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A Note of Last Month’s Jobs Numbers

December 12, 2012 – 6:06 pm

It was a pleasant surprise that 146,000 new jobs were created in November especially considering the effects of Hurricane Sandy which destroyed about 20,000 construction jobs. However, all is not rosy.

First, 146,000 does not begin to put back to work the millions of jobs lost since the recession. It might suffice to put to work those newly entering the job market but just barely.

However, the jobs that are being produced are mostly low wage, dead end, and frankly of poor quality. They are compressing the hourly wage averages downward. Of the 146,000 jobs retail represented 52,600, hospitality 23,000 and temporary workers 18,000. A large majority of jobs created since the recession have been in retail ( 514,000) and leisure/hospitality (817,000). At the same time the banking industry has been laying off thousands of workers.

The structure of the recovery from the recession has not only been weak but the jobs created are of poor quality. This has got to change.

Good Trading
Steve Peasley

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