Where The Jobs Were (Not) In May, Or How Obamacare Saved The May Jobs Report

Tyler Durden's picture

While we have already commented that the "awesomely bad" jobs report was just that, both qualitatively and quantitatively, one question is where the jobs weakness was most pronounced, i.e., which sectors saw the biggest drops in jobs in May. The answer: half of all job sectors posted a decline in May payrolls, a drop that was much broader than just the Verizon miss.

First, the sectors that posted growth were, the near-minimum wage education and health, which added 67,000 jobs in May, followed by Professional services adding 31K, government with 13K, and then another minimum wage boost coming from retail trade and leisure and hospitality - almost entirely due to another surge in waiters and bartenders - which added 11.4K and 11K respectively. Curiously, the BLS did not get the memo that Financial Activites are now laying off left and right and goalseeked the sector to a +8K jump.

On the downside the weakness was pervasive, and was focused on Information which lost 34K jobs, much of which was probably due to the Verizon strike, followed by that harbinger of labor demand, Temp Services which dropped by 21K, and then two very highly paid sectors in construction which lost 15K, and mining and logging which continues to bleed workers and lost 11K.  Since reaching a
peak in September 2014, mining has lost 207,000 jobs, mostly due to the collapse in the US energy industry.

And here is the punchline: if it wasn't for the 55,400 healthcare jobs added in May, the headline jobs addition of 32,000 would have been negative. Thanks Obamacare?

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bullybear's picture

Adding jobs to the healthcare necessarily means increased costs. Brilliant, Dr. Obama.

south40_dreams's picture

Now Barak, Dwayne pimps 3 ho’s. If the price is $85 per trick, how many tricks per day must each ho turn to support Dwayne’s $800 per day crack habit?

NIRP Diggler's picture

Wow.   Crack is down 10% since yesterday and pussy is up over 30%!    I need to reasses my investment strategy.

wmbz's picture

The other night 'Ol Gwen Imfull on P-BS was moaning about the fact the people in Elkhart, In. were not down on their knees ready to kiss Obozo's ass for bringing back all the RV manufacturing jobs.

Just another clueless token.

youngman's picture

If you think those are Doctors and Nurses you are wrong...they are paper pushers....

Hohum's picture

Health care has been the primary job creating industry since Reagan. SSDD

carbonmutant's picture

Poor Obama... Somebody promised him a happy ending

Doubleguns's picture

Maybe his last day in office will be on the golf course all though I am not sure he enjoys the game. It just might be a way to get out of the house and away from Michele and the two girls but he does seem to fit in with girls very well. 

 

https://encrypted-tbn3.gstatic.com/images?q=tbn:ANd9GcTnh93TfjxhWme3zOG0...

http://www.funnyjunk.com/Putin+vs+obama/funny-pictures/5300411

Professor Fate's picture

Its all about "PEAK".  We are at Peak Servers, Peak Bartenders, and PEAK Cocktail Waitresses.  Want ads are collpsing, There are simply only so many Red Lobsters, and Outback Steakhouses.  They are all working 20 hours, on food stamps, on housing assistance, and half live in mommy's basement.  Now, if we could just get to Peak Obozo.

 

Fate the Magnificent
"Push the Button, Max" 

Consuelo's picture

 

 

 One can obtain a fairly good picture of how these are like dominos falling, with the 'Bartender' portion about to get its legs taken out around the next turn.   Bartenders and wait staff need clientele.   Clientele need disposable income which comes from gainful employment, to frequent the restaurant sphere.    These income strata rungs are being taken out, one by one.

 

In a rather perverse sort of way, I'm anxiously awaiting the $ad-revenue comeuppance.    In other words, the 'Fakebook' economy...