AMERICA: One paycheck
and two illegals away from homelessness.
"The economists found that the pre-tax share of
national income received by the
bottom half of the US population has been cut nearly
in half since 1980, from 20
percent to 12 percent, while the income share of the
top one percent has nearly
doubled, from 12 percent to 20 percent."
Sharp fall in US jobs
growth in March
By Shannon Jones
8 April 2017
8 April 2017
US job growth dropped sharply in March with just
98,000 new jobs added, far lower than expected and well below the 180,000
average monthly figure for most of last year.
The Bureau of Labor Statistics (BLS) numbers
stood in sharp contrast to the boasts of the Trump administration about being
focused on job creation. They also underscore the disconnect between the surge
in stock market values and the underlying state of the real economy.
The White House did not issue a statement
relating to the March jobs numbers after rushing to take credit for the higher
figures in January and February. It was the worst single month for job growth
since May 2016.
“It was a disappointing
report with no silver lining in the details,” said Rob Martin, an economist
with Barclay’s quoted by the New York Times. “Service sector
employment weakness points to a substantial slowdown in activity.” In fact,
there was a loss of 29,700 retail jobs in March, with department store chains
JC Penny’s and Macy’s announcing the closing of 390 stores. This was also
combined with the impact of the Trump administration’s announced freeze in
federal hiring.
The construction industry added just 6,000 jobs
in March after adding a 59,000 in February. In addition to the tepid March
numbers, the BLS also revised downward its figures for January and February by
a total of 38,000 jobs. Meanwhile, education and health care related employment
rose at the lowest rate in 15 months.
The US economic growth rate remains at an
abysmal level, with an annual rate of 1.2 percent expected for the first
quarter after growing just 1.6 percent in 2016. This compares to an average
annual growth rate in previous periods of economic “recovery” since the 1960s
of 3.9 percent. In the seven years since the official end of the recession in
2009, US annual economic growth has never exceeded 2.5 percent. Prior to the
recent period, the longest stretch in which US annual growth rate did not top 3
percent was 1930–1933, during the Great Depression.
While business optimism has increased since the
November election based on hopes for higher profits due to Trump’s pledges to
slash corporate taxes and eliminate environmental, health and safety
regulations, this hasn’t translated into more investment or hiring. Real
consumer spending decreased in both January and February when adjusted for
inflation, indicating that workers are feeling the impact of the continued
stagnation of real wages.
In March, the official unemployment rate fell to
4.5, a ten-year low. This was something of a statistical anomaly due to the
fact that the figures for hiring and those used for calculating the
unemployment rate are taken from two separate surveys conducted by the BLS. One
measures hiring by business and the other household employment. It is not
unusual for the numbers to diverge on a monthly basis, but they tend to
converge over time.
The US civilian workforce increased by 145,000
in March after rising 340,000 in February, exceeding the actual number of new
jobs created. The labor force participation rate, another measure of those
working, held steady at 63 percent. The labor force participation rate measures
the number of employed workers and those actively seeking work as a percentage
of the total population age 16 and over. Sixty three percent is low by
historical standards and indicates a substantial surplus of those able to work
but who for one reason or another are locked out of the active workforce.
The number of long-term unemployed, those out of
work for 27 weeks or more, was little changed at 23.3 percent of the
unemployed.
In so far as jobs are
being created, they continue to be concentrated in lower wage sectors.
According to a report in Bloomberg, some 44 percent of college
graduates in 2016 were employed in jobs not requiring a degree. Service jobs
continue to account for 80 percent of the US economy.
Average monthly earnings are rising at a paltry
2.7 percent annual rate, which is approximately equal to the official US rate
of inflation, meaning that workers are seeing no real improvement in their
already depressed standard of living. Indeed, there has been no net increase in
median household income since 2000.
The March jobs figures increased speculation
about the course of action that will be taken by the US Federal Reserve at its
upcoming June meeting. Fed officials had pointed to the falling unemployment
rate as a sign that the economy could safely absorb continuing rises in
interest rates.
A number of economists tried to downplay the
sharp fall in the March jobs figures as related to the weather. Others made the
absurd claim that the fall in hiring was due to the economy reaching near full
employment. In other words, this is as good as it gets.
