Earlier we pointed out the latest amusing scapegoat for the "soft" jobs report: it wasn't the weather this time, but the porn inudstry [3], and specifically the exodus of 22k "actors" due to an HIV scare. Whether or not this truly amusing justification for the recent, and ongoing, weakness is relevant is unknown, but what is known is that there appears to have been another great rotation to take place in the just as amusingly-called US economic "recovery" - a rotation out of actors and into, where else, waiters and bartenders.
A quick check of the employment data shows that for nearly every job lost in the "Motion Picture and Sound Recording Industries [4]" there was an equal and matched increase in jobs for "Food Services and Drinking Places [5]", or as they are better known, waiter and bartending jobs.
So now that the myth of the great rotation out of bonds and into stocks is dead and buried (which instead as Lipper confirmed today following a report of outflows from bonds but also from stocks and all other assets, is merely a rotation into cash), perhaps it is time to focus on the just as amusing great rotation out of (porn) actors and into waiters and bartenders.
[6]