America’s Day of Rest
The U.S. economy is all cranked up delivering at a nearly 4 percent domestic growth rate. The U.S. stock market shows little sign of losing steam from one of the longest rallies in history.
So what does this all mean?
America is poised to continue its good fortune in many broad industrial and technological sectors.
President Donald Trump’s policies to loosen or eliminate burdensome regulations and lower corporate tax rates have sparked businesses to recapture long-lost profits and re-invest in equipment, workers, and expansion plans.
Whether one agrees with Trump’s economic policies or not, U.S. labor statistics are headed in a positive direction.
* The number of employed Americans has increased by 1.8 million from July 2017 to July 2018.
* During the same period, the U.S. unemployment rate dropped from 4.3 percent to 3.9 percent.
* There are 162,245,000 people aged 16 or older in the U.S. civilian labor market of which 155,965,000 are employed.
* Women continue to make gains. Today, nearly 47 percent of U.S. civilian workers are women -- 73.3 million -- and they are filling jobs in many sectors -- oil drilling, construction, airline pilots, etc. -- where in the past opportunities were hard to come by.
* Men still make up the lion’s share of the job market, with 82.7 million employed. A better statistic is that 66.3 percent of America’s working-age male population (16 to 66) is holding down a job. (For women, the number is 55 percent -- a solid statistic considering that a number of women leave and return to the job market at various times to raise a family.)
One of the most amazing statistics from MoneyTips, however, shows America’s remarkable employment diversity.
* Of the total white population, 60.7 percent (121.5 million) is employed;
* Of the total African-American population, 58.4 percent (19.1 million) is employed;
* Of the total Asian population, 61.8 percent (9.8 million) is employed;
* Of the total Hispanic/Latino population, 63.7 percent (27.1 million) is employed.
There are 129 million full-time workers and 27 million part-time workers. Nearly 8.1 million workers hold multiple jobs.
Overall, the median weekly earnings in 2018 (Q2) were $962 for men and $779 for women.
The U.S. labor participation rate hit 62.9 percent in July, which is good but still well below the record 67.3 percent set in January 2000.
So enjoy your day of rest America. Happy Labor Day!