Tuesday, March 10, 2015

Great Jobs Report? Think Twice..

As with every jobs report since the recovery began, the issue has always been quantity rather than quality.  And, February's report is no different.

Sure.  295,000 jobs were created and the employment rate fell to 5.5%.  The far-left Politicus USA website points out that this is the 12th straight month of job creation over 200,000 and the lowest unemployment rate since 2008, plus all other kinds of statistics to cheer-lead the recovery under Obama.  But, one sorry fact remains:  Americans aren't getting better-paying jobs.

In February, the average hourly wage for all jobs in the U.S. only rose 3 cents or about $1.04 per week for four weeks. Annualized that's just $12.48.  How would you spend your $12.48?

The simple fact is that, under President Obama, our economy continues to create lack-luster, low paying jobs.  In fact, of those 295,000 created, Zero Hedge has identified that 152,000 (more than half) were low paying with the most gains (62,000) in the leisure and hospitality industries. Obviously, we're real good at creating jobs for waitresses, bartenders, and hotel maids.


Politicus USA: Fox News Ignores Latest Jobs Report Showing Lowest Unemployment Rate In Seven Years: http://www.politicususa.com/2015/03/06/fox-news-ignores-latest-jobs-report-shows-lowest-unemployment-rate-years.html

Recovery Has Created Far More Low-Wage Jobs Than Better-Paid Ones: http://www.nytimes.com/2014/04/28/business/economy/recovery-has-created-far-more-low-wage-jobs-than-better-paid-ones.html

February 2015: Employment Situation Report (Page 3): http://www.bls.gov/news.release/pdf/empsit.pdf

A great jobs report for waitstaff and bartenders: http://www.cnbc.com/id/102484051

Why No Wage Increases: More Than Half Of Jobs Added In February Were Lowest-Quality, Lowest-Paying: http://www.zerohedge.com/news/2015-03-06/why-no-wage-increases-more-half-jobs-added-february-were-lowest-quality-lowest-payin

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