- The monthly payroll jobs reports have become a bad joke.
- Tally beats expectations but major gains were in low wage industries such as restaurants and retail as unemployment rate holds steady at 4.9%.
- Part 1: Paychecks Shrink Even as U.S. Economy Adds Jobs
- Part 2: Another Phony Jobs Report
Compiled by David Culver, Ed., Evergreene Digest
Part 1: Paychecks Shrink Even as U.S. Economy Adds Jobs
Tally beats expectations but major gains were in low wage industries such as restaurants and retail as unemployment rate holds steady at 4.9%.
Alexander Reed Kelly, Truthdig
A line forms outside a claims office. (Phil Campbell / CC-BY-2.0)
Mar 7, 2016 | The U.S. economy added 242,000 jobs in February—but the major gains were in low-wage industries, and average hourly earnings dropped 3 cents. And unemployment rates remained far higher for minorities than for whites.
The Guardian reports:
US businesses have now added 14.3m jobs over six straight years. The unemployment rate is half what it was at the height of the recession. In January the Labor Department announced the economy had added a disappointing 151,000 new jobs. December and January’s reports have now been revised with the Labor Department adding 30,000 jobs for the two months. …
Alexander Reed Kelly, Assistant Editor, Truthdig
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Part 2: Another Phony Jobs Report
And if true it is damning.
Paul Craig Roberts, Institute for Political Economy
Submitted by Evergreene Digest Contributing Editor John Stoltenberg.
March 4, 2016 | The monthly payroll jobs reports have become a bad joke.
No growth in real retail sales, but 55,000 retail trade new jobs in February.
No growth in real consumer income, but 40,000 more waitresses and bartenders.
86,000 new jobs in Education, health services, and social assistance. February is a strange month to be hiring new teachers. If February brought a quarter million new jobs, how come a big hike in social assistance jobs?
Manufacturing lost 16,000 jobs.
Paul Craig Roberts was Assistant Secretary of the Treasury for Economic Policy and associate editor of the Wall Street Journal. He was columnist for Business Week, Scripps Howard News Service, and Creators Syndicate.
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