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4 Of 5 Top Job Additions In September Were Low Or Minimum Wage
Interested why despite the euphoric headline NFP print, a cursory glance deeper inside the payrolls report reveals weakness after weakness, with both participation plunging again and wages the worst since last summer? Here is the answer: 4 of the top 5 largest job additions in September, retail trade, leisure and hospitality, education and health and temp help, were of the lowest quality, and paying, jobs possible. So yes, America added a whole lot of minimum wage waiters, store clerks, groundskeepers and temps: truly the stuff New Normal "recoveries" are made of.
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BDFD!
equity, justice, compassion...1 full time job w benefits turned into 3 part time min. wage jobs. Yes everyone has an opportunity and can work.
Obama to Elon Musk: "You didn't build that!"
Musk needed gov funding...redirect of NASA funding. Another private teat hanger.
If you've been around long enough, they are called "shit jobs".
If you've traveled around the third world in the 20th century, you may have encountered a lot of them.
You may have even bought a few of them for the evening, I won't go into where, when, or who it was with, but many of you know well...
It's called Third World employment...I got a wiff of it in the early 1990's. Now I guess it is a stink that will not leave the room!
If we were in a free economy I would could these jobs more as new entry level or fledgling jobs and they would be a good indicator. However, we are all in controlled economies and many of these jobs are splitting old single jobs with benefits into two new jobs with no benefits due to Obamacare and other forces. In that sense, this is a negative indicator.
How's that 'meh' reaction to good news coming along Tyler? Seriously, after the slightest pause in the ramp, Tyler crows 'meh' and since then it's off to the races. S&P up 1%+, gold down $20.
Where's the update on surging markets so that maybe the zh-contra trade will make it stop? I know, I know, rules of thumb only work when they imply markets go up.
Fraud and farce in equal measure.
This is a total collapse of the. US economy...just not the one ZH is looking for because it involves massive amounts of debt and now a price collapse.
How you get growth out of that is beyond me.
qjp, go troll your boyfriend's anus, that's all you're good for.
The retailers are running out of time with their monte carlo 3 card trick in reporting revenue/earnings.
gold the new metric of manipulation!
Walmart hired a bunch of greeters.
DO temp jobs mean they are working or just on the "potential" payroll?
Murica' is quickly becoming a third world shithole.
RnR, We've clearly arrived!!!
Just a vast empty space really.
"A construction project with no citizenry ."
Fundamental change we can believe in.
Looks like Judge Smalls was right (again). The world really does need more ditch diggers, too.
Depending on what the ditch is used for, I can see more value in that ditch than most financial "products". You would be surprised how much value there is in a good fucking sewer line, just ask those folks in ebola-ridden areas of Africa...
ditches for bitches(or corpses))...
When the next recovery hits, you'd better be prepared...
Gaining LESS low paying jobs while losing MORE high paying jobs are a bad omen for those hoping the economy will grow.
Pavlov humans on wall street react to falling unemployment rate. Well, in the OLD normal world a falling unemployment rate equal growing national income and a growing economy. People need to think a little deeper,no?
Neofeudalism works differently.
As long as they have a 'job', they don't care because the manipulated figures then look soooooo good
I love the smell of recovery in the morning. What a joke.
Always possible that Ebola Clean-up crews will demand more $$, likewise Health Care workers, due to the risks involved. That would help wages, right?
"Winning".
Seriously though, the rent is too damn high. Let the big banks fail already, let the defaults occur, and let's see what the real prices on everything really is. You might suprised how far people's resources would go if true price discovery was actually allowed.
Personally I don't see any value in all this paper bullshit or most financial "products".
We're gonna get a huge tax revolt.
Algos only see 5.9
For once, the financial media seems to have put the top in today with their headline about how the DOW jumped 180,,,,reversing for now anyway.
we don't need no stinking zerohedge charts. it is better to lie to ourselves and believe the authoritays!
"If you'd told us the truth, we would've told you to shove that red pill right up your ass."
BLS and seasonal adjustments re: holidays
anyone who shops knows retailers are putting out "stuff" earlier and earlier. The past 2 december retail sales have been weak as most holiday shopping wrapped up by Thanksgiving (weekend).
In the old days retailers hired in october for nov/dec sales. Now i feel retailers are hiring september for oct/nov sales.
why do i sense that the BLS economists are behind the curve here and assume september hirings sign of good times ... rather than just pulling forward of seasonal hiring.
Well, obviously, they need to raise the minimum wage to make hose "low-paying jobs" slightly higher paying jobs.
A nation of low wage debt serfs....it's all going just as planned!
"4 of the top 5 largest job additions in September, retail trade, leisure and hospitality, education and health and temp help, were of the lowest quality, and paying, jobs possible."
Well, we need people to cater to the needs of the 1% and their children. Are we officially a banana republic, yet?
Artificial Intelligences are already here .
http://memeburn.com/2014/09/amelia-is-the-artificial-intelligence-comput...
If humans insist on competing with AI's , they will lose. Losing here means "extinction" . That is a permanent loss of job for everone .
It also depends on Ethics .
See http://andreswhy.blogspot.com/2012/04/god-and-ais.html
Cooperation here is much better than competition .
See http://andreswhy.blogspot.com/2009/04/competition-and-co-operation.html
See what is happening where Neo-Luddites play :
http://andreswhy.blogspot.com/2014/05/nova-luddites.html
See what is in store :
http://andreswhy.blogspot.com/2008/12/smallest-ai0.html
Why do they lump education and health together? How many gov workers does it take to come up with these statistics?
21,847,000If you want to know why nothing ever changes in this country, look at that figure again. 16% of workers are direct government employees, 1 in 6. Not counting all the employees of government contractors, nor the employees of those contractors' suppliers.
When you consider that there are over 63,800,000 social security recipients who want to continue being recipients, there are then at least 84 million people who wish to maintain the status quo, damn the long term effects. That's more than half of the 160 million or so registered voters, and they don't all vote...