7 13.6 13.1 13.1
2014 12.7 12.6 12.6 12.3 12.1 12.0 12.2 12.0 11.8 11.5 11.4 11.2
2015 11.3 11.0 10.9 10.8 10.7 10.5 10.3 10.2 10.0 9.8 9.9 9.9
2016 9.9 9.8 9.8 9.7 9.7 9.6 9.7 9.7 9.7 9.5 9.3 9.2
2017 9.4 9.2 8.9 8.6

Employment Situation Summary

Transmission of material in this release is embargoed until                  USDL-17-0551
8:30 a.m. (EDT) Friday, May 5, 2017

Technical information:
 Household data:     (202) 691-6378  *  cpsinfo@bls.gov  *  www.bls.gov/cps
 Establishment data: (202) 691-6555  *  cesinfo@bls.gov  *  www.bls.gov/ces

Media contact:      (202) 691-5902  *  PressOffice@bls.gov


                          THE EMPLOYMENT SITUATION -- APRIL 2017


Total nonfarm payroll employment increased by 211,000 in April, and the unemployment
rate was little changed at 4.4 percent, the U.S. Bureau of Labor Statistics reported
today. Job gains occurred in leisure and hospitality, health care and social
assistance, financial activities, and mining.

Household Survey Data

Both the unemployment rate, at 4.4 percent, and the number of unemployed persons,
at 7.1 million, changed little in April. Over the year, the unemployment rate has
declined by 0.6 percentage point, and the number of unemployed has fallen by 854,000.
(See table A-1.)

Among the major worker groups, the unemployment rate for adult men declined to 4.0
percent in April. The jobless rates for adult women (4.1 percent), teenagers (14.7
percent), Whites (3.8 percent), Blacks (7.9 percent), Asians (3.2 percent), and
Hispanics (5.2 percent) showed little change. (See tables A-1, A-2, and A-3.)

The number of long-term unemployed (those jobless for 27 weeks or more) was essentially
unchanged at 1.6 million in April and accounted for 22.6 percent of the unemployed. Over
the year, the number of long-term unemployed was down by 433,000. (See table A-12.)

The labor force participation rate, at 62.9 percent, changed little in April and has
shown little movement over the past year. The employment-population ratio, at 60.2
percent, was also little changed over the month but was up by 0.5 percentage point since
December. (See table A-1.)

The number of persons employed part time for economic reasons (sometimes referred to
as involuntary part-time workers) declined by 281,000 to 5.3 million in April. These
individuals, who would have preferred full-time employment, were working part time
because their hours had been cut back or because they were unable to find full-time
jobs. Over the past 12 months, the number of persons employed part time for economic
reasons has decreased by 698,000. (See table A-8.)

In April, 1.5 million persons were marginally attached to the labor force, down by 
181,000 from a year earlier. (The data are not seasonally adjusted.) These individuals
were not in the labor force, wanted and were available for work, and had looked for a
job sometime in the prior 12 months. They were not counted as unemployed because they
had not searched for work in the 4 weeks preceding the survey. (See table A-16.)

Among the marginally attached, there were 455,000 discouraged workers in April, down
by 113,000 from a year earlier. (The data are not seasonally adjusted.) Discouraged
workers are persons not currently looking for work because they believe no jobs are 
available for them. The remaining 1.1 million persons marginally attached to the labor
force in April had not searched for work for reasons such as school attendance or
family responsibilities. (See table A-16.)

Establishment Survey Data

Total nonfarm payroll employment increased by 211,000 in April. Employment rose in
leisure and hospitality, health care and social assistance, financial activities, and
mining. (See table B-1.)

In April, leisure and hospitality added 55,000 jobs. Employment in food services and
drinking places continued to trend up over the month (+26,000) and has increased by
260,000 over the year.

Employment in health care and social assistance increased by 37,000 in April. Health
care employment continued to trend up over the month (+20,000). This is in line with
the industry's average monthly job growth during the first quarter of this year but
below the average gain of 32,000 per month in 2016. Social assistance added 17,000
jobs in April, with all of the gain in individual and family services.

In April, financial activities added 19,000 jobs, with insurance carriers and related
activities accounting for most of the gain (+14,000). Over the year, financial
activities has added 173,000 jobs.

Employment in mining rose by 9,000 in April, with most of the increase in support
activities for mining (+7,000). Since a recent low in October 2016, mining has added
44,000 jobs, with three-fourths of the gain in support activities for mining.

Employment in professional and business services continued to trend up in April
(+39,000). The industry has added 612,000 jobs over the past 12 months.

Employment in other major industries, including construction, manufacturing, wholesale
trade, retail trade, transportation and warehousing, information, and government,
showed little change over the month.

The average workweek for all employees on private nonfarm payrolls increased by 0.1
hour to 34.4 hours in April. In manufacturing, the workweek edged up by 0.1 hour to
40.7 hours, and overtime edged down by 0.1 hour to 3.2 hours. The average workweek
for production and nonsupervisory employees on private nonfarm payrolls edged up by
0.1 hour to 33.7 hours. (See tables B-2 and B-7.)

