Part-Time Nation: Number Of High-Wage Jobs Added In March: +2,000

Tyler Durden's picture

Curious why March hourly wages fell, and why the weekly number continues to trend at a near-recession level, and certainly one that does not support a 2% inflation growth case? Here's why: in March the best paying industry groups - information, financial activities and manufacturing (which actually saw a drop of 1,000 jobs in the past month) - added a cumulative total of... 2,000 jobs among them. Where was the bulk of the job gains? At the worst paying sectors of course.

  • Education and Health: +34K
  • Leisure and Hospitality: +29K
  • Temp Help: +29K
  • Retail Trade: +21K

And that's why there is no inflation (at least according to whatever the Fed's preferred inflationary indicator du jour is): because the jobs that are "added" to the economy, have virtually no wage and/or purchasing power growth. But at least the "recovery" continues.

 

And while we have beaten this particular horse to death since December 2010, here again, is America's transition to a part-time society (via WSJ):

And another: