While we already showed [3]that according to the Household survey the quality component of the June jobs report was absolutely abysmal, with part-time jobs representing more than all jobs added in June, we find that according to the Establishment survey things were no better. In fact, as we show month after month [4], the bulk of the jobs additions were concentrated in the lowest paying industries.
To wit:
- Leisure and Hospitality - one of the lowest wage categories - added the most jobs in June, 75K, or nearly 40% of all jobs added
- Retail Trade jobs - another ultra-low wage category - rose by another 37K, or 20% of the total
- Education, health and temp jobs - no millionaires here either - added another 23K, accounting for yet another 12%.
In short: 70% of all job additions, or 135K of 195K, in June were for the lowest paying jobs. As for David Tepper's US manufacturing "renaissance": Down 7K in May and down another 7K in June.
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