In April, average hourly earnings for all employees on private nonfarm payrolls rose
by 7 cents to $26.19. Over the year, average hourly earnings have risen by 65 cents,
or 2.5 percent. In April, average hourly earnings of private-sector production and
nonsupervisory employees increased by 6 cents to $21.96. (See tables B-3 and B-8.)

The change in total nonfarm payroll employment for February was revised up from +219,000
to +232,000, and the change for March was revised down from +98,000 to +79,000. With
these revisions, employment gains in February and March combined were 6,000 lower than
previously reported. Monthly revisions result from additional reports received from
businesses since the last published estimates and from the recalculation of seasonal
factors. Over the past 3 months, job gains have averaged 174,000.

______________
The Employment Situation for May is scheduled to be released on Friday, June 2, 2017,
at 8:30 a.m. (EDT).



 

https://www.bls.gov/news.release/empsit.nr0.htm

Employment Situation Summary Table A. Household data, seasonally adjusted

HOUSEHOLD DATA
Summary table A. Household data, seasonally adjusted
[Numbers in thousands]
Category Apr.
2016
Feb.
2017
Mar.
2017
Apr.
2017
Change from:
Mar.
2017-
Apr.
2017

Employment status

Civilian noninstitutional population

252,969 254,246 254,414 254,588 174

Civilian labor force

158,938 160,056 160,201 160,213 12

Participation rate

62.8 63.0 63.0 62.9 -0.1

Employed

151,028 152,528 153,000 153,156 156

Employment-population ratio

59.7 60.0 60.1 60.2 0.1

Unemployed

7,910 7,528 7,202 7,056 -146

Unemployment rate

5.0 4.7 4.5 4.4 -0.1

Not in labor force

94,031 94,190 94,213 94,375 162

Unemployment rates

Total, 16 years and over

5.0 4.7 4.5 4.4 -0.1

Adult men (20 years and over)

4.6 4.3 4.3 4.0 -0.3

Adult women (20 years and over)

4.5 4.3 4.0 4.1 0.1

Teenagers (16 to 19 years)

16.0 15.0 13.7 14.7 1.0

White

4.3 4.1 3.9 3.8 -0.1

Black or African American

8.8 8.1 8.0 7.9 -0.1

Asian

3.8 3.4 3.3 3.2 -0.1

Hispanic or Latino ethnicity

6.1 5.6 5.1 5.2 0.1

Total, 25 years and over

4.1 3.9 3.8 3.6 -0.2

Less than a high school diploma

7.5 7.9 6.8 6.5 -0.3

High school graduates, no college

5.4 5.0 4.9 4.6 -0.3

Some college or associate degree

4.1 4.0 3.7 3.7 0.0

Bachelor’s degree and higher

2.4 2.4 2.5 2.4 -0.1

Reason for unemployment

Job losers and persons who completed temporary jobs

3,864 3,709 3,519 3,538 19

Job leavers

864 802 798 789 -9

Reentrants

2,337 2,197 2,066 2,032 -34

New entrants

847 773 790 712 -78

Duration of unemployment

Less than 5 weeks

2,573 2,566 2,334 2,335 1

5 to 14 weeks

2,155 2,138 2,109 2,135 26

15 to 26 weeks

1,281 1,057 1,115 1,108 -7

27 weeks and over

2,059 1,801 1,687 1,626 -61

Employed persons at work part time

Part time for economic reasons

5,970 5,704 5,553 5,272 -281

Slack work or business conditions

3,706 3,574 3,402 3,174 -228

Could only find part-time work

1,993 1,864 1,852 1,802 -50

Part time for noneconomic reasons

20,471 20,773 20,723 20,700 -23

Persons not in the labor force (not seasonally adjusted)

Marginally attached to the labor force

1,715 1,723 1,595 1,534

Discouraged workers

568 522 460 455

– Over-the-month changes are not displayed for not seasonally adjusted data.
NOTE: Persons whose ethnicity is identified as Hispanic or Latino may be of any race. Detail for the seasonally adjusted data shown in this table will not necessarily add to totals because of the independent seasonal adjustment of the various series. Updated population controls are introduced annually with the release of January data.

https://www.bls.gov/news.release/empsit.a.htm

Employment Situation Summary Table B. Establishment data, seasonally adjusted

ESTABLISHMENT DATA
Summary table B. Establishment data, seasonally adjusted
Category Apr.
2016
Feb.
2017
Mar.
2017(p)
Apr.
2017(p)

EMPLOYMENT BY SELECTED INDUSTRY
(Over-the-month change, in thousands)

Total nonfarm

153 232 79 211

Total private

158 222 77 194

Goods-producing

-9 88 23 21

Mining and logging

-9 12 9 10

Construction

-1 54 1 5

Manufacturing

1 22 13 6

Durable goods(1)

-1 4 8 -3

Motor vehicles and parts

8.8 -5.5 2.3 2.8

Nondurable goods

2 18 5 9

Private service-providing

167 134 54 173

Wholesale trade

5.1 10.8 1.1 8.2

Retail trade

-5.7 -28.7 -27.4 6.3

Transportation and warehousing

11.3 7.6 6.6 3.5

Utilities

-0.1 -0.4 -0.3 0.7

Information

2 -6 -6 -7

Financial activities

18 5 4 19

Professional and business services(1)

66 35 57 39

Temporary help services

7.0 9.8 13.0 5.8

Education and health services(1)