This claim is being advanced with a straight
face under conditions in which the BLS numbers showed 7,202,000 out of work in
March. The unemployment rate for teenagers stands at 13.7 percent, for African
Americans 8.0 percent and for Hispanics 5.1 percent. In addition, 5.6 million
people reported working part-time but wanting full-time employment. There were
another 460,000 so-called discouraged workers, i.e., those not actively seeking
employment because they believe there are no jobs available for them. On top of
that, there were 1.6 million workers who were unemployed but not counted in the
official statistics because they had not looked for work in the previous four
weeks.
In addition to the millions of unemployed are
the tens of millions working at poverty-wage, dead-end jobs with little
prospect for advancement. In 2015, the most recent year for which figures are
available, there were 43.1 million living under the absurdly low official US
poverty threshold. Of those, 29.8 million were members of families, and 14
million were children. Nine million of those in poverty were working
year-round, either full time or part time.
THE
CONSPIRACY OF TRAITORS:
THE
CLINTON-OBAMA PLAN TO DESTROY DEMOCRACY IN AMERICA FOR GLOBALIST BILLIONAIRES
INCLUDING THEIR PAYMASTER GEORGE SOROS!
"When it comes to Islamic
terror or shariah imposition, Obama and other globalists preach a type of
defenselessness and impotence: something we have to abide. For many liberals,
virtue signaling, the epitome of vanity,
is more important than saving lives, even the lives of their countrymen."
Many making the accusations of xenophobia live in rarified societies and neighborhoods or in high-end and fashionable apartment buildings with security guards and doormen, immune from the consequences of Open Borders, loss of manual jobs, overseas nation-building, and the harmful effects arising from perfunctory background checks and superficial vetting.
LA RAZA MEXICO’S
TRILLION DOLLAR LOOTING OF AMERICA
The staggering
cost of all that “cheap” Mexican labor:
MEXICANS SUCK IN
MORE WELFARE THAN LEGALS!
“The lifetime costs of Social Security and Medicare
benefits of illegal immigrant beneficiaries of President Obama’s executive amnesty
would be well over a trillion dollars, according to Heritage Foundation expert Robert
Rector’s prepared testimony for a House panel obtained in advance by Breitbart
News.”
THE
STAGGERING COST OF AMNESTY: non-enforcement is another
form of AMNESTY!
Legals
to pay trillions for open borders and Mexico’s looting
Between one-quarter and one-third of the 1.5 million
new arrivals in 2014 were illegal aliens, meaning that a conservative estimate
is that 1,000 illegal aliens a day are moving to the United States.
JOE LEGAL v LA RAZA JOSE ILLEGAL
…. which one has it
good under the Dems???
“The principal beneficiaries of our current immigration policy are
affluent Americans who hire immigrants at substandard wages for low-end work.
Harvard economist George Borjas estimates that American workers lose $190
billion annually (DATED FIGURES) in depressed wages caused by the constant
flooding of the labor market at the low-wage end.” --- Christian
Science Monitor
“The lifetime costs of Social Security and Medicare
benefits of illegal immigrant beneficiaries of President Obama’s executive amnesty
would be well over a trillion dollars, according to Heritage Foundation expert Robert
Rector’s prepared testimony for a House panel obtained in advance by Breitbart
News.”
AMERICA: NO LEGAL NEED APPLY
REPORT: The assault to finish off
the American middle-class is NOT over
“The report noted that many illegals don't have jobs or have
difficulty in landing good jobs because of local laws.”
“However, it identified several states that have begun easing
employment laws so that illegals can get a job.”
THE HORDES KEEP COMING!
While the declining job market in the United States may be
discouraging some would-be border crossers, a flow of illegal aliens continues
unabated, with many entering the United States as drug-smuggling “mules.”
POVERTY
ROBERT RECTOR:
Importing poverty…. WE ALSO IMPORT ALL THEIR CRIMINALS
“The lifetime
costs of Social Security and Medicare benefits of illegal immigrant
beneficiaries of President Obama’s executive amnesty would be well over a
trillion dollars, according to Heritage Foundation expert Robert Rector’s
prepared testimony for a House panel obtained in advance by Breitbart News.”
