News Story of the Day: The United States labor market is soaring, and you can bet President Donald Trump is going to be jubilant over the weekend.
According to the Bureau of Labor Statistics (BLS), the U.S. economy created 263,000 new jobs in April, bringing the unemployment rate to a 49-year low of 3.6 percent. The numbers beat all market forecasts of about 217,000. Nearly all the sectors report jobs gains, notes Earn Forex:
Most of the key sectors saw jobs gains, including professional and business services (76,000), construction (33,000), healthcare (27,000), government (27,000), and manufacturing (4,000). Only three areas of the economy reported declines: retail (12,000), utilities (3,200), and mining and logging (3,000).
Hourly wages rose six cents to $27.77 per hour, while the numbers of hours clocked in fell 0.1 hour to 34.4 hours.
The labor report further found that average hourly wages rose six cents, or 0.2%, to $27.77 per hour. The 12-month wage rate was unchanged, but it was still up 3.2%. The number of hours worked fell 0.1 hour to 34.4 hours in April.
Chart of the Day: What are the 100 most common careers? Visual Capitalist has you covered:
Illustration of the Day: Feeling down after forking over a huge chunk of your dough to the federal government? Well, here is a tax meme that should lift your spirits and prove you’re right: Taxation is theft!
Quote of the Day: If you haven’t subscribed to Tom Woods’s newsletters, then do so immediately. You will get gold like this: credential inflation.
We’ve all heard the stories of sociology majors who leave college saddled with debt and no job prospects.
People even laugh at these poor souls.
But the problem extends well beyond sociology.
Young people are finding the job market a tough nut to crack — and they’re being told to blame the problem on capitalism.
As usual, the problem is not capitalism. But if in 2019 you’re going to try to navigate the job market as if it’s 1957, then no, that’s not going to work for you.
I’m not saying people should necessarily avoid college. I don’t take a dogmatic position (for a change!): college is right for some people and not for others, and in some situations and not in others.
But at the very least, in the age of the Internet you should not be putting your indistinguishable resume on a pile and then waiting by the telephone.
There is a better way.
The best the Democrats can come up with, meanwhile, is “free college,” which perpetuates rather than uproots the existing system.
“Free college” and increased “funding” for higher education mean more credential inflation, more completely wasted time acquiring knowledge students clearly do not want and will never use, and subsidizing unreadable academic gobbledygook (“scholarly journals”).
If you’ve never heard the term credential inflation: with all the subsidies to higher education, and therefore so many people getting college degrees, jobs that once required only a high school diploma now require a college degree.
The more we subsidize higher education, the worse the problem of credential inflation becomes.
Tweet of the Day: Democrats: William Barr is covering up the Mueller report.
Sane people: But the report is out in the open, so how can he cover it up?
Democrats: …
Think this is an exaggeration?
Presidential candidate Eric Swalwell says Mueller found evidence of collusion and Bill Barr is “burying” it, so must be impeached. We are living in clown world
— Michael Tracey (@mtracey) May 3, 2019
Video of the Day: The American mainstream media is the best in the world … at making people laugh. Since journalism is dead, the press has to do something else, so why not turn news reporting into comedy? That’s what Chris Matthews did the other day when he made some odd comparison between William Barr and virginity. Here is the clip:
https://www.youtube.com/watch?v=whf4FfLB5-w
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