By now, you've had a few days to digest the "wonderful" jobs numbers reported from Washington last Friday.
Well, don't get too excited about the economy. We've been conned again.
First off, 59% of all jobs created this year are in 3 sectors: Leisure/Hospitality, Retail Trade and Administrative/Waste Services. Wages in those sectors have fallen by 0.7%. These jobs pay an average of $15.80 per hour versus the $23.98 average hourly wage. Which means "jobs creation" just equals cheaper labor.
The American jobs participation rate is at 34-year lows and falling, as people give up and leave the workforce.
Underemployment is between 14% and 15% and rising.