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Quality Of August Jobs Added: Absolutely Abysmal

Tyler Durden's picture




 

While we already have the quantiative components of today's jobs number (horrendous), here is the qualitative breakdown. For the time constrained readers we will jump to the conclusion: absolutely abysmal, to a degree perhaps not seen in years.

Of the 169K jobs added, the vast majority, some 144K or 85% of the entire August gain, consisted of the lowest paying jobs possible:

  • +44K jobs added in Retail Trade
  • +43K added in Education and Health
  • +27K added in Leisure and Hospitality
  • +17K added in Government (looks like sequester effect has finally "tapered")
  • +13K added in Temp Help services

But at least they are full-time "lowest paying jobs" possible. If there was one silver lining in today's jobs report it is that Full Time jobs added finally surpassed the Part-Time jobs, which actually declined.

Elsewhere, for those still confused by the Beige Book's idiotic proclamation that there are construction worker shortages, don't tell the BLS: the number of jobs added in the Construction secotr: 0. Narrowing it down to just construction jobs of residential buildings, the number was down 3.9K. So much for that lie.

As for the two highest paying job categories: Financial Services and Information? -5,000 and -18,000 respectively.

Some recovery.

 

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