Positive Poverty, Income & Job Openings Data

32191023_10155695074723250_6140609803602362368_n

We saw a good patch of data this week.  I wanted to show some of this data to demonstrate the progress America has made. The link to a Census report allows access to some of this information.

From Census:
https://www.census.gov/content/dam/Census/newsroom/press-kits/2018/iphi/presentation-income-poverty.pdf

Income Data:

2017 MEDIAN INCOME

2017 Real median income 61,000

Poverty data: 

41491099_10155965026543250_7002478159291482112_n

41530606_10155965026748250_6231137784237654016_n
41600014_10155965026808250_572228375565828096_n

Just announced: 2017 Income, Poverty, and Health Insurance Coverage in the United States:

2017 YEAR OVER YEAR INCOME AND POVERTY

The job openings data was also released this week showing a record breaking 6,900,000 job openings today in America.

From BLS: https://www.bls.gov/news.release/pdf/jolts.pdf

“The number of job openings was little changed at 6.9 million on the last business day of July, the U.S.Bureau of Labor Statistics reported today. Over the month, hires and separations were little changed at 5.7 million and 5.5 million, respectively. Within separations, the quits rate was little changed at 2.4 percent and the layoffs and discharges rate was unchanged at 1.1 percent. This release includes estimates of the number and rate of job openings, hires, and separations for the non-farm sector by industry and by four geographic regions.”

From Doug Short:
https://www.advisorperspectives.com/dshort/updates/2018/09/11/job-openings-labor-turnover-clues-to-the-business-cycle

Septemeber JOLTS

We are at cycle highs for construction worker job openings. Be mindful here that we have near 7,300,000 construction workers and 273,000 unfilled job openings.

From BLS:
https://www.bls.gov/charts/job-openings-and-labor-turnover/opening-industry.htm

September JOLTS CONSTRUCTION

Manufacturing job openings: 

From BLS:
https://www.bls.gov/charts/job-openings-and-labor-turnover/opening-industry.htm

September Manu JOLTS

Job openings at a series high of 6.9 million in July; far exceeding the number of unemployed for the 5th consecutive month.
JOLTS PER OPENING PER PERSON SEPTEMBER

In July, the percentage of U.S. workers quitting their jobs rose to 2.4%—the highest level since April 2001

QUITS

I would be concerned about he job openings data if we push toward 8-9 million job opening while monthly job creation numbers go below 100K. However, year to date, we are still pushing over 200K job per month. We have over 156,000,000 people working, the longest job expansion ever recorded in U.S. history, the lowest unemployment claims vs civilian labor force  and next year we will  break the all time record for the longest economic expansion  in U.S. history.  As always, the American Bears have simply embarrassed themselves.

Logan Mohtashami is a financial writer and blogger covering the U.S. economy with a specialization in the housing market. Logan Mohtashami is a senior loan officer at AMC Lending Group,  which has been providing mortgage services for California residents since 1987. Logan also tracks all economic data  daily on his own facebook page https://www.facebook.com/Logan.Mohtashami