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https://www.cnbc.com/2019/02/01/nonfarm-payrolls-january-2019.html
Americans are getting back to work as industry expands. The down side is wage rates lagged partly because there is so much labor out there in the lower skilled areas. More advanced skill industries are once again training new hires.
Excess labor is good for the employer, bad for the employee, but training benefits both. For the treasury, any job growth is a benefit because it reduces social costs.
Much of China's trade losses are moving to other Asian markets rather than to the USA, so we still have work to do to get competitive in Asia. That's a tough nut to crack as many have copied Chinese tech that was originally stolen from the US. So improvement will be gradual as we invent the future in competition with China.
Key Points
Job growth in January shattered expectations, with nonfarm payrolls surging by 304,000, the Labor Department says.
Economists surveyed by Dow Jones had expected payrolls to rise by 170,000.
There were revisions. December’s big initially reported gain of 312,000 was knocked all the way down to 222,000, while November’s rose from 176,000 to 196,000.
The unemployment rate ticked higher to 4 percent, a level where it had last been in June, a likely effect of the shutdown, according to the department.
Americans are getting back to work as industry expands. The down side is wage rates lagged partly because there is so much labor out there in the lower skilled areas. More advanced skill industries are once again training new hires.
Excess labor is good for the employer, bad for the employee, but training benefits both. For the treasury, any job growth is a benefit because it reduces social costs.
Much of China's trade losses are moving to other Asian markets rather than to the USA, so we still have work to do to get competitive in Asia. That's a tough nut to crack as many have copied Chinese tech that was originally stolen from the US. So improvement will be gradual as we invent the future in competition with China.