Unemployment numbers are the best they’ve been in 44 years but it seems good news has to be avoided when a republican is in the White House.
Fewer people were receiving unemployment benefits in the beginning of June than at anytime in the past 44 years, the Department of Labor reported Thursday.
Altogether, 1.7 million people received benefits during the week, the fewest since December of 1973, when Richard Nixon was president and there were far fewer workers at risk of losing their jobs.
People are coming off or UEI and coming back into the workforce at levels most Americans have never seen but it’s getting very little play in the news cycle and certainly in conversation in places like this.
On top of that 2nd Q growth estimates are exceeding previous expectations as well.
The U.S. economy appears to have gotten quick out of the gate in the second quarter and it could be on track for 4% growth or higher, analysts say. After strong gains in personal income and consumer spending in April, a bevy of Wall Street firms upped their GDP forecasts. Amherst Pierpont Securities raised its estimate to 4.5% from 4.2%. Macroeconomic Advisers increased its forecast to 4% from 3.6%. Natwest raised its projection to about 4% from 3.2%. Barclays also upped its estimate, but it was near the low end of forecasts. It raised its target to 3.3% from 3%. GDP has only topped 4% three times since the end of the Great Recession in mid-2009.
U6 unemployment (also widely known in conservative media as real unemployment) was lower in the year 2000. The data doesn’t go farther back than 1994 so likely was lower previously too.
I know this and you know this. Trump and his Treasury Secretary apparently do not.
Don’t believe these phony numbers," Trump told supporters early last year. “The number is probably 28, 29, as high as 35 [percent]. In fact, I even heard recently 42 percent.”
“The unemployment rate is not real,” Mnuchin told the Senate Finance Committee. “I’ve traveled for the last year. I’ve seen this.”