52 68 10 41

Health care and social assistance

36.9 35.8 16.4 36.8

Leisure and hospitality

15 33 9 55

Other services

4 10 0 7

Government

-5 10 2 17

(3-month average change, in thousands)

Total nonfarm

205 201 176 174

Total private

189 192 168 164

WOMEN AND PRODUCTION AND NONSUPERVISORY EMPLOYEES
AS A PERCENT OF ALL EMPLOYEES(2)

Total nonfarm women employees

49.5 49.6 49.5 49.5

Total private women employees

48.1 48.1 48.1 48.1

Total private production and nonsupervisory employees

82.3 82.4 82.5 82.4

HOURS AND EARNINGS
ALL EMPLOYEES

Total private

Average weekly hours

34.4 34.3 34.3 34.4

Average hourly earnings

$25.54 $26.10 $26.12 $26.19

Average weekly earnings

$878.58 $895.23 $895.92 $900.94

Index of aggregate weekly hours (2007=100)(3)

105.0 106.3 106.3 106.8

Over-the-month percent change

0.1 -0.1 0.0 0.5

Index of aggregate weekly payrolls (2007=100)(4)

128.3 132.6 132.8 133.7

Over-the-month percent change

0.5 0.2 0.2 0.7

DIFFUSION INDEX
(Over 1-month span)(5)

Total private (261 industries)

52.1 65.1 58.8 60.2

Manufacturing (78 industries)

42.3 64.7 55.1 53.2

Footnotes
(1) Includes other industries, not shown separately.
(2) Data relate to production employees in mining and logging and manufacturing, construction employees in construction, and nonsupervisory employees in the service-providing industries.
(3) The indexes of aggregate weekly hours are calculated by dividing the current month’s estimates of aggregate hours by the corresponding annual average aggregate hours.
(4) The indexes of aggregate weekly payrolls are calculated by dividing the current month’s estimates of aggregate weekly payrolls by the corresponding annual average aggregate weekly payrolls.
(5) Figures are the percent of industries with employment increasing plus one-half of the industries with unchanged employment, where 50 percent indicates an equal balance between industries with increasing and decreasing employment.
(p) Preliminary

NOTE: Data have been revised to reflect March 2016 benchmark levels and updated seasonal adjustment factors.

https://www.bls.gov/news.release/empsit.b.htm

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Fact check: Pence makes strange claim about selling health insurance across state lines

Glenn KesslerWashington Post

“Under President Trump‘s leadership, we’re actually also going to finally allow Americans to purchase health insurance across state lines – the way you buy life insurance, the way you buy car insurance.”

Vice President Mike Pence, speech in Louisville, March 12, 2017G

“Who could be against allowing insurance to be sold over state lines? It’s something that you can do [with] your car insurance.”

White House press secretary Sean Spicer, news briefing, March 14

“We’re going to give the American people the freedom to buy health insurance across state lines – the way you buy life insurance, the way you buy car insurance.”

– Pence, speech in Jacksonville, Florida, March 18

“President Trump’s vision is very simple . . . allowing the American people to purchase health insurance across state lines the way you buy life insurance, the way you buy car insurance.”

– Pence, speech to the Club for Growth, West Palm Beach, Fla., March 19

– – –

One of President Donald Trump’s signature promises is to allow the purchase of health insurance across state lines. This was supposed to be tackled in “phase three” of the administration’s plan to repeal and replace the Affordable Care Act, now in doubt because of the administration’s failure to advance the “phase one” bill in the House.

Many experts are skeptical about whether buying health insurance across state lines would work – more on that below – but we were interested in claims made by administration officials such as Vice President Pence and White House press secretary Sean Spicer that this would be similar to buying life insurance and car insurance.

The way they talk about it, we have to wonder whether administration officials even understand how insurance is bought and sold in the United States.

The Facts

In 1945, Congress passed the McCarran-Ferguson Act, which exempted insurance companies from aspects of federal antitrust law and ensured that individual states remained the primary regulators of insurance. That had been the case since 1868, but a Supreme Court ruling had placed the state role in doubt until Congress reaffirmed it.

So insurance companies must be licensed in each state. In other words, this standard exists with all insurance products. Generally, there are two types of insurance companies: life and health insurance companies; and property and casualty insurance companies. The latter sell products such as homeowners’ insurance and automobile insurance.

There are obviously big differences among the products. Car insurance is strictly limited to a period of time, and rates depend on the value of the vehicle, the use of the vehicle, the driver’s record and so forth. Health insurance, by contrast, is heavily regulated at the federal level (especially after the Affordable Care Act mandated that all plans cover a group of essential benefits). And health insurance companies are required to set up provider networks and negotiate prices.

But the bottom line is that all insurance products are sold state by state, overseen by state insurance commissioners. You may be able to get Geico car insurance in both Virginia and California, but the products may be different, depending on state regulations. Similarly, you may buy Aetna health insurance policies in each state, but again they are subject to state regulations and obviously have different provider networks.

Essentially, if Trump were to push through a plan to sell health insurance across state lines, he would need to repeal all or part of the McCarran-Ferguson Act. But as we mentioned, that act applies to all insurance products.

