The New Abnormal is turning out to be quite an embarrassment for Obama's "manufacturing renaissance" agenda not to mention high paying, manufacturing jobs but at least it explains why Bernanke doesn't mind sending the USD surging when all other central banks are now talking their currencies down (especially if it means fresh S&P records benefiting the 0.1%): after all, if you have nothing to export, who cares what the relative value of your currency is.
There is good news however. Even as the manufacturing jobs continue to collapse, posting their fourth consecutive monthly drop in June to 11.964 million jobs, minimum wage waiters and bartenders have never been happier. In June Restaurant and Bar employees just hit a new all time high of 10,339,800 workers, increasing by a whopping 51,700 in one month.
Summarizing the "economy" of Bernanke and Obama: in 2013 239,000 minimum wage restaurant and bar jobs have been created. As for manufacturing jobs: 13,000.
New Abnormal indeed.
Behold an economy dominated by waiters and bartenders.