Thanks, Obama! 2014 Is Best Year For Job Growth Since Bill Clinton Was President

Obama-Smile-full-side-feat

The Bureau of Labor Statistics unveiled the latest jobs report Friday and the results blew out all expectations as the economy added 321,000 jobs in November. Forecasters expected job gains to be in line with the past year’s average, which has been around 224,000 new jobs a month. The latest report also revised the job gains for September and October upward. Then unemployment rate remained unchanged at 5.8%. All in all, the BLS report was positive and showed that 2014 has been the strongest year for job growth since 1999.

Over the past year, the unemployment rate has dropped 1.2 percentage points, and we’ve seen a reduction of 1.7 million unemployed persons. The private sector added 314,000 jobs while 7,000 local, state and federal government jobs were filled. Median wages did grow slightly as the median wage for a worker rose 9 cents to $25.66. However, the average wage increase over the past year  has been only 2.1%, which is in line with inflation, suggesting wages are stagnant. The average work week went up slightly from 34.5 to 34.6 hours per week. Manufacturing jobs saw a larger increase in the average workweek of its workers.

Below image courtesy of CNN:

jobs report 2014 cnn

There was also some slightly good news for the long-term unemployed. For workers actively seeking work, but who’ve been unemployed for over 27 weeks, the numbers fell by 101,000 to 2.8 million. Over the past year, the number of long-term unemployed has fallen by 1.2 million. This would suggest that much of the job growth we’ve seen has affected some, but not all, of those who’ve been sitting on the sidelines for a while.

Steady job growth was seen in the healthcare industry as it saw a net gain of 29,000 jobs in November. Manufacturing gains were also strong as the industry added 28,000 jobs last month. Unsurprisingly, retail saw a surge ahead of the holiday season, as 50,000 jobs were added in November. The finance sector added 20,000 jobs while construction added the same total.

Of course, it isn’t all good news. Millenials are not seeing many opportunities for advancement or higher-paying jobs. While we see job growth across many industries, and the unemployment rate is falling, jobs for younger people are actually seeing the median wages drop. Discussing a report by Young Invincibles, Tami Luhby of CNN Money wrote the following:

Median annual wages have fallen in nearly all of the most popular industry sectors that employ 25 to 34-year-olds over the past decade.

In retail and wholesale trade, which employs the largest share of these older Millennials, median wages plummeted 15% to $25,000. Wages in the leisure and hospitality industry fell 5% to $18,000. Only healthcare, the second most popular field, saw wages grow, albeit by a paltry 2% to $30,000.

“They are not finding the jobs they need to set them up for their long-term financial future,” said Konrad Mugglestone, co-author of the report.

Due to that dissatisfaction among young workers, and the reality that they are seeing their earnings cut while the cost of living goes up, it is imperative that the federal minimum wage be lifted ASAP. With that in mind, fast-food and other low-wage workers have continued to protest in the streets to push for a living wage in their industry.

While income inequality and stagnant wages are a real concern that needs to be addressed immediately, there is still a lot of good news in this report. The fact that we have seen the best job growth in this country in 15 years is something that should be celebrated. It also indicates that Democrats missed the boat during the midterms. They should have ran on the growing economy and the fact that under President Obama the country has dug itself out of a huge hole caused by the financial crisis in 2008. Instead, they allowed Republicans to set the narrative while they ran as far away from Obama as possible.

 

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25 Replies to “Thanks, Obama! 2014 Is Best Year For Job Growth Since Bill Clinton Was President”

  1. We need to start adding qualifications to these titles… people know it isn’t the WHOLE truth – Still not enough should be added. In fact we are at a point that the rich and corporations greed is killing us. It is time for President Obama to find a way to rain money on the people without Congressional approval. Like the Fed rained $40,000 for every man, women, and child and then gave it to the Banks. Paybacks NOW!

  2. I am very happy with the continuing improvements, and I am pissed at the voters who either stayed home, or voted Republican, and at the chickensh** Dems who wouldn’t back President Obama.

    Why is it that every time we start to really do well, the Republicans get voted back in to destroy everything? The only good thing is that we still have President Obama in the White House, otherwise we would be royally screwed.

  3. I have a conservative friend Bob Russell who claims that there are NO JOBS being added or out there at all, the jobs numbers are a Liberal fabrication, the un-employment rate is still above 9.0% and the economy is still in bad shape and that the lower gas prices are because of the Conservatives saying NO. Bob watches Fox News but claims he doesn’t…every time I go to his house he has it on ALL the TV’s.

