u.s. jobs forecast

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The "Part Time-ification" of America: How We've Been Conned Again

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.

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