Friday’s jobs report may be better than the last two – but it’s still far from good.
As pressure to raise the federal minimum wage increases, the U.S. companies with the most minimum wage workers – primarily retailers, restaurant chains, grocery chains, and hotel chains – will need to plan for possible changes.
After several consecutive months of job gains near or above 200,000, the streak came to an abrupt halt with the December jobs report – reminding everyone how fragile our economy still is.
Today, 1.3 million long-term unemployed workers sit restlessly in Congress’ palm. They will be left without federal unemployment benefits just three days after Christmas if Washington fails to rework the budget deal to extend the Emergency Unemployment Compensation Program (EUC).
The notion of raising the minimum wage has moved back into the national spotlight courtesy of U.S. President Barack Obama, who last week called for an increase in the federal minimum rate from the current $7.25 an hour to $10.10.
Good news is actually good news on Wall Street today.
Stocks rallied Friday following a robust November jobs report that showed U.S. employers continued to add jobs at a steady pace last month, which pulled the unemployment rate down to a five-year low at 7.0%.
Today I’m going to show you three charts Obama hoped you’d never see.
You’re about to get a very different view of the “recovery” picture that the administration keeps painting for us.
This one, for starters, is accurate.
It also explains why incoming Fed Chair Janet Yellen can’t cut stimulus, which is one of the reasons you have an opportunity to make some money here… especially if you follow my “mid-December plan.” More on that in a minute.
Let’s start with the charts…
Despite worries the 16-day government shutdown would weigh on job growth, the October jobs report was surprisingly strong.
That’s what the government is reporting, anyway…
According to the Labor Department numbers released today (Friday), employers increased headcount by 204,000 in October, handily beating the 120,000 many economists expected. The government report also showed revisions to late summer numbers, revealing an extra 60,000 jobs total were created in August and September.
Money Morning Capital Wave Strategist Shah Gilani joined Stuart Varney of FOX Business’ “Varney & Co.” today (Wednesday) to go over the bungled and belated September jobs report.
This is a syndicated repost courtesy of Money Morning. To view original, click here. Reposted with permission. Investors generally took the lackluster August jobs report as a sign the U.S. Federal Reserve will hold off announcing a tapering of its $85 billion a month bond program at the Sept. 17-18 Federal Open Market Committee (FOMC)…