OBAMA-CLINTONOMICS:
Build the La Raza Democrat Party base with open
borders, no ID to vote Democrat, no E-VERIFY and NO DAMNED LEGAL NEED TO APPLY.
"Republicans
should call for lower immigration to stop the Democrat voter recruitment.
But more importantly, all Americans should call for lower immigration in order
to offer a better opportunity of finding jobs for those millions of their
fellow Americans of all political persuasions who would like to work."
MILLIONS OF AMERICAN
JOBS HANDED OVER TO ILLEGALS ALONG WITH BILLIONS IN WELFARE.... AND THE PARTY
HAS JUST BEGUN!
While the declining job market in the United States may be
discouraging some would-be border crossers, a flow of illegal aliens continues
unabated, with many entering the United States as drug-smuggling “mules.”
THE DEMOCRAT PARTY
PLATFORM:
NO DAMNED LEGAL NEED
APPLY!
VIVA
LA RAZA FASCISM? THEN VOTE DEM!
"Republicans should
call for lower immigration to stop the Democrat voter recruitment. But
more importantly, all Americans should call for lower immigration in order to
offer a better opportunity of finding jobs for those millions of their fellow
Americans of all political persuasions who would like to work."
OBAMA-CLINTONOMICS:
Build the La Raza Democrat Party base with open
borders, no ID to vote Democrat, no E-VERIFY and NO DAMNED LEGAL NEED TO APPLY.
"Republicans
should call for lower immigration to stop the Democrat voter recruitment.
But more importantly, all Americans should call for lower immigration in order
to offer a better opportunity of finding jobs for those millions of their
fellow Americans of all political persuasions who would like to work."
MILLIONS OF AMERICAN
JOBS HANDED OVER TO ILLEGALS ALONG WITH BILLIONS IN WELFARE.... AND THE PARTY
HAS JUST BEGUN!
While the declining job market in the United States may be
discouraging some would-be border crossers, a flow of illegal aliens continues
unabated, with many entering the United States as drug-smuggling “mules.”
THE DEMOCRAT PARTY
PLATFORM:
NO DAMNED LEGAL NEED
APPLY!
VIVA
LA RAZA FASCISM? THEN VOTE DEM!
"Republicans should
call for lower immigration to stop the Democrat voter recruitment. But
more importantly, all Americans should call for lower immigration in order to
offer a better opportunity of finding jobs for those millions of their fellow
Americans of all political persuasions who would like to work."
http://mexicanoccupation.blogspot.com/2016/07/hillary-clinton-and-mexicos-vision-of.html
70% OF ILLEGALS GET WELFARE!
“According to the Centers for
Immigration Studies, April '11, at least 70% of Mexican illegal alien families
receive some type of welfare in the US!!! cis.org”
CIS
"Reviewing poor holiday sales figures last month Richard Hayne, the CEO of clothing retailer Urban Outfitters, told investors that too many stores had been built in the US inflating a massive financial bubble. “[L]ike housing, that bubble has now burst,” Hayne noted. “We are seeing the results: Doors shuttering and rents retreating. This trend will continue for the foreseeable future and may even accelerate.”
US retail stores closing at record rate
DID WALL STREET'S GREED FINALLY DESTROY AMERICA?
Major department stores Sears, Macys and JC Penney are on the verge of bankruptcy and are planning to close hundreds of locations.
US retail stores closing at record rate
By Niles Niemuth
12 April 2017
12 April 2017
US retail store closures for 2017 are on pace to exceed 2008 when more than 6,000 locations were shuttered. In the first three months of this year 2,880 store closures were announced, compared to 1,153 in the same time period in 2008. If the current pace of retail bloodletting continues total store closures could top 11,000 by the end of the year, an unprecedented number.
Along with mounting store closures, retailers eliminated 30,000 jobs in March, with a similar number cut in February, making it the worst two-month period for workers in the retail sector since 2008, when the economy was in the depths of the recession caused by the bursting of the housing bubble and stock market crash.
