Jobs Report: “New Normal” Rolls On
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 …