“Insurance is regulated at the state level in accordance with the McCarran-Ferguson Act, which has been in place for 64 years,” said Lynne McChristian, executive director of Florida State University’s Center for Risk Management Education and Research. “It is not accurate to say that car insurance and life insurance are regulated across state lines. In fact, it is false.”

She said that many people may not realize that when they call an insurer that has an out-of-state location, they are talking to someone who is licensed to contract business in the prospective customer’s state of residence. If you move to a different state, you might stick with the same company, but your policy is updated to reflect the laws of the new state – and your premiums are likely to change.

Five states have passed laws that have either allowed interstate health-insurance sales or encouraged the concept of forming a compact, allowing for products to be sold in a group of states. But no insurance company has shown much interest, in part because entering a new health insurance market is time-consuming and difficult.

An official at the National Association of Insurance Commissioners said the concept was especially unworkable for health insurance because different states may mandate different coverage, leading to fewer people getting insured, reducing insurance options for consumers and preventing regulators from protecting consumers in their states.

For example, one state might require coverage of autism, while another might not. If insurance could be bought across state lines, people seeking autism coverage would flock to the product with coverage. That in turn would make the risk pool unbalanced and force premiums up. Moreover, when people have complaints about insurance coverage today, they can seek redress from a state insurance commissioner. That would be more difficult if someone bought a product from another state.

The ACA, in section 1333, encouraged the formation of such regional compacts after January 2016, although as far as we can tell, no regulatory guidance was issued by the Obama administration.

Chris Jennings, a health-care consultant who worked for presidents Bill Clinton and Barack Obama, says the provision – which allows two or more states to form a regional health-insurance compact – was inserted by a Republican lawmaker during Senate markups of the ACA. But he thinks the Obama administration did not promote the option “because it was a low priority and there was no evidence it would make a positive difference addressing the myriad of issues they thought they were dealing with.”

Now that the ACA remains intact, however, Health and Human Services Secretary Tom Price could issue guidance on the provision and the administration could claim to have begun to fulfill a campaign promise without even passing a law in Congress.

We sought an explanation from Pence’s office and from the White House communications staff but did not get a response.

The Pinocchio Test

Car and life insurance currently is sold exactly the same way as health insurance – regulated by state insurance regulators, with policies tailored to the rules and laws set by the state. So it is false to suggest there is any difference.

Rating: Pence and Spicer earn Four Pinocchios.

http://www.chicagotribune.com/news/nationworld/politics/factcheck/ct-fact-check-pence-insurance-state-lines-20170401-story.html

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FairTax

Published on Feb 6, 2017

FairTax
The FairTax is a proposal to reform the federal tax code of the United States It would replace all federal income taxes including the alternative minimum tax, corporate income taxes, and capital gains taxes, payroll taxes including Social Security and Medicare taxes, gift taxes, and estate taxes with a single broad national consumption tax on retail sales The Fair Tax Act HR 25/S 155 would apply a tax, once, at the point of purchase on all new goods and services for personal consumption The proposal also calls for a monthly payment to all family households of lawful US residents as an advance rebate, or “prebate”, of tax on purchases up to the poverty level12 First introduced into the United States Congress in 1999, a number of congressional committees have heard testimony on the bill; however, it has not moved from committee and has yet to have any effect on the tax system In recent years, a tax reform movement has formed behind the FairTax proposal3 Attention increased after talk radio personality Neal Boortz and Georgia Congressman John Linder published The FairTax Book in 2 FairTax
Click for more; http://www.turkaramamotoru.com/en/fai…
There are excerpts from wikipedia on this article and video

Pence on the Fair Tax

The Fair Tax – It’s Time

Summary: H.R.25 — 115th Congress (2017-2018)All Bill Information (Except Text)

There is one summary for H.R.25. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (01/03/2017)

FairTax Act of 2017

This bill is a tax reform proposal that imposes a national sales tax on the use or consumption in the United States of taxable property or services in lieu of the current income and corporate income tax, employment and self-employment taxes, and estate and gift taxes. The rate of the sales tax will be 23% in 2019, with adjustments to the rate in subsequent years. There are exemptions from the tax for used and intangible property, for property or services purchased for business, export, or investment purposes, and for state government functions.

Under the bill, family members who are lawful U.S. residents receive a monthly sales tax rebate (Family Consumption Allowance) based upon criteria related to family size and poverty guidelines.

The states have the responsibility for administering, collecting, and remitting the sales tax to the Treasury.

Tax revenues are to be allocated among: (1) the general revenue, (2) the old-age and survivors insurance trust fund, (3) the disability insurance trust fund, (4) the hospital insurance trust fund, and (5) the federal supplementary medical insurance trust fund.

No funding is authorized for the operations of the Internal Revenue Service after FY2021.