According to Retail Metrics, the combined same-store sales for retailers in the first quarter of this year is expected to rise only 0.3 percent, the worst quarter in four years. Current expectations are well below the 0.8 percent growth in retail sales, which economists had predicted in February. Without positive sales growth posted by discount giant Walmart the retail industry would have posted negative figures. The dismal first quarter of 2017 follows poor in-store holiday sales at the end of 2016.
Traditional retailers are being slammed by competition from Internet retailers, in particular Amazon. Even as many companies are increasingly turning to online sales in an attempt to shore up their poor in store sales Amazon continues to dominate, accounting for 53 percent of all online sales growth in 2016.
Reviewing poor holiday sales figures last month Richard Hayne, the CEO of clothing retailer Urban Outfitters, told investors that too many stores had been built in the US inflating a massive financial bubble. “[L]ike housing, that bubble has now burst,” Hayne noted. “We are seeing the results: Doors shuttering and rents retreating. This trend will continue for the foreseeable future and may even accelerate.”
While market analysts point to the competition from Amazon as a key factor in retailer bankruptcies and store closures, another factor is the underlying weakness of the American economy and years of wage stagnation for the working class. Wage growth has been flat since the Great Recession and monthly year-on-year increases have not exceeded three percent since early 2009. According to the Economic Policy Institute average hourly wages are $3.22 behind where they would be if wages grew at 3.5 percent over the last decade.
Even as the stock market has boomed over the last nine years thanks to an infusion of unlimited cash through quantitative easing and other measures, the real economy has not recovered from the recession. The economic growth rate has not exceeded three percent in a decade and was a meager 1.2 percent in the first quarter of this year. Nearly all of the jobs created since 2008 have been either part time or temporary.
Retailers are shutting their doors and laying-off thousands of workers in predominantly poor and working class neighborhoods in both urban and rural areas. Nearly a third of US shopping malls will be hollowed out by store closures or lose a key anchor, with many of these threatened without outright closure without major department store locations and smaller chain retailers.
The last decade has seen a series of buyouts, mergers and acquisitions by private equity firms as part of last ditch efforts by retailers to avoid bankruptcy and outright liquidation by corporate raiders squeezing every penny before liquidating or reselling them.
An overview of the companies that have announced closing or filed for bankruptcy this year gives a sense of the current crisis.
Discount retailer Dollar Express will close all 323 of its locations, including a number which operated under the Family Dollar brand, eliminating almost 3,000 jobs, after being bought out by rival Dollar General.
Payless Shoes filed for bankruptcy earlier this year and announced plans to close 400 hundred stores, 10 percent of its stores nationwide. Rue 21, a clothing retailer targeting young adults, will soon file for bankruptcy, a few years after being bought by private equity firm Apax Partners
Indianapolis-based electronics and home appliance retailer HHGregg (liquidating all 132 stores), Omaha-based clothing retailer Gordmans (closing 48 stores) and St. Paul, Minnesota-based sporting goods retailer Gander Mountain (closing 32 of 162 locations) have filed for bankruptcy this year. Electronics retailer RadioShack has filed for bankruptcy for the second time in two years and announced the closure of 552 stores.
Major department stores Sears, Macys and JC Penney are on the verge of bankruptcy and are planning to close hundreds of locations.
Gamestop, which sells video games and consoles, is closing more than 150 stores in the US this year, nearly three percent of its locations worldwide. Office supply store Staples and the health goods and pharmacy chain CVS each announced plans to close 70 locations.
Family Christian bookstore, the largest Christian bookseller in the US, announced at the end of February it is closing all of its stores, more than 240 locations, two years after emerging from bankruptcy. Recent years have seen the failure and liquidation of most bookstore chains, including Borders and Walden Books, under pressure from Amazon and other online book retailers.
Hundreds of smaller clothing retail stores, mainstays of many shopping malls, are set to be closed this year, including Abercrombie and Fitch, Guess, Crocs, The Limited and Wet Seal locations. American Apparel is liquidating all 110 of its remaining stores and a factory in Los Angeles as the company completes the process of going out of business following years of legal and financial woes.
No comments:
Post a Comment