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:
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.