Finally, the bill terminates the national sales tax if the Sixteenth Amendment to the Constitution (authorizing an income tax) is not repealed within seven years after the enactment of this bill.

https://www.congress.gov/bill/115th-congress/house-bill/25?q=%7B%22search%22%3A%5B%22H.R.25%22%5D%7D&r=1

FairTax

From Wikipedia, the free encyclopedia

The FairTax is a proposal to reform the federal tax code of the United States. It would replace all federal income taxes (including the alternative minimum tax, corporate income taxes, and capital gains taxes), payroll taxes (including Social Security and Medicare taxes), gift taxes, and estate taxes with a single broad national consumption tax on retail sales. The Fair Tax Act (H.R. 25/S. 155) would apply a tax, once, at the point of purchase on all new goods and services for personal consumption. The proposal also calls for a monthly payment to all familyhouseholds of lawful U.S. residents as an advance rebate, or “prebate”, of tax on purchases up to the poverty level.[1][2] First introduced into the United States Congress in 1999, a number of congressional committees have heard testimony on the bill; however, it has not moved from committee and has yet to have any effect on the tax system. In recent years, a tax reform movement has formed behind the FairTax proposal.[3] Attention increased after talk radio personality Neal Boortz and Georgia Congressman John Linder published The FairTax Book in 2005 and additional visibility was gained in the 2008 presidential campaign.

As defined in the proposed legislation, the tax rate is 23% for the first year. This percentage is based on the total amount paid including the tax ($23 out of every $100 spent in total). This would be equivalent to a 30% traditional U.S. sales tax ($23 on top of every $77 spent—$100 total).[4] The rate would automatically adjust annually based on federal receipts in the previous fiscal year.[5] With the rebate taken into consideration, the FairTax would be progressive on consumption,[2] but would also be regressive on income at higher income levels (as consumption falls as a percentage of income).[6][7] Opponents argue this would accordingly decrease the tax burden on high-income earners and increase it on the middle class.[4][8] Supporters contend that the plan would effectively tax wealth, increase purchasing power[9][10] and decrease tax burdens by broadening the tax base.

The plan’s supporters state that a consumption tax would increase savings and investment, ease tax compliance and increase economic growth, increase incentives for international business to locate in the US and increase US competitiveness in international trade.[11][12][13] The plan is intended to increase cost transparency for funding the federal government. Supporters believe it would increase civil liberties, benefit the environment and effectively tax illegal activity and undocumented immigrants.[11][14] Opponents contend that a consumption tax of this size would be extremely difficult to collect, and would lead to pervasive tax evasion.[4][6] They also argue that the proposed sales tax rate would raise less revenue than the current tax system, leading to an increased budget deficit.[4][15] Other concerns include the proposed repeal of the Sixteenth Amendment, removal of tax deduction incentives, transition effects on after-tax savings, incentives on credit use and the loss of tax advantages to state and local bonds.

Legislative overview and history

Rep John Linder holding the 133 page Fair Tax Act of 2007 in contrast to the then-current U.S. tax code and IRS regulations.

The legislation would remove the Internal Revenue Service (after three years), and establish Excise Tax and Sales Tax bureaus in the Department of the Treasury.[16] The states are granted the primary authority for the collection of sales tax revenues and the remittance of such revenues to the Treasury. The plan was created by Americans For Fair Taxation, an advocacy group formed to change the tax system. The group states that, together with economists, it developed the plan and the name “Fair Tax”, based on interviews, polls, and focus groups of the general public.[4] The FairTax legislation has been introduced in the House by Georgia RepublicansJohn Linder (1999–2010) and Rob Woodall (2011–2014),[17] while being introduced in the Senate by Georgia Republican Saxby Chambliss (2003–2014).

Linder first introduced the Fair Tax Act (H.R. 2525) on July 14, 1999, to the 106th United States Congress and a substantially similar bill has been reintroduced in each subsequent session of Congress. The bill attracted a total of 56 House and Senate cosponsors in the 108th Congress,[18][19] 61 in the 109th,[20][21] 76 in the 110th,[22][23] 70 in the 111th,[24][25] 78 in the 112th,[26][27]83 in the 113th (H.R. 25/S. 122), and 81 in the 114th (H.R. 25/S. 155). Former Speaker of the HouseDennis Hastert (Republican) had cosponsored the bill in the 109th–110th Congress, but it has not received support from the Democratic leadership.[21][22][28] Democratic Representative Collin Peterson of Minnesota and Democratic Senator Zell Miller of Georgia cosponsored and introduced the bill in the 108th Congress, but Peterson is no longer cosponsoring the bill and Miller has left the Senate.[18][19] In the 109th–111th Congress, Representative Dan Boren has been the only Democrat to cosponsor the bill.[20][22] A number of congressional committees have heard testimony on the FairTax, but it has not moved from committee since its introduction in 1999. The legislation was also discussed with President George W. Bush and his Secretary of the TreasuryHenry M. Paulson.[29]

To become law, the bill will need to be included in a final version of tax legislation from the U.S. House Committee on Ways and Means, pass both the House and the Senate, and finally be signed by the President. In 2005, President Bush established an advisory panel on tax reform that examined several national sales tax variants including aspects of the FairTax and noted several concerns. These included uncertainties as to the revenue that would be generated, and difficulties of enforcement and administration, which made this type of tax undesirable to recommend in their final report.[8] The panel did not examine the FairTax as proposed in the legislation. The FairTax received visibility in the 2008 presidential election on the issue of taxes and the IRS, with several candidates supporting the bill.[30][31] A poll in 2009 by Rasmussen Reports found that 43% of Americans would support a national sales tax replacement, with 38% opposed to the idea; the sales tax was viewed as fairer by 52% of Republicans, 44% of Democrats, and 49% of unaffiliateds.[32] President Barack Obama does not support the bill,[33]arguing for more progressive changes to the income and payroll tax systems.

