farce jobs report was released today. Per the Bureau of Lying Labor Statistics:
The unemployment rate declined from 7.3 percent to 7.0 percent in November, and total nonfarm payroll employment rose by 203,000, the U.S. Bureau of Labor Statistics reported today. Employment increased in transportation and warehousing, health care, and manufacturing.
This breakdown from Yahoo! Finance provides the following details:
- A 27,000 increase in Manufacturing jobs
- A 17,000 increase in Construction jobs
- A 22,000 increase in Retail jobs
- A 16,000 increase in Temporary jobs
- A 7,000 increase in Government jobs
The last two categories are in bold because they aren’t signs of improvement in the economy. Temporary jobs will end after the holidays, and more jobs in government means more drag on the economy.
Forbes.com has their analysis here.
On a related note, NBC News notes that not all jobs are equal:
The job market may be gradually improving, but the gains aren’t showing up in worker’s paychecks.
Randolph McKinney, 62, with an undergraduate degree in finance and a master’s degree in economics, has been out of work since July. After 38 years as an insurance underwriter, with a salary that peaked at $86,000, he’s taken on several interim jobs — for far less money.
“The last job I had was selling insurance making $32,000 a year,” the Nashville resident said. “I’m capable of much more. But I can’t find a job for more than that. And it’s a long way down from 86 to 32.”
Remember that, kids. A man with two degrees can’t find a job. I hope he didn’t take out student loans. And by the way, a Master’s degree in Economics is worthless. Unless you go to work for Wall Street:
Wage growth hasn’t stalled for the very top earners — senior executives and the highest paid workers in finance — who have seen their compensation soar compared to the typical workers, according to data compiled by the Economic Policy Institute.
Of course their compensation soared. Who got the bailout money in 2008-2009? The big banks and financiers on Wall Street, who produce no actual benefit to the economy.
But it really doesn’t matter, because the jobs number is BS anyway.