According to an analysis by Zero Hedge of recent Bureau of Labor Statistics data, almost 80 percent of all the jobs added in February were minimum-wage gigs.
Specifically, 242,000 jobs were created in February, and 189,000 of them came from low-wage industries such as the following:
- Education and Health (+86,000)
- Retail Trade (+55,000)
- Leisure and Hospitality (+48,000)
When it comes to well-paying jobs, on the other hand, there were mainly losses in the following industry:
- Finance (+6,000)
- Trucking (-5,000)
- Manufacturing (-16,000)
- Mining (-18,000)
The numbers for January were almost just as bad:
So in summary, Americans en masse are working crappier jobs and making less money — but according to Barack Obama, everything is hunky-dory.
Thankfully, there was SOME good news.
Cue CNS News:
The number of Americans not in the labor force last month totaled 93,688,000, 374,000 fewer than the 94,062,000 not in the labor force in January–and the labor force participation rate also improved, with 62.9 percent of the civilian noninstitutional population either holding a job or actively seeking one.
More Americans are working, and that’s good. The problem is that most of them are working low-wage jobs and likely also collecting welfare.
Suffice it to say, the economy is nowhere as thriving as Obama would have us believe.