The mainstream media’s spin on last week’s jobs report is again hiding the real bad news.
While the Bureau of Labor Statistics is reporting that 242,000 jobs were added in February, the most important number is that 82 percent of those jobs were minimum-wage jobs.
Earnings were a disaster, ZeroHedge points out:
February suffered the biggest ever monthly drop in average weekly earnings, because not only did hourly earnings drop but so did hours worked, resulting in far lower overall weekly wages.
Most of the jobs that were created, if only on a goalseeked, seasonally adjusted basis, were of the lowest paying, worst possible quality as has been the case for the past 7 years as the BLS desperately seeks to “pad” its political mandate of providing proof in a recovery which however is impossible if it were to tell the truth.
As a result, as the BLS itself admitted, “job growth occurred in health care and social assistance, retail trade, food services and drinking places, and private educational services” – all of which are the lowest-paying wage groups.
Of the 242,000 jobs added, 86,000 were in education and health, 55,000 in retail trade and 48,000 in leisure and hospitality.
In other words, a whopping 82% of jobs “created” in February were minimum wage teachers, retail trade, and waiters, bartenders and chambermaids.
Breaking down the highest-paying jobs? Like finance, manufacturing, mining and trucking? A net loss of 33,000 jobs.
But the media aren’t going to tell you this. Listen to what one economist told The New York Times:
“We’ve got a real strong job market going,” said Carl Tannenbaum, chief economist at Northern Trust. “It does suggest that fears about a U.S. recession have been greatly overdone.”
Maybe Obama and the Democrats are hoping we all make minimum wage eventually, so we’ll clamor for its increase too.