PART-TIME NATION …
The American economy added 192,000 jobs in March according to preliminary government data – which it’s worth noting you should probably take with an ocean of salt.
That figure was below expectations of roughly 200,000 jobs, and down slightly from February’s revised total of 197,000 jobs.
Some good news? According to the government data the U.S. labor participation rate inched up from 63 percent to 63.2 percent – meaning America’s work force expanded by an estimated half a million people (assuming you believe the government’s numbers).
For those of you keeping score the official unemployment rate – which has been rendered largely irrelevant due to the evaporating labor force – held at 6.7 percent.
Some bad news? Hourly wages were down last month – and weekly wages remain stuck at near-peak recession lows.
Then there’s the issue of the quality of jobs being created.
According to Zero Hedge, “in March the best paying industry groups – information, financial activities and manufacturing (which actually saw a drop of 1,000 jobs in the past month) – added a cumulative total of 2,000 jobs among them.”
In other words jobs that have “real purchasing power” are not being created …
4 comments
What does this have to do with Thomas Ravenel?
+25
I will agree with this one. If you have a job, and / or are over 40, and / or make more than $50-$60K a year..don’t quit unless you win the Powerball. Because replacing it is more difficult now than ever-especially in SC.
This isn’t going to end well.
Shoot, those guys who cook your food at the House of Pizza, who also have a salad bar, chicken wings, Greek salads? They pull in 50k a week. That McDonalds on Huger St? One cash register pulls in 20k a day. Those convenience stores that sell gas, ice cold beer, pepsi, candy bars? They pull in 10k a day. People still have money to burn is my take. As longs as people spend their money fast food restaurants and convenience stores, why give them good paying jobs, too? They are idiots.