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Retail, Hotel And Temp Workers Account For Half Of All October Job Gains
Following the quantity breakdown of jobs in the month which saw the third biggest jump in people not in the labor force in history and a loss of over 600,000 full-time workers (don't ask how this is possible - not even the BLS knows), next we look at the quality of October jobs. Or lack thereof. Because the top job-gaining sectors were also the worst of all: Leisure and Hospitality; Retail; and Temp Help, namely minimum wage hotel workers and retailers, amounted to roughly half of all job gains.
Here are the industries with the most gains:
- Leisure and Hospitality: +53,000 (hotel
- Retail Trade: +44,000
- Professional Services +41,000
- Education and Health: +23,000
But it wasn't all horrible quality job gains: the manufacturing-starved nation is proud to announce it added 19,000 manufacturing workers in October.
Visually:
As to why these jobs "gains" are in fact a net drag on the economy the WSJ shows just how much public benefits workers in the abovementioned "fast growing" industries get courtesy of the government.
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twitter falls
When everyone gets it so wrong, the numbers are cooked. Fully expect seveal of these houses that were predicting to come out with explanatory notes calling BS on today's payroll figures... but then the damage will have already been done.
Go Walmart and ToysRus shelf stockers!!!
They are called 'retail space management technicians'. Get it right..sheesh.
I think you meant, "Product Transfer Engineers"
So if you stubtract the benefits paid to their employees from the taxes they pay, is Walmart in the black as far as its trading with .gov?
I wonder if the dude who bought Twitter at $50.09 in his IRA yesterday has put a gun to his head yet.
It's statements like that Doc that tell me that deep down you are still not committed to being full retard, and therefore this market has legs.
Lol..I'm mostly retarded, and the rest of me belongs in the loony bin after five years of this craziness.
Maybe Priceline used some of their $1000+ stock to hire people to live in hotel rooms to prop up advertised room rates.
A net drag on the economy? Which is the larger net drag, the five billion a month in "benefits" or the 85 billion a month being funneled to the bankers?...That's what I thought.
If you work at a fast food restaurant, who needs the EBT? Just pocket a burger and some chicken nuggets, hide some fries in your backpack, and you can feed the whole family!
Also, we added about 10k more financial services people. Yeah, us!
On the positive side there were some government workers lost. It's a good start.
Do the hookers fall under "Leisure and Hospitality" or "Temp Help"?
Well I pay them by the minute...so temp help.
Either way...if you like rentals, the prices should be coming down a lot with this much supply hitting the streets! ;)
I know you're making a joke but it's actually really sad how many young girls are going into prostitution because of this FEd engineered dpression who wouldn't have otherwise. Can't say that I blame them though. Work a McJob or get several hundred dollars for an hour or two of work? The social consequences of turning a large swath of our youg women into whores (officially, not just dressing like it) are likely to be severe.
I SAID I WANTED MY HAMBURGE MEDIUM BAKKED YOU DIPSHIT!!!
YOU CAN FORGET ABOUT THAT 5 CENT TIP I WAS PLANNING TO GIVE YOU!!!
Question for Tyler and the other ZHers. Is Obamacare creating new part-time jobs to avoid the mandate out of full-time jobs. As an example, to avoid the mandate, that two full-timers and cut their hours. To pick up the slack you add a third employee. Jackpot, you have three 26 2/3 hour per week workers.
Thoughts?
Yes.
Bigger issue here
gov now subsidizes every low end enterprise in the country. Hotels, fast food, retail, Makes employment look good, companies hire at low cost and gov picks up subsidies. Not advocating more wage but less snap etc. only problem now is they have over rotated on the subsidies so it makes it better to stay home than work, so labor participation falls like a rock. So what you see is jobs created and deadbeats drop out of the labor force at the same time. Central planning is a bitch.
"...deadbeats drop out of the labor force at the same time."
So if you accept the system for what it is and take the bennies as opposed to working like slave laborers without the free room and board you're a deadbeat? I'd call it the smartest decsion you could make. You haven't been able to make the moral argument for hard work among the labor class in this country for the better part of 30 years.
Yes, we learned this was the case while down in Gatlinburg, TN over the summer. people went from ONE job at around 40 hours to two jobs at 25 each. so they're working more getting paid less. they were quite happy NOT.
Yes, we learned this was the case while down in Gatlinburg, TN over the summer. people went from ONE job at around 40 hours to two jobs at 25 each. so they're working more getting paid less. they were quite happy NOT.
Another question: How is mining and logging adding jobs when the company margins are being gang-raped every day?
Bitcoin mining.
BC mining, as in sitting on your ass surfing porn and eating cheetos? Count me in!
Welcome to Costco....I love you.
http://www.youtube.com/watch?v=Z8zNsUTWsOc
A nation of (badly) dressed butlers.
At least in colonial times, even the slaves got a nice tux to wear.
And yet the market rises. LOL.
tis' the season.
Hmmm, the stats don't look so good for Texas -- the land of Freedom and Free Enterprise. Didn't expect that.
But I fully expect the slide to continue from high-paying jobs (>$50/hr) or well-paying jobs ($25-49/hr) into low-paying jobs ($8-20/hr).
You can suck their cocks and clean the sheets afterwards, that's the economy they're producing for your children.
‘’Tis to be a slave in soul And to hold no strong control Over your own wills, but be All that others make of ye.This is what they call the "service economy."