Tax rate

The sales tax rate, as defined in the legislation for the first year, is 23% of the total payment including the tax ($23 of every $100 spent in total—calculated similar to income taxes). This would be equivalent to a 30% traditional U.S. sales tax ($23 on top of every $77 spent—$100 total, or $30 on top of every $100 spent—$130 total).[4] After the first year of implementation, this rate is automatically adjusted annually using a predefined formula reflecting actual federal receipts in the previous fiscal year.

The effective tax rate for any household would be variable due to the fixed monthly tax rebate that are used to rebate taxes paid on purchases up to the poverty level.[2] The tax would be levied on all U.S. retail sales for personal consumption on new goods and services. Critics argue that the sales tax rate defined in the legislation would not be revenue neutral (that is, it would collect less for the government than the current tax system), and thus would increase the budget deficit, unless government spending were equally reduced.[4]

Sales tax rate

During the first year of implementation, the FairTax legislation would apply a 23% federal retail sales tax on the total transaction value of a purchase; in other words, consumers pay to the government 23 cents of every dollar spent in total (sometimes called tax-inclusive, and presented this way to provide a direct comparison with individual income and employment taxes which reduce a person’s available money before they can make purchases). The equivalent assessed tax rate is 30% if the FairTax is applied to the pre-tax price of a good like traditional U.S. state sales taxes (sometimes called tax-exclusive; this rate is not directly comparable with existing income and employment taxes).[4] After the first year of implementation, this tax rate would be automatically adjusted annually using a formula specified in the legislation that reflects actual federal receipts in the previous fiscal year.[5]

Effective tax rate

For more details on this topic, see Distribution of the FairTax burden.

A household’s effective tax rate on consumption would vary with the annual expenditures on taxable items and the fixed monthly tax rebate. The rebate would have the greatest effect at low spending levels, where they could lower a household’s effective rate to zero or below.[34] The lowest effective tax rate under the FairTax could be negative due to the rebate for households with annual spending amounts below poverty level spending for a specified household size. At higher spending levels, the rebate has less impact, and a household’s effective tax rate would approach 23% of total spending. A person spending at the poverty level would have an effective tax rate of 0%, whereas someone spending at four times the poverty level would have an effective tax rate of 17.2%.[34] Buying or otherwise receiving items and services not subject to federal taxation (such as a used home or car) can contribute towards a lower effective tax rate. The total amount of spending and the proportion of spending allocated to taxable items would determine a household’s effective tax rate on consumption.[34] If a rate is calculated on income, instead of the tax base, the percentage could exceed the statutory tax rate in a given year.

Monthly tax rebate

Proposed 2015 FairTax Prebate Schedule[35]
One adult household Two adult household
Family
Size
Annual
Consumption
Allowance
Annual
Prebate
Monthly
Prebate
Family
Size
Annual
Consumption
Allowance
Annual
Prebate
Monthly
Prebate
1 person $11,770 $2,707 $226 couple $23,540 $5,414 $451
and 1 child $15,930 $3,664 $305 and 1 child $27,700 $6,371 $531
and 2 children $20,090 $4,621 $385 and 2 children $31,860 $7,328 $611
and 3 children $24,250 $5,578 $465 and 3 children $36,020 $8,285 $690
and 4 children $28,410 $6,534 $545 and 4 children $40,180 $9,241 $770
and 5 children $32,570 $7,491 $624 and 5 children $44,340 $10,198 $850
and 6 children $36,490 $8,393 $699 and 6 children $48,500 $11,155 $930
and 7 children $40,890 $9,405 $784 and 7 children $52,660 $12,112 $1,009
The annual consumption allowance is based on the 2015 DHHS Poverty Guidelines as published in the Federal Register, January 22, 2015. There is no marriage penalty as the couple amount is twice the amount that a single adult receives. For families/households with more than 8 persons, add $4,160 to the annual consumption allowance for each additional person. The annual consumption allowance is the amount of spending that is “untaxed” under the FairTax.

Under the FairTax, familyhouseholds of lawful U.S. residents would be eligible to receive a “Family Consumption Allowance” (FCA) based on family size (regardless of income) that is equal to the estimated total FairTax paid on poverty level spending according to the poverty guidelines published by the U.S. Department of Health and Human Services.[1] The FCA is a tax rebate (known as a “prebate” as it would be an advance) paid in twelve monthly installments, adjusted for inflation. The rebate is meant to eliminate the taxation of household necessities and make the plan progressive.[4] Households would register once a year with their sales tax administering authority, providing the names and social security numbers of each household member.[1] The Social Security Administration would disburse the monthly rebate payments in the form of a paper check via U.S. Mail, an electronic funds transfer to a bank account, or a “smartcard” that can be used like a debit card.[1]

Opponents of the plan criticize this tax rebate due to its costs. Economists at the Beacon Hill Institute estimated the overall rebate cost to be $489 billion (assuming 100% participation).[36] In addition, economist Bruce Bartlett has argued that the rebate would create a large opportunity for fraud,[37] treats children disparately, and would constitute a welfare payment regardless of need.[38]

