Another month, another deceptive jobs report from the Bureau of Labor Statistics (BLS). On Oct. 2, the government agency announced that for the month of September, only 142,000 jobs were created which was more than 60,000 below analyst estimates. But what made this report quite intriguing was the fact that it was the first one reported after the Fed’s FOMC announcement not to raise interest rates, and seemingly justified the central bank’s decision not to increase the cost of cheap money to the economy.
Yet when you look more closely at the report, it solidifies what only a few have been willing to discuss about the so-called great recovery, and that is that the majority of jobs being filled are by foreign workers, and that most of them are minimum to low wage ‘bartender’ jobs in the service industry.
First, of the 142K jobs added in September, 24K was government jobs, which incidentally was laid out by a scrambling for a silver lining Bank of America as the “positive” in today’s jobs report. To wit: “Government hiring was strong for a fourth consecutive month, with payrolls up a solid 24,000 and averaging almost 29,000 in that time span.” Because more government hiring is what the U.S. needs.
Sarcasm aside, this left just 118K for the private sector. Of this 118K, 78% went to low/minimum-wage paying jobs: Leisure and Hospitality was 30% of the total, adding 35K jobs, 25% was for education and health, more minimum wages, with Retail and Temp Help rounding out the remaining 23% in “gains.” Meanwhile jobs which actually pay good wages, mining and logging, manufacturing and wholesale trade, all declined in September. – Zerohedge
We know of course that most if not all good paying manufacturing jobs reside in other places outside the U.S. where GDP is measured by production, not consumer or government spending.
As the Atlanta Fed Bank noted earlier today, Americans aren’t willing to take these ‘wonderful’ low paying jobs because 94 million Americans really ‘don’t want to work’. But the reality is, after 2008 the economy changed, and corporations are no longer interested in paying good wages for skilled workers. And with our consumer economy now past the point of no return, all that is left is for businesses to hire foreigners to work as bartenders, and the natives in this land to survive on limited amounts of welfare.
Kenneth Schortgen Jr is a writer for Secretsofthefed.com, Examiner.com, Roguemoney.net, and To the Death Media, and hosts the popular web blog, The Daily Economist. Ken can also be heard Wednesday afternoons giving an weekly economic report on the Angel Clark radio show.