But Obozo claims the economy is doing just fine! Best employment record in years. Household wages increasing. Hooray. Give us another four years.
This is the full breakdown of January job gains:
Retail Trade: +58K
Leisure and Hospitality, which includes food workers: +44K
Professional and business service workers, excluding temp workers: +34K
Manufacturing workers posted a curious rebound, rising by +29K. We are confident this number will be revised promptly lower.
Construction +18K
Wholesale Trade: +9K
Education and Health saw a big and unexplained drop from 54K to 6K
Information services added just 1K workers
As for sectors losing workers included Temp Help workers, Transportation and Warehousing (courtesy of the truck and train recession), Mining and Logging, and Government workers.
Bottom line: the big sequential bounce in wages was driven entirely by the January minimum wage increase, and the low December base effect. Expect this sequential increase to renormalize in February when the base now reflect higher minimum wages.
Story @ Prison Planet.com » 70% Of Jobs Added In January Were Minimum Wage Waiters And Retail Workers
This is the full breakdown of January job gains:
Retail Trade: +58K
Leisure and Hospitality, which includes food workers: +44K
Professional and business service workers, excluding temp workers: +34K
Manufacturing workers posted a curious rebound, rising by +29K. We are confident this number will be revised promptly lower.
Construction +18K
Wholesale Trade: +9K
Education and Health saw a big and unexplained drop from 54K to 6K
Information services added just 1K workers
As for sectors losing workers included Temp Help workers, Transportation and Warehousing (courtesy of the truck and train recession), Mining and Logging, and Government workers.
Bottom line: the big sequential bounce in wages was driven entirely by the January minimum wage increase, and the low December base effect. Expect this sequential increase to renormalize in February when the base now reflect higher minimum wages.
Story @ Prison Planet.com » 70% Of Jobs Added In January Were Minimum Wage Waiters And Retail Workers