The President’s Advisory Panel for Federal Tax Reform cited the rebate as one of their chief concerns when analyzing their national sales tax, stating that it would be the largest entitlement program in American history, and contending that it would “make most American families dependent on monthly checks from the federal government”.[8][39] Estimated by the advisory panel at approximately $600 billion, “the Prebate program would cost more than all budgeted spending in 2006 on the Departments of Agriculture, Commerce, Defense, Education, Energy, Homeland Security, Housing and Urban Development, and Interior combined.”[8] Proponents point out that income tax deductions, tax preferences, loopholes, credits, etc. under the current system was estimated at $945 billion by the Joint Committee on Taxation.[36] They argue this is $456 billion more than the FairTax “entitlement” (tax refund) would spend to cover each person’s tax expenses up to the poverty level. In addition, it was estimated for 2005 that the Internal Revenue Service was already sending out $270 billion in refund checks.[36]

Presentation of tax rate[edit]

Mathematically, a 23% tax out of $100 yields approximately the same as a 30% tax on $77.

Sales and income taxes behave differently due to differing definitions of tax base, which can make comparisons between the two confusing. Under the existing individual income plus employment (Social Security; Medicare; Medicaid) tax formula, taxes to be paid are included in the base on which the tax rate is imposed (known as tax-inclusive). If an individual’s gross income is $100 and the sum of their income plus employment tax rate is 23%, taxes owed equals $23. Traditional state sales taxes are imposed on a tax base equal to the pre-tax portion of a good’s price (known as tax-exclusive). A good priced at $77 with a 30% sales tax rate yields $23 in taxes owed. To adjust an inclusive rate to an exclusive rate, divide the given rate by one minus that rate (i.e. {\displaystyle .23/(1-.23)=.23/.77=.30}{\displaystyle .23/(1-.23)=.23/.77=.30}).

The FairTax statutory rate, unlike most U.S. state-level sales taxes, is presented on a tax base that includes the amount of FairTax paid. For example, a final after-tax price of $100 includes $23 of taxes. Although no such requirement is included in the text of the legislation, Congressman John Linder has stated that the FairTax would be implemented as an inclusive tax, which would include the tax in the retail price, not added on at checkout—an item on the shelf for five dollars would be five dollars total.[29][40] The legislation requires the receipt to display the tax as 23% of the total.[41] Linder states the FairTax is presented as a 23% tax rate for easy comparison to income and employment tax rates (the taxes it would be replacing). The plan’s opponents call the semantics deceptive. FactCheck called the presentation misleading, saying that it hides the real truth of the tax rate.[42]Bruce Bartlett stated that polls show tax reform support is extremely sensitive to the proposed rate,[38] and called the presentation confusing and deceptive based on the conventional method of calculating sales taxes.[43] Proponents believe it is both inaccurate and misleading to say that an income tax is 23% and the FairTax is 30% as it implies that the sales tax burden is higher.

Revenue neutrality

A key question surrounding the FairTax is whether the tax has the ability to be revenue-neutral; that is, whether the tax would result in an increase or reduction in overall federal tax revenues. Economists, advisory groups, and political advocacy groups disagree about the tax rate required for the FairTax to be truly revenue-neutral. Various analysts use different assumptions, time-frames, and methods resulting in dramatically different tax rates making direct comparison among the studies difficult. The choice between static or dynamic scoring further complicates any estimate of revenue-neutral rates.[44]

A 2006 study published in Tax Notes by the Beacon Hill Institute at Suffolk University and Dr. Laurence Kotlikoff estimated the FairTax would be revenue-neutral for the tax year 2007 at a rate of 23.82% (31.27% tax-exclusive).[45]The study states that purchasing power is transferred to state and local taxpayers from state and local governments. To recapture the lost revenue, state and local governments would have to raise tax rates or otherwise change tax laws in order to continue collecting the same real revenues from their taxpayers.[39][45] The Argus Group and Arduin, Laffer & Moore Econometrics each published an analysis that defended the 23% rate.[46][47][48] While proponents of the FairTax concede that the above studies did not explicitly account for tax evasion, they also claim that the studies did not altogether ignore tax evasion under the FairTax. These studies presumably incorporated some degree of tax evasion in their calculations by using National Income and Product Account based figures, which is argued to understate total household consumption.[45] The studies also did not account for capital gains that may be realized by the U.S. government if consumer prices were allowed to rise, which would reduce the real value of nominal U.S. government debt.[45] Nor did these studies account for any increased economic growth that many economists researching the plan believe would occur.[45][48][49][50]

In contrast to the above studies, William G. Gale of the Brookings Institution published a study in Tax Notes that estimated a rate of 28.2% (39.3% tax-exclusive) for 2007 assuming full taxpayer compliance and an average rate of 31% (44% tax-exclusive) from 2006 to 2015 (assumes that the Bush tax cuts expire on schedule and accounts for the replacement of an additional $3 trillion collected through the Alternative Minimum Tax).[4][15][51] The study also concluded that if the tax base were eroded by 10% due to tax evasion, tax avoidance, and/or legislative adjustments, the average rate would be 34% (53% tax-exclusive) for the 10-year period. A dynamic analysis in 2008 by the Baker Institute For Public Policy concluded that a 28% (38.9% tax-exclusive) rate would be revenue neutral for 2006.[52] The President’s Advisory Panel for Federal Tax Reform performed a 2006 analysis to replace the individual and corporate income tax with a retail sales tax and estimated the rate to be 25% (34% tax-exclusive) assuming 15% tax evasion, and 33% (49% tax-exclusive) with 30% tax evasion.[8] The rate would need to be substantially higher to replace the additional taxes replaced by the FairTax (payroll, estate, and gift taxes). Several economists criticized the President’s Advisory Panel’s study as having allegedly altered the terms of the FairTax, using unsound methodology, and/or failing to fully explain their calculations.[36][45][53]

