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.
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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