The just released report from the Bureau of Labor Statistics (BLS) features a very slight improvement in the “U-3,” the generally used unemployment statistic. However, an objective analysis points to an American economy that is deeply troubled, and not improving.
According to the BLS. “Total nonfarm payroll employment increased by 173,000 in August, and the unemployment rate edged down to 5.1 percent. The number of persons employed part time for economic reasons (sometimes referred to as involuntary part-time workers) was little changed in August at 6.5 million. These individuals, who would have preferred full-time employment, were working part time because their hours had been cut back or because they were unable to find a full-time job.”
Job gains occurred in health care, social assistance and financial activities. Manufacturing and mining lost jobs. While the gains in health care, social assistance and financial activities were, although very minimal, welcome, the reality is that a deeper examination of the statistics and the implications for the economy present a picture of a troubled economy. The more inclusive “U-6” number, which includes a more comprehensive look at unemployment, remains in double digits at 10.3%. This reflects the fact that persons employed only part time because they couldn’t find full time jobs increased by 158,000.
The divide between those engaged in productive labor and those out of the workforce is worse than last year at this time. The job participation rate is at extremely low 62.6%, down from 63% a year ago. The number of those not in the labor force edged up from 94,031, a worrisome increase from August 2014’s 91,794.
One of the most important portions of the economy continued to decline. The crucial manufacturing sector saw a jobs drop of 17,000. Mining employment also was reduced by 9,000. According to the National Association of Manufacturers, about one in six private sector jobs is in the manufacturing sector.
The challenges of the American manufacturing sector are reflected in a poor trade balance. According to the Bureau of Economic Analysis the U.S. goods and services deficit in July increased $10.6 billion, or 3.6 percent, from the same period in 2014. Exports decreased $47.0 billion or 3.5 percent. Imports decreased by a smaller amount, $36.4 billion or 2.2 percent. In 2006, according to Trading Economics, the U.S. had set a record low trade gap, and with increased domestic production of energy it was not unreasonable to assume that trade deficits would continue to be lowered. However, the impact of American manufacturing decline, in part due to concessions made to China by the Clinton Administration and the fact that the U.S. maintains the developed world’s highest corporate tax levels has dashed that optimism.
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The loss of vitality in the manufacturing sector is more than just an economic problem. The Alliance for American Manufacturing notes national security concerns as well:
“America’s military communications systems increasingly rely on network equipment from China, putting our entire defense at risk. A 2012 House intelligence committee investigation, for example, found that the Chinese telecommunications company Huawei, which had been working to expand in the United States, posed a major threat to the U.S. because its equipment could be used to spy on Americans — as well as U.S. defense systems and companies.
“New America Foundation senior fellow Peter Singer warned military leaders in 2015 that ‘America’s most advanced fighter jets might be blown from the sky by their Chinese-made microchips and Chinese hackers easily could worm their way into the military’s secretive intelligence service.’ …
“But it isn’t just on the cyberfront where America is giving its defense away. The United States increasingly relies on foreign nations to provide the materials needed for our defense supply chain.
“Not a single high-tech magnet — crucial to military hardware — is Made in America. Roughly 91 percent of the rare earth element needed for night-vision googles is from China. The United States produces just 2 percent of Lithium ion batteries, used in everything from unmanned aerial drones to bomb disposal robots and other gear.”