  4. What qualifications are you talking about? And President Obama can’t do everything on his own, he needs people to work with him to get things done.

    Although he has managed to accomplish some impressive things in light of the obstruction to everything he has proposed, he is NOT a king, and he is NOT a magician, he can’t just rule by decree or wave a magic wand and make everything better, although I wish he could.

  5. It’s just amazing to me the way Republicans can twist good things into bad, and take credit for things they had nothing to do with. SMDH

  6. The fact that your friend Bob denies watching Faux News says a lot. He then obviously knows their reputation as a right wing propaganda machine and is afraid you’ll think less of him if you know he still watches it. Yet he continues to do so. I have a cousin like that and have written him off as a waste of my time. If they truly believed in what Faux News was saying, they’d be proud of the fact that they watch it. Instead they cowardly lie and say they don’t.

  7. It’s strange how they seem to know they’re being lied to, but they still repeat the lies as if they’re the truth. I guess ideology means so much them that they would rather hear lies that reinforce their beliefs, than to hear the truth. It just doesn’t make any sense.

  8. Hey for all the Putin lovers. Let’s see how Russia & the U.S. stack up?

    U.S. economy BOOMING, World Energy Producer Leader, Record Market, Job BOOM, Trade Deficit DROP in Oct. to $43.4 Billion, Oil Imports falling to 5-yr. low, Gas Prices Down, Uninsured Down..

    Putin’s Russia: Economy crashing, Ruble in the toilet circling the drain.

    @theonlyadult remind me, Pres. Obama accomplish this while insisting on staying BLACK..
    Damn that Obama!!!!

  9. What this fiction leaves out is that the labor participation rate is at 36 year low. 40% of the nation is NOT working! 12 million people have left the workforce since Obama took office.

  10. The wannabe lou dobbs fraud calls all these months of job increases and the best year since Clinton fiction? Oh My

  11. Bob comes from money he is the same age as my brother Jack who passed on Monday morning. Bob started the ball rolling on rumors of my brothers finances because he wanted his girlfriend to sell his Harley and pay for the funeral he didn’t want and a party for the DD brothers party for Jack. Bob is a master bullsh(tter and manipulator. He loses all of our debates and uses the most obvious ploys to deflect. He made the mistake of using his very last Conservative myth to try and claim that I am indeed really a conservative. He claimed that Kennedy was a STAUNCH conservative and totally mis quoted the meaning of Kennedy’s “Ask Not” speech by claiming that that phrase was entirely a Conservative ideal. When I told him the REALITY behind Kennedy’s quoting someone else he was speechless and called me a liar. He uses glibness and a false sense of brotherhood to gloss over the fact that he is in fact just another Conservative loser.

  12. The spiteful Republicans are denying it. Or ignoring it. Not speaking about it. Well, it figures. Good news is bad news for them. Bad News is GOOD news for them. What a bunch of losers.

  13. Do you mean like the $1000.00 or so that Dumya gave back to us in (what 2003) to keep us calm before the PLUNDERING began???

  14. They’re spinning it as:

    liberal lies
    not good enough
    part time jobs
    seasonal jobs
    low paying jobs
    the RED states policies are growing jobs (take a wild guess which state they were referring to)

    They IGNORE the fact that we were shedding 800,000+ jobs a month at the end of the Bush rein of terror.
    NOTHING will satisify them until President Obama walks on water, cures cancer or the like.

  15. Even then they wont credit Obama with anything. The rw hatred of Obama trumps their patriotism, love of country, and humanity.

  16. I’ve been reading right-wing comments on other sites and it is crazy the things they’re saying. This and other good news sure has their panties in a knot. I love it!

  17. Here is some ammunition (no pun intended)

    “The pickup in the pace of job growth in 2014 has been in industries with higher wages.
    Total employment has risen by 2.65 million in the eleven months this year, already totaling more jobs than in any full calendar year since the late 1990s.

    For instance, the pace of manufacturing job growth has more than doubled to 15,000 per month this year, from 7,000 per month last year, and average weekly earnings for manufacturing workers are about $170 higher than for all private-sector workers.

    Similarly, employment in the construction sector has risen by an average of 21,000 per month so far this year, up from 13,000 last year, and average weekly earnings for construction workers are about $200 higher than for all private-sector workers.

    In contrast, the industries that have seen slowdowns in job growth this year are lower-paying sectors on average like retail trade, leisure and hospitality, and temporary help services.”

    http://ww

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