By Evan Henerson
The July job numbers are in and they’re largely golden. According to a new report, the job market has officially recovered from the recession, although whites and men are still feeling the effects. POTUS is boast tweeting, in effect, “I have only just begun.”
209,000 jobs created against an expectation of 183,000. Ladies and gentlemen of the press…start your spin-gines…
"Kind of an all-around strong headline number. More people are coming into the labor force and finding jobs. It's difficult to find anything really negative in the report," Tony Bedikian, head of global markets at Citizens Bank told CNBC.
“This is an unambiguously positive jobs report, as it suggests that consumers will have the wherewithal to increase spending (with solid job gains and faster wage growth) and that inflation may be slowly pushed higher by tighter labor and product markets,” said David Berson, chief economist at Nationwide, also to CNBC.
“It does not mean there’s no slack in the economy, [or] that we’re at full employment. But it does mean the job losses from the Great Recession are behind us,” Diane Whitmore Schanzenbach told the Washington Post.
Schanzenbach is one of the authors of a new report published by the Brookings Institution’s Hamilton Project. That report concludes that the U.S. has regained the same level of employment that it had before the recession began in November of 2007. We got back the total number of jobs back in April 2014, but changes in the American population meant that “overall proportion of Americans who were employed continued to lag behind the level of the recession.”
Some groups are still feeling the effects of the recession. American men, for example. The same holds true for Caucasians. The Post continues:
“The data show that whites are also in a worse position relative to their pre-recession employment rates than blacks and Hispanics. Even so, African Americans still experience much higher levels of unemployment (7.4 percent in July) than whites (3.8 percent).
The recovery also varies by education. Those with a graduate or bachelor’s degree have long since closed the pre-recession employment gap, while those with less education still lag far behind.
These trends probably reflect larger changes in the economy over the past decade, such as the rise of automation, which has displaced less-skilled workers and decimated jobs in the male-dominated field of manufacturing.”
Read more here.