Yes and No, Says Financial Expert and Nationally Syndicated Host Dan Celia, as Businesses Have More Confidence in Economy But Wages Stay Flat and Jobs Remain Hourly or Part-Time
PHILADELPHIA, Pa.—On Friday, the U.S. Bureau of Labor Statistics announced that 227,000 workers were added to American payrolls in January. This above-expectations number is seemingly good news. But financial expert and nationally syndicated television and radio host Dan Celia says those who claim the country is at “full employment” are not only fooling themselves, but the American people as well.
The January jobs report was the best gain since September and slightly increased the unemployment rate to 4.8 percent, according to the Wall Street Journal, partly because more Americans are entering the workforce again.
“There’s both positive and negative news coming out of the January jobs report,” Celia said. “First, unemployment is actually up slightly, which means that more are entering the workforce—and that’s a good thing. I predict that by this time next month, once the February jobs report is out, we may finally be out of the 1970s labor participation rate. I believe our labor participation will very soon be firmly in the 21st century with a poverty rate that will be going down.”
According to the Wall Street Journal, the participation rate—or Americans looking for work—ticked up slightly to 62.9 percent in January, up from 62.7 percent in December. The numbers remain near levels not seen since the 1970s.
Celia added, however, that an encouraging 227,000 new jobs should not overshadow that fact that wages are still stagnant and that many of these jobs are hourly, part-time or even temporary.
“This economy still isn’t at ‘full employment,’ as many would like to think,” Celia said. “And the fact that many Americans still don’t have economic security because they are working part-time, or even multiple jobs to make ends meet, should tell us that this economy still needs work. But there are encouraging factors to consider, perhaps most significant, that employers feel confident enough in the economy under President Donald Trump to add hundreds of thousands of jobs, and regardless if these jobs are hourly, part-time or temporary, it’s a good start and a good sign for American workers.”
Celia said businesses are more confident because of the Trump administration’s promise of possible tax cuts, investment in infrastructure and fewer regulatory burdens.
“But wages are still a problem for American workers,” Celia said. “Wages have been all-but flat, rising just three cents from December to January and only 2.5 percent in a year. Hard-working Americans can’t keep up with rising costs of health care and other necessities with this type of wage ‘growth.’ But a government-mandated bump in the minimum wage is not the answer either. Only when businesses feel secure about taxes and regulations, and a real tightening in the labor force happens, will wages rise, as business confidence is strong enough to continue to add jobs and put Americans to work in positions where they have a chance to grow and succeed.”
In his ministry, Financial Issues Stewardship Ministries (FISM, www.financialissues.org), Celia hones in on biblical investing and advises Christians how they can honor God by choosing companies that are not associated with immoral or anti-biblical issues, such as having stake in abortion, pornography, same-sex marriage or other matters that should be concerning to Christians. Through FISM, Celia educates investors by researching the organizations that corporations support and then encourages biblically responsible investing so that God is honored, especially as Americans plan for the new year financially.
The “Financial Issues” television and radio program recently began streaming on its own YouTube Channel,Financial Issues with Dan Celia. The ministry also recently introduced the new Financial Issues app; learn more here. Besides more than 600 radio stations, “Financial Issues” is seen on the National Religious Broadcasters (NRB) television network, reaching 45 million households, BizTV, which reaches millions more in major markets, and Dove-TV in the Pacific Northwest. To view Celia’s recent show clips, click here.
Daily, Celia addresses important financial headlines, takes calls from around the country, and focuses on current economic trends and critical mass in corporate America. He accurately predicts rises and falls in the U.S. and global economies. He also hones in on godly financial stewardship when talking to thousands who want to honor God with their finances.
A financial expert and author backed by decades of financial experience, Celia is personally in touch with thousands of people each week from across the country. He has worked for 35 years as an entrepreneur and businessman, and has developed a biblically responsible system of financial management with great success. Celia started his radio program in 1997 and has interviewed newsmakers, experts, lawmakers and presidential candidates. He speaks at conferences, town hall meetings and investment conferences around the country, is the author of six books and publishes a weekly newsletter.
To interview Dan Celia of Financial Issues Stewardship Ministries, contact Jen Retallick, 610-584-1096, x100, Media@HamiltonStrategies.com, or Deborah Hamilton, 215-815-7716 or 610-584-1096, x102.
Dan Celia is president and CEO of Financial Issues Stewardship Ministries and host of the national syndicated radio talk program “Financial Issues,” heard daily on more than 600 stations across the country and in millions of homes through NRB-TV, BIZ-TV and others. FISM believes that only revival will return America to its Judeo-Christian heritage and biblical values.