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Monthly Job Creation, July 2012-2017

The president has been talking a lot about how strong the economy is lately. Which there is a lot of truth to that. But based on the revised job creation numbers, we are seeing somewhat of a slowing of job creation over the first six months of the year, compared to mid-2015 with the revised numbers. Then again, a slowing of job creation is expected, due to the economy reaches full employment -- it's harder to create jobs when there is less of a labor force looking for jobs.

Data Source: U.S. Bureau of Labor Statistics, All Employees: Total Nonfarm Payrolls [PAYEMS], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/PAYEMS, August 4, 2017.

All Employees: Total Nonfarm in New York

December 2016 marked the greatest number of jobs ever recorded in New York State - 9.4 million. It's a significant increase in the number of jobs since the start of this graph going back to 1990 when there were only 8.2 million jobs, and when in the 1990 recession, the job count dipped down to 7.7 million. Our state has been gaining population in the past twenty five years, but we've also creating a lot of new jobs.

Data Source: U.S. Bureau of Labor Statistics, All Employees: Total Nonfarm in New York [NYNA], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/NYNA, February 22, 2017.

Workers Want A Green Economy, Not A Black Environment

"Don’t get me wrong. The USW supports job creation. But the union believes clean air pays; clear water provides work. Engineers design smokestack scrubbers, skilled mechanics construct them and still other workers install them. Additional workers install insulation and solar panels. Untold thousands labor to make the steel and other parts for wind turbine blades, towers and nacelles, fabricate the structures and erect them. Withdrawing from the Paris Accord diminishes these jobs and dispatches the innovators and manufacturers of clean technologies overseas where countries that continue to participate in the climate change agreement will nurture and grow them."

Full employment

"Full employment, in macroeconomics, is the level of employment rates where there is no cyclical or deficient-demand unemployment.[1] It is defined by the majority of mainstream economists as being an acceptable level of unemployment somewhere above 0%. The discrepancy from 0% arises due to non-cyclical types of unemployment, such as frictional unemployment (there will always be people who have quit or have lost a seasonal job and are in the process of getting a new job) and structural unemployment (mismatch between worker skills and job requirements). Unemployment above 0% is seen as necessary to control inflation in capitalist economies, to keep inflation from accelerating, i.e., from rising from year to year. This view is based on a theory centering on the concept of the Non-Accelerating Inflation Rate of Unemployment (NAIRU); in the current era, the majority of mainstream economists mean NAIRU when speaking of "full" employment. The NAIRU has also been described by Milton Friedman, among others, as the "natural" rate of unemployment. Having many names, it has also been called the structural unemployment rate."

NY State vs Federal Minimum Wage

Both the Federal Government and New York State set a minimum wage for workers. Right now the state's minimum wage is $9.70 (upstate) while the federal minimum wage is $7.25. This is the largest discrepancy between federal and state minimum wages, at least since 1968.

Data Sources:

U.S. Department of Labor, Federal Minimum Wage Rate under the Federal Fair Labor Standards Act [STTMINWGFG], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/STTMINWGFG, February 22, 2017.

U.S. Department of Labor, State Minimum Wage Rate for New York [STTMINWGNY], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/STTMINWGNY, February 21, 2017.

Monthly Job Creation, April 2012-2017

In April 2017, the economy created 211,000 new jobs. The previous month, March 2017's job creation numbers were revised down to 79,000 jobs created. While still in positive territory, the job creation numbers have slowed down as we've gotten closer to full employment.

Data Source: U.S. Bureau of Labor Statistics, All Employees: Total Nonfarm Payrolls [PAYEMS], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/PAYEMS, May 5, 2017. Change from Prior Month.