In our final look at today's lack of jobs report, we wanted to highlight two quick things.
First, of the 142K jobs added in September, 24K was government jobs, which incidentally was laid out by a scrambling for a silver lining Bank of America as the "positive" in today's jobs report. To wit: "Government hiring was strong for a fourth consecutive month, with payrolls up a solid 24,000 and averaging almost 29,000 in that time span." Because more government hiring is what the U.S. needs.
Sarcasm aside, this left just 118K for the private sector. Of this 118K, 78% went to low/minimum-wage paying jobs: Leisure and Hospitality was 30% of the total, adding 35K jobs, 25% was for education and health, more minimum wages, with Retail and Temp Help rounding out the remaining 23% in "gains." Meanwhile jobs which actually pay good wages, mining and logging, manufacturing and wholesale trade, all declined in September.
Unfortunately, there are still those - mostly economists and drama majors - who are still clueless about why the US economy is stuck in centrally-planned quicksand or merely doing their best to boost the government propaganda, here is the chart.
And since there will still be confusion, here is data so simple, even a 5 year old will get it: in September, the US economy added 21,000 waiters and bartenders and lost another 9,000 manufacturing workers - an economy which is rapidly transitioning to a Feudal state, where nothing is made, and in which the peasantry is increasingly focused on just serving the lords who have all the money.
Finally, since the start of the depression in December 2007, the US economy has added 1.5 million waiters and bartenders and lost 1.4 million manufacturing workers.
And that is what a Feudal "recovery" looks like.