Following the quantity breakdown of jobs in the month which saw the third biggest jump in people not in the labor force in history and a loss of over 600,000 full-time workers (don’t ask how this is possible – not even the BLS knows), next we look at the quality of October jobs. Or lack thereof. Because the top job-gaining sectors were also the worst of all: Leisure and Hospitality; Retail; and Temp Help, namely minimum wage hotel workers and retailers, amounted to roughly half of all job gains.
Here are the industries with the most gains:
- Leisure and Hospitality: +53,000 (hotel
- Retail Trade: +44,000
- Professional Services +41,000
- Education and Health: +23,000
But it wasn’t all horrible quality job gains: the manufacturing-starved nation is proud to announce it added 19,000 manufacturing workers in October.
As to why these jobs “gains” are in fact a net drag on the economy the WSJ shows just how much public benefits workers in the abovementioned “fast growing” industries get courtesy of the government.
via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/hD0595Krrrk/story01.htm Tyler Durden