Taxable items and exemptions

The tax would be levied once at the final retail sale for personal consumption on new goods and services. Purchases of used items, exports and all business transactions would not be taxed. Also excluded are investments, such as purchases of stock, corporate mergers and acquisitions and capital investments. Savings and education tuition expenses would be exempt as they would be considered an investment (rather than final consumption).[54]

A good would be considered “used” and not taxable if a consumer already owns it before the FairTax takes effect or if the FairTax has been paid previously on the good, which may be different from the item being sold previously. Personal services such as health care, legal services, financial services, and auto repairs would be subject to the FairTax, as would renting apartments and other real property.[4] Food, clothing, prescription drugs and medical services would be taxed. (State sales taxes generally exempt these types of basic-need items in an effort to reduce the tax burden on low-income families. The FairTax would use a monthly rebate system instead of the common state exclusions.) Internet purchases would be taxed, as would retail international purchases (such as a boat or car) that are imported to the United States (collected by the U.S. Customs and Border Protection).[54]

Distribution of tax burden

Boston University study of the FairTax. Lower rates claimed on workers from a larger tax base, replacing regressive taxes, and wealth taxation.

President’s Advisory Panel’s analysis of a hybrid National Sales Tax. Higher rates claimed on the middle-class for an income tax replacement (excludes payroll, estate, and gift taxes replaced under the FairTax).

The FairTax’s effect on the distribution of taxation or tax incidence (the effect on the distribution of economic welfare) is a point of dispute. The plan’s supporters argue that the tax would broaden the tax base, that it would be progressive, and that it would decrease tax burdens and start taxing wealth (reducing the economic gap).[9][55] Opponents argue that a national sales tax would be inherently regressive and would decrease tax burdens paid by high-income individuals.[4][56] A person earning $2 million a year could live well spending $1 million, and as a result pay a mere 11% of that year’s income in taxes.[4] Households at the lower end of the income scale spend almost all their income, while households at the higher end are more likely to devote a portion of income to saving. Therefore, according to economist William G. Gale, the percentage of income taxed is regressive at higher income levels (as consumption falls as a percentage of income).[6]

Income earned and saved would not be taxed until spent under the proposal. Households at the extreme high end of consumption often finance their purchases out of savings, not income.[6][38] Economist Laurence Kotlikoff states that the FairTax could make the tax system much more progressive and generationally equitable,[2] and argues that taxing consumption is effectively the same as taxing wages plus taxing wealth.[2] A household of three persons (this example will use two adults plus one child; the rebate does not consider marital status) spending $30,000 a year on taxable items would devote about 3.4% of total spending ([$6,900 tax minus $5,888 rebate]/$30,000 spending) to the FairTax after the rebate. The same household spending $125,000 on taxable items would spend around 18.3% ([$28,750 tax minus $5,888 rebate]/$125,000 spending) on the FairTax. At higher spending levels, the rebate has less impact and the rate approaches 23% of total spending. Thus, according to economist Laurence Kotlikoff, the effective tax rate is progressive on consumption.[2]

Studies by Kotlikoff and David Rapson state that the FairTax would significantly reduce marginal taxes on work and saving, lowering overall average remaining lifetime tax burdens on current and future workers.[9][57] A study by Kotlikoff and Sabine Jokisch concluded that the long-term effects of the FairTax would reward low-income households with 26.3% more purchasing power, middle-income households with 12.4% more purchasing power, and high-income households with 5% more purchasing power.[10] The Beacon Hill Institute reported that the FairTax would make the federal tax system more progressive and would benefit the average individual in almost all expenditures deciles.[7] In another study, they state the FairTax would offer the broadest tax base (an increase of over $2 trillion), which allows the FairTax to have a lower tax rate than current tax law.[58]

Gale analyzed a national sales tax (though different from the FairTax in several aspects[7][46]) and reported that the overall tax burden on middle-income Americans would increase while the tax burden on the top 1% would drop.[6] A study by the Beacon Hill Institute reported that the FairTax may have a negative effect on the well-being of mid-income earners for several years after implementation.[50] According to the President’s Advisory Panel for Federal Tax Reform report, which compared the individual and corporate income tax (excluding other taxes the FairTax replaces) to a sales tax with rebate,[8][36] the percentage of federal taxes paid by those earning from $15,000–$50,000 would rise from 3.6% to 6.7%, while the burden on those earning more than $200,000 would fall from 53.5% to 45.9%.[8] The report states that the top 5% of earners would see their burden decrease from 58.6% to 37.4%.[8][59] FairTax supporters argue that replacing the regressive payroll tax (a 15.3% total tax not included in the Tax Panel study;